TO BUY LAND IN LAGOS WITHOUT STRESS, THIS IS WHAT YOU NEED TO KNOW

See the most comprehensive guide to buying land in Lagos without stress or regret

Lagos is Nigeria’s economic engine and the country’s top destination for property investment. Most investors choose Lagos because of the high returns on investment that an investment offers. With an ever increasing demand for land in the city, investors are assured of growth in their investment as the city continues to grow.

Buying land in Lagos is always a great investment, whether you want to build a house, start your business, or simply as a real estate investment. While the market is competitive, the returns are highly rewarding. However, there are inherent bumps in the process of acquiring a land in Lagos that can make it a daunting experience, especially for a greenhorn who has failed to get the proper guidance and direction. These challenges are most often attributed to legal complexities, land disputes, and other challenges.

In this article, we explore a step-by-step guide to help you buy land in Lagos, Nigeria, without stress, while providing tips on how to avoid common pitfalls, verifying property documents, and selecting the right location to purchase your land.

In buying land in Lagos without stress, here are the steps to take:

1.Establish the Purpose for Buying Land in Lagos

Before starting the process of buying land in Lagos, it is imperative that you establish a clear understanding of the purpose for which you want to buy land in Lagos. Determine whether you want to buy land in Lagos for your personal use, or you want to acquire it for investment or for a commercial project. More often than not, the purpose for which you want to buy land in Lagos will determine the type of land you need and its location. Lands in Lagos are broadly categorized into three:

Residential Land: If you are acquiring a land for the purpose of building a house/home, your focus should be on areas with good infrastructure, proximity to schools, markets, hospitals, and transportation networks. These infrastructural facilities are necessary to make your house comfortable to stay.

Commercial Land: Commercial lands are acquired for the purpose of doing business. In that case, ensure that the land is situated in a commercially viable area with good road access and visibility.

Investment Land: On the other hand, if your purpose is to buy a land in Lagos to keep for future resale or development, your best bet is to find rapidly developing neighborhoods that have a potential for high returns on investment. Lands here would often be cheaper than those in fully developed areas, but the returns are good in the long run.

2. Research the Location

To buy land in Lagos without future headache, it is important that you research the location very well. With the vastness of Lagos, there are diverse locations in and around the city that  offer different benefits. Factors to consider when selecting a location include:

– Accessibility: Accessibility to locations is determined by the road networks and traffic conditions. Some areas in Lagos might appear cheap but are in fact, inaccessible or difficult to access, and this can lead to higher transportation costs and time wastage, thus becoming a financially unwise investment in the long run.

– Development Plans: Before buying a land, carry out proper investigation on the government’s long-term plans for infrastructure development in the area. Consider if government has any policies or plan in place to develop the area. Find out if projects like roads, bridges, or urban renewal initiatives, which could boost land value are being planned or executed in the area. If there is no sign of any of this, at least in the immediate term, please reconsider buying land in the area.

– Proximity to Key Amenities: Before buying land in Lagos, find out if it has proximity to public amenities such as schools, hospitals, markets, and other essential services. Social amenities are one of the top factors to determine whether the land is a good one to buy or not. However, in cases where you are buying for future investment without any immediate plans for development, you may not bother too much about this. It all depends on your purpose.

3. Verify the Land Ownership

One of the most crucial steps in the process of buying land in Lagos is the verification of land ownership. Without carrying out proper checks on the ownership of a particular land, you as a buyer might end up buying disputed or fake property, a situation you definitely not want to be involved in. To ensure you are buying a legitimate land, follow these steps:

1. Check the Title of the Land: First, start by confirming the land title. There are two primary land titles in Lagos:

 – Certificate of Occupancy (C of O): The Certificate of Occupancy is the most important form of land title in Lagos. It is issued by the state government, and proves that the owner has the right to occupy and use the land.

– Governor’s Consent: The second is Governor’s Consent, a document required for transacting lands that have been allocated by the state government.

When buying land in Lagos, you must ensure the seller provides the original documents or certified copies for you.

 2. Visit the Land Registry: In Lagos State, the Land Registry is the official body saddled with the responsibility of keeping records of all land transactions in the state. Before you buy land in Lagos, you should visit the registry or check online to confirm the land’s status, ownership, and any encumbrances (such as unpaid land charges or mortgage claims). Failure to do this before buying land in Lagos can lead to unplayable consequences in future.

  3. Carry out a Title Search on the land: Carrying out a title search involves working with a legal professional to search the land’s history in order to confirm that there are no encumbrances or disputes on the land. Before proceeding with any transaction on a land in Lagos, ensure there is no existing claim of ownership, mortgage, or court case related to the land.

4. Engage the Services of a Professional

When buying land in Sangotedo, Lekki, or indeed any part of Lagos, it’s advisable that you employ the services of the relevant professionals such as a qualified lawyer and/or real estate agent who is familiar with Lagos land transactions. A lawyer is well placed to guide you through the process, help   you verify the authenticity of documents, conduct a thorough search on the property, draft the sales agreement, and ensure you are generally not falling victim to fraud.

Real estate agent, on the other hand, can assist you with locating good properties in preferred locations in the state, negotiate a good price for the property, and provide guidance on the market trends in Lagos. However, always ensure that the agent has proper registration and a track record of dealing with land transactions.

5. Carry Out a Physical Inspection of the Property

Before you finally buy a land in Lagos, it’s important that you physically inspect the land. In doing so, here are the things to look out for:

– Boundary Markers: You must verify that the boundaries of the land are clearly marked. In doing this, compare them with the details on the land documents. Sometimes, neighboring lands may encroach on the property, so you need to check that the physical boundaries align with the documentation.

Visible Environmental Shortcomings: Carefully inspect the land you are buying for potential environmental challenges including flooding, erosion, or other hazards that could affect development whether in the present or the future. Most importantly, carefully inspect the land for flood risks, especially if the land is in a coastal zone.

– Topography and Accessibility: Check the topography of the land you want to buy in Lagos to determine whether it is leveled or it requires filling.  Also, check the accessibility of the land, especially in rural or developing areas. It is also important to ensure that the land is not in an area marked for road or canal in the future.

6. Negotiating the Price

Once you have confirmed the legal status and condition of the land you want to buy in Lagos, the next step is to negotiate the price. In negotiating the price, you need to deploy your market knowledge and patience. Some tips for negotiating the transaction include:

– Have a Good Understanding of the Market Rates: Familiarize yourself with the going prices for land in the area where you’re buying. One of the ways to do this is to consult with local property owners or agents. It can also help to conduct online research on your own.

– Avoid Overpricing: When buying land in Lagos, chances are that the seller would want to offer the land at an inflated price, especially if they know that you are not familiar with real estate market in the area. Be careful not to fall for inflated prices, especially if the land is in an area with limited infrastructure or a low development index. Negotiation is key to securing a good deal.

7. Complete the Transaction

The final steps in the process of buying land in Lagos involve completing the transaction. This involves:

– Drafting a Sale Agreement: Get your lawyer to draft a sale agreement that outlines the terms and conditions of the transaction. The agreement should include the purchase price, payment terms, and the specific details of the land being sold, amongst others. As the person buying land in Lagos, you should sign the agreement alongside the seller in the presence of a witness or notary public. 

– Make Payment: Make payment through a secure channel when buying land in Lagos. If it’s possible, avoid making cash payments, as they may be difficult to track. Bank transfers or cheques provide a more secure and verifiable method of payment.

– Registration the land: After you make payment, the next step is to register the land with the Lagos State Lands Bureau. To do this, the buyer must apply for a Certificate of Occupancy or Governor’s Consent, depending on the nature of the transaction. This formalizes the ownership and protects you as the buyer from future legal disputes.

8. Post-Purchase Considerations

After buying land in Lagos, there are a few additional steps that you must take to ensure that your investment is protected in the state:

– Pay the Land Use Charge: Ensure to promptly pay all land use charges and property taxes to avoid penalties.

– Development Plans: After you buy land in Lagos, if you intend to develop the land, be sure to obtain the necessary permits from the local government or the Lagos State Development Control Agency.

Common Pitfalls to Avoid

When buying land in Lagos, avoid the following pitfalls:

– Fake Documents: There are several properties in Lagos with documents forged by the sellers. Please ensure to avoid this pitfall by verifying through the Land Registry.

– Land Grabbing: Land grabbing is a common problem when buying land in Lagos as there are many powerful individuals or groups who often claim ownership of land by force. Be cautious when buying land in areas with a history of land disputes.

– Inadequate Documentation: When you buy land in Lagos, always ensure that the documentation is complete and transparent. Avoid rushing the process as incomplete or unclear documentation can lead to future disputes.

Conclusion

Buying land in Lagos can be a highly profitable investment provided you approach the process with due diligence. By following the steps outlined in this article—researching the location, verifying land ownership, hiring professionals, inspecting the property, and ensuring proper documentation—you can minimize the stress associated with land transactions. With careful planning and attention to detail, you can secure a piece of land in Lagos that meets your needs and aligns with your investment goals.