When buying property in Lagos and conducting due diligence, many potential investors ask themselves: “Is a search at the land’s registry sufficient?”
The short answer is no.
While a registry search is an important step in the property acquisition process, it is far from the only one.
Comprehensive due diligence for real estate is essential to protect your investment and avoid costly scams.
In this blog post, we’ll explore the critical components of legal due diligence, why it matters, and how you can ensure you’re making a sound investment in Lagos real estate.
What Is Due Diligence?
Due diligence refers to the comprehensive process of investigating and evaluating a property before making a property purchase.
This process involves assessing various factors, including the property’s legal, financial, and physical aspects.
The goal is to gather all necessary information to make an informed decision and mitigate risks associated with the investment.
Why Is Due Diligence Important for real estate?
- Avoiding Scams: The real estate market in Lagos can be rife with scams and fraudulent activities. Comprehensive due diligence helps you identify red flags and avoid potential pitfalls that could lead to financial loss.
2. Understanding Legal Compliance: Real estate transactions are governed by various laws and regulations. Conducting due diligence ensures that the property complies with all legal requirements, reducing the risk of future disputes.
3. Securing Financing: Lenders often require comprehensive due diligence before approving loans for property purchases. Having all the necessary documentation and assessments can streamline the financing process.
Key Components of Real Estate Due Diligence
1. Title Search
A title search is the first step in due diligence. It involves examining public records to verify the property’s ownership and identify any liens, encumbrances, or legal issues that may affect the title. Ensuring a clear title is crucial for a smooth transaction.
2. Property Inspection
Conducting a thorough inspection of the property is essential.
This includes assessing the condition of the building, checking for structural integrity, and identifying any maintenance issues.
3. Legal Compliance
Verify that the property complies with local zoning laws, building codes, and regulations. Understanding tenant rights and obligations is also essential, especially if you plan to rent out the property.
Join Our Free Webinar
If you’re looking to buy property in Lagos or if you’ve already made a purchase but didn’t conduct comprehensive due diligence, we invite you to join our upcoming webinar titled “Beyond Searches: Comprehensive Due Diligence for Lagos Property.”
This webinar is designed for real estate investors with a minimum budget of 30 million Naira.
What You’ll Learn:
- Scams and pitfalls to watch out for in Lagos real estate
- The dangers of limiting your search to only the lands registry and other registries
- What comprehensive due diligence is and how to apply it to real estate transactions
- Real-life case studies of how comprehensive due diligence helped Charis Legal Practice’s clients avoid losing millions
Register Now!
Don’t miss this opportunity to gain valuable insights and enhance your property investment knowledge.
Click here to register for the webinar!
Conclusion
In the world of real estate investing, knowledge is power.
Conducting comprehensive due diligence when buying real estate is not just a precaution; it’s a necessity to protect your hard-earned money and make informed decisions.
By understanding the key components of due diligence and actively engaging in the process, you can navigate the Lagos real estate market with confidence.
Let’s chat in the comments section!
What are you looking to learn at the webinar?
Sir,
I have some questions
1) Is it possible for Governor of a State to acquire land for private firm ( Estate ) the land he has granted an EXCISION to the Community ?
2) Is it normal or proper for a Government agent like NTDA to join a Real Estate firm to approach a community with Tractors and started demolishing destroying fences, foundations over the claims of getting Allocation from the State Governor without any previous NOTIFICATION of any kind.
Can a firm or anybody destroy a structure on a land ( that have over 8 rooms and a flat that people have started living ) over a claim of getting ALOCATION of the this said land without any NOTIFICATION or any Court INJUNCTION ? In Okeegun via Eleran Igbe, Mr. Ikechukwu came back from work in the evening to the house he left in the morning has been demolished by unknown person.
What can we do in this regard. The gentle man with his family are home less now ?.
My finding pn this matter was that the omonile have re sold the land to an Estate Firm that might have paid better.
Your contributions are appreciated in advance.
Regard.
Comrade Kolawole A A
( Human Right Advocate )
WhatsApp: +2348033059186
Thank you for your questions.
To answer your questions effectively and give you the appropriate legal advice, we need to get the full details of the incidents.
You can book a consultation session with a lawyer here https://charislegalpractice.com.ng/real-estate-law/real-estate-legal-consultation/ . Thank you