CategoriesReal Estate tips & tricks

MULTI-STORY BUILDING TITLE OWNERSHIP

It is critical to consider the legal implications of any real estate development before proceeding. Any type of real estate transaction should be approached with consideration for the legal ramifications.

Understanding the optimal balance to be struck between the competing interests of developers and off-takers is essential.

Recognizing the significance of regulation as well as the limitations of regulation. The government should refrain from attempting to regulate everything.

The question of whether a strata title is appropriate under the law. Titles should be scrutinized more rigorously by the government. The title of the paper is a source of concern for off-takers. In multistory buildings, the problem is the title you get from a flat or condominium. Is it a sublease or a deed of assignment? If it were a sublease, then it means the developers still have a title over the property which is a risk. Government should look into this to give off-taker reassurance.

In this form of development, there is the issue of shared places. They are often dealt with on a contractual basis. In light of the potential threat that the developer may still be in control of the head title, should it be allowed to contract or should the state intervene and establish a certain presumption of shared ownership?

 

Our recommendations

  1. Joint ownership of common areas, with a distinction between the common areas themselves and the building structure itself. In this domain of shared areas, there should be some limited kind of statutory innovation to protect those who take advantage of the situation. The Government should take this into consideration.
  2. We advised that, once the development is complete, the developer should submit the original head title deed with the appropriate state government agency. Because the document in the possession of the developer allows the developer to use it as leverage or for any other purpose. There are instances in which all of the properties are owned by a single individual who holds all of the titles. As a result, we expect the government to operate in this area with minimum oversight and regulatory intervention.
  3. Insurance after the project is completed is an issue that needs to be addressed. When it comes to a multi-story building, who owns the insurable interest? These are the concerns that need to be addressed in order to move forward. Generally speaking, insurance can be obtained at any stage of real estate development, and it is permissible to do so in accordance with Sections 64 and 65 of the Insurance Act of 2003 – all public structures and all buildings under construction with more than two stories are required to be insured. Insurance is available to assist with every stage of the change in the value of real estate. There is insurance support available throughout the value chain of the real estate sector, and it can be taken advantage of.

Off-takers of multi-story or high-rise buildings should ask the right questions about the type of title they receive from the property of their interest.

At Fine and Country, we specialize in transaction management and advisory in the luxury real estate space. Contact us today to be of service.

 

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+234 809 600 0017

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CategoriesReal Estate tips & tricks

TOP 5 FEATURES OF A PROFITABLE RENTAL PROPERTY

Are you looking to expand your investment portfolio by purchasing a residential rental property? If you make the right choice, investing in real estate can be both thrilling and lucrative. Aside from the income and perks, investing in real estate might be worrisome for a new investor in this market.

Investors need to perform extensive studies about the property market before diving in to know all the benefits and drawbacks of real estate investing. When looking for a property with profitable rental value, these factors should be considered.

Choice of Location & Vacancy Rate

The vicinity in which you choose to invest will impact the type of renters you attract. In an exclusive neighbourhood, high net worth individuals are likely to represent the majority of your potential tenants.

Investigate the vacancy rate and property listing in the neighbourhood. Knowing the type of development in demand could inform your decision while paying attention to the rate of occupancy in the neighbourhood. The low vacancy could indicate a high take up of space or a seasonal cycle. Also, the high vacancy could indicate an overpriced neighbourhood or a decline in the neighbourhood.

 

Developments in the Future & Average Rental Value

Find out information about proposed and existing developments in that neighbourhood. Keep an eye out for new construction that may depreciate the value of nearby properties. Look out for competitive development that could potentially put a strain on your property. It’s probably an excellent growing area if there’s a lot of construction going on.

Explore the rental values in the prospective property location for different property types. Estimate the rental value of the neighbourhood in the years to come to know the yield potential of the property. This would help you make an informed decision before you chose to invest in a property.

Safe And Secure Environment

When it comes to rental property investments, safety is crucial. No renter can intentionally choose to reside in an unsafe community. One of the characteristics of a lucrative rental property is its location. It should be in a highly safe and exclusive area. As a result, while buying a home, consider an area with suitable security.

 

Availability of social amenities

In places with social amenities, rental property investment flourishes. Prospective tenants would look out for nearby amenities and services that are beneficial to their livelihood. Shopping malls, gyms, medical institutions, gas stations and restaurants are such examples. Access to water, electricity and an excellent connection to network providers are among these amenities. If your tenants have easy access to these amenities, they will be more willing to rent your property.

 

Ease of Access

Places with appropriate transportation and transport systems will succeed in the rental real estate market. They are more attractive to prospective tenants. Nearness to commute between home, work and other institutions such as a school with a good reputation makes easy living appealing. This factor makes the property exclusive with a great potential for high yield.

 

CategoriesBlog tips & tricks

7 Ways to Enhance your Energy Level and Maximize your Productivity

Do you ever feel like you didn’t get everything done on your to-do list at the end of the day? You start the day with a plan and a goal in mind, but by the end of the day, your to-do list has grown even longer.

There are various things you may do to enhance your energy level and maximize your productivity. Fortunately, here are seven ideas to consider:

  1. Get More Sleep
    If you often feel tired throughout the day, you may need more quality sleep. Try going to bed earlier and reducing screen time before bed.
  2. Reduce Stress
    High levels of stress can make you feel tired and drained. Finding ways to minimize lifestyle-related stress can help keep up your energy levels.
  3. Move More
    If you live a sedentary lifestyle and feel low on energy, participating in regular exercises like brisk walking or cycling can boost your energy levels.
  4. Eat a Nutritious Diet
    A diet based on whole, healthy foods benefits your health and your energy levels. In contrast, a diet high in processed foods can negatively affect your energy levels.
  5. Avoid Added Sugar
    Eating foods high in sugar can give you a short-term energy boost followed by a slump. To avoid this, minimize your intake and focus on eating whole foods instead.
  6. Stay Hydrated
    Dehydration can make you feel tired. Make sure to drink enough water throughout the day and respond to your thirst, especially during exercise.
  7. Be Social
    Getting out of the house and mingling with other people is beneficial for both your energy levels and your health.

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Fine & Country is a global real estate brand, specializing in providing a premium service through exceptional marketing and professionalism in the upper quartile of the market.

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