Buying land in Lagos?
Here is a quick tip you must know.
Lands with a registered title e.g Certificate of Occupancy or Governor’s consent are significantly more expensive than lands without a registered title (freehold)
Lands with a registered title are usually easier to carry out verification on than unregistered titled land.
Does that mean you cannot buy land that has no registered title?
No, you can buy
However, do the following
1. Ensure you are dealing with the legal owners of the land or their accredited representatives who have the authority to sell.
2. You must carry out local intelligence gathering (DONT MISS THIS)
3. Engage a surveyor and lawyer to help you confirm if the land isn’t under any form of government acquisition.
4. Ensure you get a positive verification report before going ahead and have a property lawyer to draft the necessary documents
5. Make sure all the parties sign and do a video recording of them signing
6. Survey the land and apply for a Certificate of Occupancy as soon as you can
7. Find out more in the Due Diligence in Real Estate Masterclass below