To buy a property in Lagos is one of the needs of every Nigerian. This requires the help of experts who know the nitty-gritty of buying a property in Lagos, Nigeria. This is simply because, in Nigeria, there is a risk of fraudulent activities in the real estate industry as potential buyers have been duped on their hard-earned money. This has given rise to bad circumstances on the part of the victim.
Its generally known that Lagos is Nigeria Largest city and also its the most populous city in Nigeria and largest in Africa.
With the increase in population density of Lagos, there has been a high demand for rental properties and people buy properties for different purposes ranging from residential, commercial to industrial.
Therefore, this guide is meant to explain the process you need to follow to acquire that dream property in Lagos. Below are the steps on how to buy property in Lagos
Step 1: Have a budget and location
A budget simply refers to the amount of money or resources earmarked for a particular institution or an activity. This is the most important step as you need not go beyond what you couldn’t afford
Also, you need to know that location affects the prices of the property you want to buy too. This is why you need to select a location that you’re truly happy with. And ensure that the location is well secured too.
Step 2: Hire a Realtor or a real estate consultant
A Realtor is a person or business that act as an agent for the property owner. This property owner may be a company or an individual. On the other hand a realtor is the same as an agent.
There is a need for you to hire a realtor because they have price knowledge of properties you are willing to buy and also knowledgeable of the best location that suits you. When doing this, ensure that you work with a professional and well-experienced realtor.
However, A real estate consultant provides advice to people or companies that are interested in buying some property. They provide client-centric representation in the real estate market.
Step 3: Inspect the property Physically
Physically inspecting a property of your choice is one good thing we will implore every investor to do to avoid being a victim of a scam. By doing this you can raise several objections to things that are not clear to you. However, there are some times when you don’t need to inspect physically if you trust the person or brand you are working with.
Step 4: Do your due diligence
Carrying out due diligence on a property you buy in Lagos is also a key factor. You need to research the companies you’re working with, research the title of the property. The bureau of lands of Lagos state is responsible for all land-related matters in Lagos state. It also has an office in the Government secretariat Alausa Ikeja Lagos Nigeria.
If you are dealing with the direct owner. Ensure that you ask the following questions: “Who is the owner of the property?” “Who is selling the property? Is it the owner, the owner’s wife, son, daughter, or someone else?” “Who’s the name appears in the documents? Is it the current owner or the previous owner?”.
Lastly,ask if you are paying statutory fees too on the property.
Step 5: Make payment and get the right documentation.
Having done all the above, ensure that you deposit for the property if it truly meets your needs.
Also ensure that you collect a contract of sale, payment receipt, and originals of other relevant documents involved.
Lastly, ensure that you have a duly signed deed of assignments document in your name too.
Having listed all these, you can see that owning a property in Lagos is not an easy task. At Sammoc properties, we have got genuine and affordable properties.
Click here to check the list of properties we have for sale in Lagos