So, you want to buy a house in Lekki and need some advice on how to go about it? You’ve come to the right people. This post by Best Lagos can teach you everything you need to know on How To Buy Land In Lekki, Lagos.
Over the years, Lekki has morphed into a decent commercial hub and residential area of Lagos, which makes it a crucial destination in the real estate industry in Lagos. Besides acting as the go-to place for people who are acquiring properties in the area, buying land in Lekki is also a credible investment option for those looking to invest in real estate in this city.
Furthermore, buying a house in Lekki has also been said to yield a great return on investment for owners. Lekki is one of Lagos’ largest areas with numerous empty lands that are ready to be developed. There are also thousands of properties developing in Lekki that are being marketed to prospective clients.
Best Places To Buy Land In Lekki, Lagos
Lekki is still one of the best areas to acquire land in Lagos because of how fast it is developing and the sizeable returns it could provide you as an investor. When you want to buy land in lekki, Lagos, there are certain rapid-growing neighbourhoods you should turn your attention to. These places include:
- Ibeju Lekki.
- Lakowe.
- Abijo.
- Awoyaya.
- Sangotedo.
- Ajah.
- Lekki Phase 2.
- Ikota.
- Any other suburbs within the Lekki Peninsula.
Tips On How To Buy Land In Lekki, Lagos
Note, most of the lands in Lekk’s axis are under some form of government acquisition; although they may be released by way of excision which is then gazette and perfected. But the lands under committed government acquisition may never be released at all. That is why you should be cautious before buying any property in the Lekki area.
Before you buy land in Lekki, it is important that you do due diligence and conduct proper checks. After verifying it, ensure you prepare appropriate documents to act as evidence of agreement between parties and transfer title.
Precautions To Take Before You Buy Land In Lekki, Lagos
Before buying land in lekki, lagos, there are a few precautions you should take to ensure that you don’t get scammed or worse end up with one under committed government acquisition. We share those precautions below:
1. Get A Lawyer
When you want to buy land in Lekki, you should first employ the services of a lawyer to help you trace and search the title of the property you want to acquire.
If the land falls under big estate, it doesn’t confer a good title on it. So, when buying land in an area where new estates are constantly developing, make sure you go with a lawyer. They’ll help you search the history of the proposed land to be bought and the documentation attached to it.
There are certain documents needed for land purchase in Nigeria, that every smart buyer of a land must know of before proceeding to purchase the property. Your solicitor will determine the specific document needed for each transaction depending on the circumstances of the property to be purchased.
By and large, there are a lot of preliminary things you must know before you buy land in Lekki. This investment could become a problem after purchase or later in the future if you don’t do due diligence before such a transaction.
2. Perfect Your Title
Subject to the provisions of the Land Use Act, you require the Governor’s consent in every state except the Federal Capital Territory which falls under the jurisdiction of the Minister of F.C.TA. Failure to perfect your title automatically translates to no lawful transfer of property has taken place on the purchased land in accordance with the registry of the state.
Section 1 of the Land Use Act says that every land in each state is vested in the governor of such state to hold in trust and administered for the use and common benefit of all Nigerians. If a buyer does not perfect their title, or the developer or assignor has also neglected to perfect their title, the governor of that state can still claim such property for overriding public interest without any compensation to the affected buyer.
3. Insist On Contract Of Sale
The third precaution a buyer should take when buying land in lekki, Lagos from a developer or any seller is to insist you be given a contract of sale, particularly where they are asking you to pay a premium on the land for some proposed infrastructures like electricity, road network among others.
A contract of sale is a preliminary agreement in a land transaction before a deed assignment. In a scenario where a developer is offering you 6 6-month or 2-year payment option plan, you are at the mercy of that developer if there is no contract that states the rights and obligations of both parties.
Fraudulent developers have been known to hike the price of an agreed property, especially an empty land after the buyer made a deposit for the land. Having a contract of sale usually protects you from gazumping, which means the owner or developer cannot unilaterally increase the price of the property again provided you stick to your side of the bargain by making payment on time as agreed.
How To Investigate Before You Buy Land In Lekki, Lagos
One crucial step in how to buy land in lekki, Lagos is to demonstrate rapt attention, care, and diligence. With a property lawyer’s guidance, you can run a property search before acquiring any land in Lekki because of the high risk associated with this transaction.
Below we discuss further, the places where investigation of property title can be done before acquisition.
1. Lands Registry
There is no Nigerian state that does not have a land registry, which is often attached to the Ministry of Land.
2. Surveyor General Office
It is imperative that you conduct a charting of landed property at the Surveyor General Office, especially for a property that still needs to be registered.
Charting a property is essential when you want to buy land in lekki, lagos as so many lands in this neighbourhood are under one type of government acquisition or land. Charting at the Surveyor General’s office will show you if a property proposed to be purchased has been acquired by the government for any other purpose.
3. Corporate Affairs Commission
The C.A.C. keeps a record of all charges on limited liability companies in Nigeria. Investigating the commission will help disclose whether there are any registered charges on the land a company is selling to you. A search at CAC is only relevant where the owner of the property to be bought is a corporate entity.
4. Physical Inspection
Conducting a physical inspection on the proposed property to be bought before acquisition is essential. A physical inspection will show you information that is not found in the search of any government archives.
Such inspection reveals whether the proposed seller of the land has a possessory right on the property himself. It may also show errors like proximity to a proposed road or ocean.
Stages Involved In Buying Land In Lekki, Lagos
There are different stages involved in buying land in lekki, Lagos, or even when you want to purchase property too. We listed and summarized each of them below.
1. Pre-Contract Stage
It is judicious that before you buy land in Lekki, you sit for a preliminary meeting with the property owner. This will give you an in-depth look into the nature of title on the land, easements, fixtures, restrictive covenants, nature of the transaction, reversionary interests, etc.
2. Contract Stage
This is the stage where both parties execute the contract of sale agreement. Here they have accepted to transfer interest in the property but are yet to be satisfied. To validate this stage, there must be an offer, acceptance, consideration, and intention to create a legal relationship.
3. Post Contract Stage
At the post-contract stage, you are to make an extensive investigation of the root of the title. This is the basis for the completion stage. Then, a deed transfer will be prepared by your solicitor with copies sent to the vendor’s solicitor.
4. Completion Stage
At the completion stage, the vendor and seller perfect their transaction, subject to payment of the full purchase price and delivery of the property to the buyer with the original title and documents of the property purchased.
5. Post-Completion Stage: Perfection of Title
It is common knowledge that a land transaction is yet to be finalized and legal until the Governor of the state gives his consent with respect to the transaction. All that vests a legal title on the buyer is the Governor’s consent, Stamping, and Registration of the document.
Therefore, it is advisable that you get the application of the Governor’s consent through the State’s Ministry of Lands. Afterward, you make payment of stamp duties on the approved deed of transfer. You must pay the stamp duties within 30 days of the execution of the deed of transfer.
The last stage of this perfection of title is registration of the deed of assignment. Do these three stages of perfection of the title simultaneously.
Wrap Up
Buying land in Lekki Lagos can serve as a good investment option or opportunity to get a befitting accommodation, but it is important that as a prospective buyer, you conduct due diligence by hiring a property lawyer who can verify and ensure a seamless transfer of title before jumping into any property purchase.
Doing this is important for three major reasons – to detect and avoid acquiring property under any type of acquisition; to facilitate the smooth transfer of property title; and to avoid some property fraudsters who try to reap off unsuspecting buyers.
