Lagos is infamous for being the most populated city in Nigeria and Africa as a whole. Characterized by noisy and populated areas, busy roads and gridlock during peak hours. Lagos rarely has a boring side. The city prides itself as one of the fastest growing cities in the world and a major financial hub in Africa. It is certainly one of the best places to live in Nigeria
With a population of about 7,937,932 inhabitants as of the 2006 census, Lagos is to Nigeria what New York is to the United States of America. Lagos was originally inhabited by Yorubas but today, there are over 250 ethnic groups represented here. Lagos is now commonly referred to as “no man’s land”.
Here are some few steps to consider when buying your first house in Lagos.
1. AGREE ON A BUDGET AND LOCATION
Buying a house is a big step involving a significant long-term financial responsibility, so think arduously about what you can afford. Also, if you plan to inhabit the property, then you need to be convinced that it is in a territory you are pleased with and can be for a very long time.
When buying a house without a budget, you are very likely to spend more than what is needed. Before you embark on buying a house, it is very worthwhile to ask yourself, how much do I want to spend? You do not only come up with a budget, but you should also ensure that you stick to it.
2. USE THE IDEAL PROPERTY FINDING PLATFORM
In recent times, the method of moving from house to house before settling for a particular property can be a very exhausting task.
However, thanks to technological advancement, the stress of finding a property for sale in Lagos has been dissected. One simple means of getting your dream home without trouble is to use the Springcity Realtor FIND FOR ME. FIND FOR ME or ALL PROPERTIES provide a trusted platform where house hunting is made easy. This way, home seekers can check out as many properties as possible and settle for something that suits their needs.
3. LOOK FOR THE EXCELLENT PROPERTY YOU MOST DESIRE
Search for properties which match your budget and location. At this juncture, if this property is not being offered by your trusted REALTOR, engage the services of one. The realtor will look for properties which match your criteria, create a shortlist for you, and then organize for you to view the properties shortlisted.
4. SCRUTINIZE THE SELLER
Is recommended to buy properties offered by your trusted REALTORS. However, if you are buying this properties outside the ones offered to you, then you need to scrutinize the seller.
When you find a property you are interested in, you should always ensure that the person you are dealing with is the rightful possessor of the property or someone who has a valid license to sell the property.
Ample times when dealing with properties in Lagos, you get to see cases of fraudulent individuals who try to sell properties which are not rightfully their own to naive buyers. This stage is where a lawyer is fully needed. The lawyer will conduct the proper searches, ask the right questions, and request the right documentation to discern if the seller is the real owner or has authority over the property in Lagos. This is very crucial, especially when the property in question is a family property.
5. INSPECT THE PROPERTY
Pay a visit to the property to physically inspect it. Ensure that the house and the environment fulfil your expectations. It is also advisable to conduct a site visitation with a registered surveyor who will look at the survey plans and advise on the property as well.
6. DOCUMENTATION
If the property is satisfactory and the offer is accepted, then you can move to the stage of drafting and negotiating all the completion documents. In house transactions in Lagos, there are 3 main documents – the contract of sale, the receipt, and the Deed of Assignment.
7. COMPLETION, EXCHANGE & POSSESSION
This is the point where the property transfer process is concluded. The buyer and the seller have signed and exchanged contracts, and the buyer is now in possession of all the original title documents and transfer documents. The purchase price of the house has also been made at this stage. Once all that is complete, you become the owner of the house and can take possession
8. POSTS-COMPLETION
Once you take physical possession of the property, the next very thing important step to take is to file all the necessary documentation with the appropriate government authority and then commence the process to obtain Governor’s consent for the transaction. Once Governor’s consent is obtained a Certificate of Occupancy is issued, and the property transaction is then complete. Some properties from Springcity Realtors already have CofO and Governor’s Consent.
Be aware that by the provisions of the Land Use Act, ownership of all property in a State vest in the Governor, and a right of occupancy is given to a person for a maximum of 99 years.