Exposed!!! What to look out for when buying a house in Lagos
To buy a house in Lagos is the dream of most Nigerians. It is so unfortunate that investors or first-time homebuyers do experience challenges after buying their dream house. Such challenges range from poor plumbing works, cracking walls, to poor drainage systems which result in flooding of the vicinity.
This is why we recommend that you carry out proper checks on the house before you make an initial deposit or sign any contracts.
However, this article focuses on:
*Areas or location to consider when buying your dream house
*Property documents you need to know after purchasing your first house
*What you need to check out for when buying a house in Lagos
Lagos, which is known to be the most populous city in Nigeria as well as the second-largest in Africa is known to be divided into two regions; Lagos mainland and Lagos Island.
Lagos mainland is known to comprise both rural and urban areas, while Lagos Island is a majorly urban region of Lagos where most rich people stay.
Having said this, the cost of living on the island is far more expensive than on the mainland and this in return has affected the cost price of the property in this location.
Let us take, for instance, a luxury three-bedroom terraced house in Ikorodu can cost less than N30 million, while in Sangotedo Lekki costs between 35 million to 40 million.
So it is always better for investors to do a little research on the property market on the location that brings good returns on investment.
Property documents you need to know after purchasing your first house in Lagos
Before you can have a property document after making a successful transaction on your dream home, it is crucial to know the Title of the land in which the house is built.
By ‘Title’ I mean a bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest.
This property title includes; Certificate of Occupancy, Governor’s Consent, Government Approved Excision, Gazette, and so on. (Don’t worry, kindly keep in touch as we will put out content to help you on that later).
Having known the different land titles and you have made an initial deposit for that dream home, a receipt of payment has been issued, below are documents required after making payment for that dream home:
Contract of sale: this shows that a transaction has taken place between you and the company or developer you are dealing with.
Deed of assignment: This is a legal document that shows that the seller or developer or the company has transferred the property to you and it is always given after the conclusion of the property transaction between the buyer and the seller.
Survey Plan: This is also an important property document that helps to reveal the ownership status of the property.
It spells out the size of a parcel of land. With the survey plan, you can know if the property is committed or not.