You’ve taken the major step and decided to be a landowner!
You’ll find a comprehensive guide on steps to take when buying land in Nigeria in this document.
There is a difference between buying a house and buying land.
Consideration must be given to many things before buying land: location, budget, access to utilities and towns nearby, acreage, and zoning, to name a few.
Consider the purpose for which you intend to purchase land. Do you intend to build on it and live there? Sell it after you build it? Let it sit and sell it later?
Consider the location of your building when building, and ensure it’s close to places like school, work, and fuel stations. A hospital’s accessibility has to be considered, too.
Ensure you tell your real estate agent exactly what you’re looking for when in consultation with them. Specialized investors in land can often assist in finding your dream plot. Contact us for prime plots of land
Doing your own research before purchasing land is a smart idea because some information may be assumed to have been disclosed prior to the purchase. A piece of land may be zoned as follows:
The zoning designation could mean that you’re not allowed to build on the land at all, so you must find this information out as soon as you’re considering a plot of land.
Consult your local zoning ordinances to find out how the zoning of the property might affect your use of it.
DETERMINE THE TYPE OF LAND YOU WANT
Would you be interested in a certain size of land? Where would you like it located? Be sure to tell your Realtor what you want. Make it clear that you do not want land subject to government acquisition.
Decide on your budget as well. Land prices vary depending on the location. Similar plot sizes in Victoria Island will cost differently in Banana Island. It is important to determine how much you are willing to spend on land before working with a realtor.
It is best to do a physical assessment of the land when you or your agent find a plot of land that appears to meet all your needs.
MAKE DUE RESEARCH
As soon as you find a piece of land that meets your requirements, you immediately need to search the relevant land registry. To ascertain whether the vendor owns the land rightfully, whether the title is genuine, and whether the property is not disputed or subject to government acquisition, it is essential to conduct this search. The process of conducting research usually begins with submitting an application letter to the suitable land registry, along with an affidavit verifying the status of the applicant and the purpose of the research.
EXECUTION OF DEED OF CONVEYANCE
Once you are certain that the title of the vendor is authentic, you may now execute the Deed of Conveyance. The Deed of Conveyance becomes effective when both parties (buyer and seller) have signed it and payment has been made.
VERIFIED COPY OF TITLE DOCUMENT AND SURVEY PLAN
You must now obtain certified true and accurate copies of the vendor’s title documents and survey plan. These two documents must be provided when you apply for the Governors consent.
There must be proof of the land plot’s identity, thus a verified copy of the survey plan that has been approved by the town planning authority is necessary. The survey plan identifies the boundaries of the property and shows the coordinates of the land also.
REQUIRED PAYMENTS: CHARTING FEE, FORM 1C AND ENDORSEMENT FEE
Prior to applying for governor’s consent in Lagos State, you must obtain charting, endorsement, and Form 1C. The fee is payable at designated banks. You will be issued a receipt at the registry.
PROCESSING OF GOVERNMENT CONSENT
By virtue of the Land Use Act, all land in each state in the Federation is vested in the Governor of that state whose prior consent is mandatory for the legal validity of any transfers or alienation of an interest in landed property.
Documents required to obtain Governor’s consent include:
- Covering letter
- Completed Form 1C
- CTC of title documents of the assignor (vendor)
- A copy of your current tax clearance certificates and that of the assignor
- Four copies of the deed of which consent is sought
- Copy of the approved survey plan
- Evidence of payment of the charting fee, endorsement fee and Form 1C
- Evidence of payment of land use charge
- A photograph of the property
- The applicant’s identification and/or that of his agent
An application is filed with the Directorate of Land Services.
The time for buying a piece of land is here! The next steps include following Fine and Country West Africa on all social platforms, visiting our website www.fineandcountry.ng and calling us now for a consultation and available plots. We look forward to engaging with you further.