Real estate fraud is on the rise in Lagos, and it has affected a large number of people.
Fake real estate companies, agents, and omo-oniles, often known as land grabbers, have scammed investors out of their hard-earned money.
This is why, before purchasing any property in Lagos, you should always conduct due research.
There are many questions that need to be answered before you make an offer on a property, don’t be afraid to ask the real estate agent as many questions as possible so you don’t get scammed.
The seller’s or agent’s reaction to your questions will determine whether or not the land is safe to purchase.
I have compiled a list of questions to ask before you buy a property,whether for immediate development or land banking.
1.What Is The Title Of The Land?
When purchasing land, the first important issue to ask is ,if the seller has the authority to sell the property.
A title is a legal document that grants you the only right to own a piece of property.
As a result, it is critical to verify that the individual claiming ownership of a property is the true owner.
It would be nice if you knew you were buying from the appropriate person so you could buy with confidence.
2.Is It True That They Are The Rightful Owners?
To deceive others, a scammer can easily pose as the rightful owner of a property.
Before proceeding with any transaction, you must obtain proof of ownership from the seller.
If a seller cannot give sufficient proof, it is a red flag to back out of the deal.
There’s a risk you’re about to engage in a fraudulent transaction. Because he/she does not have the legal authority to transfer the property.
3. Is The Property Entirely Excised Or Is It In The Process Of Being Excised?
It is important to note that buying a property that is in the process of being excised without formal confirmation from the land register that it will be authorized is extremely risky.
4. Location Of The Land
There’s a lot more to buying land than meets the eye.
Before making a purchase, many factors are taken into account, one of which is selecting the ideal location for your land.
The location, like many other real estate assets, is critical to the land’s overall worth.
Another factor to consider while deciding on a property location is the area’s potential for development.
You should consider how the neighborhood will develop over the next five to twenty years.
Land does not depreciate, but having a strategic position will boost your chances of getting more money when you sell it in the future.
5. What Can You Use The Property For?
It is critical to have a purpose for the land before purchasing it anywhere in Nigeria.
When purchasing land, you undoubtedly want to maximize the value of your investment. “What use would the land serve?” is the next topic to consider.
When the objective of purchasing land has previously been specified, this will assist you in making many decisions. We’ve separated the goals into two categories, with considerations for each.
Another reason individuals buy land is to build a house on it.
Purchasing land is at the top of many people’s to-do lists before retirement.
It ensures that you will have a place to live after you retire.
There will be no need to be concerned about whether or not the next housing rent is due.
For some, it’s simply the satisfaction of living in their ideal home and being their own landlord.
Whatever your reason for purchasing land, there are a few things you should keep in mind.
The land is being purchased for commercial purposes, as the name implies.
This indicates that you are purchasing land as an investment.
It is, in fact, one of the smartest techniques to secure speedy investment returns.
You can elect to construct a structure and rent it out. You’ve assured a regular stream of revenue by doing so.
This is one of the numerous reasons why people choose to buy land as an investment. To diversify their sources of revenue.
6. You Must Be Informed Of Your Options When It Comes To The Land.
Is the property zoned for residential, commercial/industrial, agricultural, or mixed-use?
If the land is located in a commercial zone, it is not recommended that you invest, if you are seeking for residential or agricultural land.
7. Social Amenities Availability
The significance of these cannot be overemphasized. Regardless of whether you are purchasing land for business or residential purposes, you must ensure that essential amenities are available in the location.
Is there, for example, a consistent power supply in the area?
Nobody wants to move to a place where there is no power supply, whether it is for commercial or residential purposes.
Make sure you’re not buying a home in an area where there hasn’t been light in years.
Also, a location with poor water drainage is very important.
Poor drainage around structures might result in long-term damage.
Check to see if the land has working utilities.
8. Who Are The Neighbors?
Find out if any upcoming adjustments will have an impact on your land use.
Purchasing land next to a factory may not be advantageous in terms of noise or air pollution.
9. Has The Property Been Surveyed And Are The Boundaries Of The Property Properly Marked?
Before you buy, have a licensed surveyor tell you and show you an exact representation of the land you’re considering.
This is necessary to ensure that you receive exactly what you paid for.
In order to ensure that you have defined limits and can build your home in the appropriate location on the property.
10. How Much Is The Total Cost Of The Land?
Before you acquire any property, receive accurate information on the total cost and payment plans so you can budget intelligently.
Land prices in Nigeria vary depending on size, area, and other factors.
What are the hidden fees or statutory fees after the property is paid? Payments, such as the deed of assignment fee, the survey price, and the developmental fee should be disclosed.
It’s also a good idea to buy your home from a reputable real estate development company.
11. Who Are The Property’s Owners And Developers?
Have they properly identified themselves with formal identification?
This question is critical so you can figure out who you’re dealing with and conduct research on them.
12. Who Is The Owner Of The Land? Is it owned by a family or individual?
Can you meet the other members of the family to verify that the land belongs to their family if it is a family land?
Can the prior owner of the land explain you how he came to own it and who sold it to him if it’s land?
Is he willing to show you who signed his documents?
13. What is the land’s topography?
You can tell if the land or property is dry or swampy by asking this question.
14. How Quickly Would I Be Compensated If There Was A Problem With The Land After Payment?
This should be included in the sales contract that binds you and the company.
It should also be included in the Deed of Assignment.
This is a crucial question!
Request a copy of the contract of sale they intend to hand over to you. This will provide you with information about the contract you wish to sign.
15. How To Access The Property? Is It Easy To Access The Main Road?
Road accessibility is very important!
A good road network will ensure that you have simple access to the land you want to acquire.
Before you buy a piece of land, think about how you’ll get to it from a main road.
In Nigeria, there are cases where people buy land without paying attention to the access road, only to realize later that the only route to get to their land is through another person’s property, which can be difficult.
Before you buy a piece of land, ensure sure the access road issue is resolved with the landowner.
If there isn’t an obvious access route to your property, make sure the landowner builds one so you don’t have any problems in the future.
16. What Is The Area’s Crime Rate?
Is it a place where you’d wish to live in 5 to 10 years?
These are some of the concerns you should have when purchasing property.
It makes no difference whether you are purchasing a commercial or residential property.
It would be foolish to be aware that a particular area is experiencing turmoil but insist on purchasing land in the area in the hopes of building your dream home there.
The security of a location also adds to the value of your home.
Nobody wants to live in an area where they won’t be able to sleep at night or where they won’t feel safe.
These questions will give you an in-depth look at the property you’re about to buy.
If you are satisfied with these questions, there’s a high chance you’ve just discovered the ideal property for you.
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