Purchasing a home is one of the biggest financial decisions one will make in life. Owning a home is a big commitment; it can be a smart long-term move or otherwise, so, you want to know what you are getting into.
But, as exciting as the prospect of becoming a homeowner is, there are a lot of things to consider.
Choosing the right real estate agent is one of the most important decisions one will make when buying or selling a home. It is becoming a standard practice in the real estate world for home-buyers/renters to contact agents who will act as a form of intermediary. Purchasing a home is a huge financial commitment, so finding the right real estate agent to guide you through the process is crucial. But with so many agents in…
Buying land in Nigeria is one of the common property law transactions, which is administered by various legislation depending on the jurisdiction in Nigeria. Conveyance, as it is known, is the process by which ownership of land is transferred between a seller and a buyer. This can include both residential and commercial land transactions.
Thus the most common way of proving ownership of a land is the production of a document of grant or title. This method entails providing any of the following document; Deed of Assignment/ conveyance, a Deed of gift, a legal Mortgage, and a Certificate of Occupancy. As such it is important that a person intending to buy a land must make sure to instruct his lawyer to perfect the title of the land or property.
DOCUMENTS REQUIRED FOR LAND PURCHASE IN NIGERIA.
During the process of purchasing a land, there a number of crucial documents required from the seller in order to effectively validate the transaction. These documents are necessary as they are evident of title which the buyer possesses in relation to the land. It is important to note that there are different types of land documents in Nigeria. These documents include:
When purchasing land or property in Nigeria, a prospective purchaser of any property (or normally his solicitor) should have two main concerns:
First, he or she must be sure that the vendor of the property is really entitled to sell it. Thus, the buyer must first insist that the vendor proves that his legal title to the land is good and that he can pass to the purchaser the land/ property which he is offering to sell.
Tenant rights are more important than you probably realize and the first step towards protecting your rights as a tenant is to know what those rights are. Without knowing these rights, you put yourself at the mercy of landlords and caretakers in Nigeria. Before we delve into your rights as a tenant, let us start by establishing who a tenant is within the ambit of the law as well as the real estate space. A tenant is a person who occupies land or property rented from a landlord and is subject to the payment of rent. With this established, let us proceed to examine tenant rights and what they mean to you as a tenant in Nigeria.
Here are the some challenges developers’ faces in the built environment The issues of Omo-onile: You have to part with a lot of money to get land and be able to use the land. If it’s a country where the government has got full control according to the 1978 Land Use Act, we would get assistance from them as partners whereby they provide the land while we provide the houses. If we can get the…
Everyone touts about the benefits of investing in real estate, but what about land? The general consensus has always been that land is not a worthwhile investment. Why? People falsely believe that land won’t produce income. It just sits there. It’s a boring investment. Land can produce a serious cash flow, and right now, it’s one of the best investments you can make. Here are some few reasons why you should invest in land.
It can sometimes be a challenge to find a home on the market that checks off all the boxes on
your list of must-haves. If that’s the case, there’s always the option to buy a piece of land and build your own home, customizing it from top to bottom to your heart’s desire. But while buying vacant land is a potential alternative to buying resale, there are certain precautions you will need to take before you sign on the dotted line. Without in-depth research into the land you have your eye on, your enjoyment of your new home can be negatively affected. Prior to purchasing land to build on, be sure to take the following factors into consideration first.
Real estate tends to lag behind other economic sectors when phenomena such as recessions take place; as such, it may take some time before the proverbial housing bubble bursts. When that happens, buying opportunities tend to emerge.
Few points are listed below to enlighten buyers out there.
Depicted above is a single cycle. The end of the recession phase connects to the beginning of the recovery phase to form the continuous wave pattern. Understanding the progression of each phase within the cycle is critical in being able to identify investment opportunities, as well as risks that can arise, with heightened sensitivity when phases are on the verge of transitioning.
One of the unique aspects of commercial real estate is that investors can invest successfully across all four phases of the cycle. However, understanding whether a cycle is climbing closer to a market peak, or starting down the slippery slope towards a market low can affect a variety of factors, such as:
