THINGS TO LOOK OUT FOR WHEN BUYING A PROPERTY IN LAGOS, NIGERIA.

Property Title: Understanding property title is vital to successful property investment and development, find out what a title can tell you about a property. A property’s title is a bundle of rights related to the ownership of the said property. Each title carries its own set of regulations that you must abide by.

 Letter of Allocation, Contract of sale and Receipts:  The letter of allocation shows that a property or land has been allocated to an individual, either from the state or a private developer, contract of sale is a document that indicates the purchase of a property as well the legal between the buyer and the seller while Receipts on the other hand is, an indication that the seller has received a specific amount of money for the sale of the property. This is not the same as a Deed of Assignment.

Deed of Assignment:  This is a document that shows that the seller has transferred all his rights and interests to the buyer. It is usually prepared by the lawyer of the buyer and then vetted by the seller and his lawyer, and signed. This document contains the details of the transaction and description of the property being sold and is only considered legal upon registration in the land registry and obtaining of the governor’s consent.

Survey Plan:  It is a document that measures the boundary of a parcel of land to give an accurate measurement and description of that land, this includes the name of the owner of the land surveyed, Address, Size, Portion mapped out, Beacon number, Date which it was drawn up and a stamp showing the land is either free from Government acquisition or not.

Wall Crack: Some developers do not put into cognizance the soil test before the foundation, sewage system. Always look out for a properly channeled sewage system and ensure the borehole system is not close to the sewage system.

Plumbing Works and Electrical Installations. Ensure that you test the electrical installations to ensure everything works fine. Also, ensure you check for water leakages because the pipes used by some developers are inferior.

Building Plan Approval: A Building Permit is an official approval issued by the local government agency that allows you or your contractor to proceed with construction or remodeling project on your property, whether residential or commercial property. This is important because of building laws and codes.

Due Diligence Check/Verification of the Property Documents at Ikeja (Alausa): The process of cross checking the title and ownership of the land or property is to make sure there is no encumbrance or other claim on the land. Basically this has to do with Authenticity and Validity of the Property.