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Whether you are buying land for residential or commercial purposes, asking the right questions is crucial to make an informed decision. In this post, we will explore the essential questions you should ask when buying land, ensuring you have all the necessary information to move forward confidently.
1.) Where is the Location?
Determining the exact location of the land you are considering is of utmost importance. Before proceeding with the purchase, it is vital to gather detailed information about the area. Some key questions to ask include:
• Is the land located within a developed or developing area?
This will help you gauge the potential value of the land in the future and whether it aligns with your long-term goals.
• What amenities and facilities are available nearby?
Access to necessary amenities such as schools, hospitals, markets, and transportation influences the desirability and convenience of the location.
• Are there any potential environmental concerns or restrictions?
It is crucial to inquire about any nearby protected areas, wetlands, or potential hazards that might affect the land or its intended use.
2.) What Title Does the Land Have?
Understanding the type of land title is essential in safeguarding your investment. In Lagos, Nigeria, various types of land titles exist, each carrying different legal implications. Here are some notable types to be aware of:
Freehold:
This type of title grants the landowner absolute ownership and control over the property indefinitely. It is the most secure and desirable form of ownership.
Government Allocation:
Land with this title has been allocated by the government for specific purposes, such as residential or commercial use. However, caution should be exercised as these titles are subject to government regulations and policies.
Excision:
An excision signifies that a portion of land has been excised from government acquisition. It is crucial to verify if the land has a valid excision title to ensure its legality and avoid future disputes.
Gazette:
A gazette publication officially records and announces the government’s intention to acquire land for public purposes. It is important to verify if the land is still under government acquisition or if it has been released.
C of O (Certificate of Occupancy):
This title is the highest form of land ownership in Lagos, Nigeria. It provides legal proof that the government recognizes the holder as the rightful occupant and grants the right to use and develop the land for a specified period, typically 99 years.
Governor’s Consent:
Obtaining the Governor’s Consent is necessary when transferring ownership of a land with a Certificate of Occupancy. It acts as an additional layer of legal clearance, ensuring the transaction is legitimate.
The Survey Plan
One essential component of the title documents is the survey plan. This document outlines the precise boundaries and dimensions of the land, granting you a clear understanding of its physical limitations. When reviewing the survey plan, consider the following questions:
Is the survey plan up to date and accurately represents the current state of the land?
Check for any inconsistencies or discrepancies between the plan and the actual property.
Are there any encroachments or boundary disputes that might affect your future use of the land?
Ensure that the boundaries are clearly defined and match the actual physical markers on the ground.
Has the land undergone any previous subdivision or consolidation?
This information is crucial to determine whether the property has been subject to any legal reconfiguration that might impact your plans.
Are there any easements or rights of way recorded on the survey plan?
Easements can grant access to utility providers or other neighbouring properties, potentially affecting your development plans.
Other Title Documents to Consider for those outside Nigeria
While the survey plan is undoubtedly a critical aspect, several other title documents should be examined thoroughly. These include:
Certificate of Title:
This document proves the current ownership of the land and any registered interests or restrictions affecting it.
Property Register:
The property register provides details of the land’s history, including past owners, mortgages, and any relevant transactions.
Caveats or Liens:
Check for any caveats or liens registered against the property. These can indicate outstanding debts or potential disputes.
Planning and Zoning Information:
Understand the applicable planning and zoning regulations governing the land. This will help you determine whether your intended use aligns with the permitted activities.
Environmental Reports:
Request any available environmental reports. These reports highlight any existing environmental concerns or potential hazards on or around the land.
Additional Questions to Ask
In addition to reviewing specific title documents, here are some general questions that could provide valuable insight into the land you intend to purchase:
Are there any ongoing or pending legal disputes related to the land?
What are the current property taxes and any other recurring costs associated with the land?
Are there any known environmental or geological factors that might impact development plans?
Has the land been previously surveyed for potential soil contamination or other environmental hazards?
Are there any public or private utilities that may restrict your plans?
Does the land have sufficient access to roads, water, electricity, and other necessary infrastructure?
3.) Are There Other Fees Aside from the Land Cost?
In addition to the actual land cost, it is essential to inquire about any additional fees associated with the purchase. These fees may vary depending on the location and type of land title. Some common fees to consider include:
Survey and Documentation Fees:
It is common practice to engage a professional surveyor to assess and document the land boundaries accurately. Inquire about the surveyor’s fees and any associated documentation costs.
Legal and Administrative Fees:
To ensure a smooth and legally sound transaction, legal and administrative fees may be incurred. These fees cover activities such as title verification, drafting of contracts, and obtaining necessary approvals and clearances.
Infrastructure and Development Charges:
In some cases, additional charges might be levied for the provision of infrastructural amenities, such as road networks, drainage systems, and electricity connections. Understand if any of these charges apply to the land you are purchasing.
Tax Obligations:
Inquire about any local or state taxes associated with land ownership and ensure you are prepared to fulfil your tax obligations promptly.
In Conclusion
Buying land is a significant undertaking that requires careful consideration and due diligence. By asking the right questions and gathering all necessary information, you can ensure a wise investment decision. Remember to thoroughly understand the location, types of land titles available in Lagos, Nigeria, and any additional fees or charges associated with the land purchase. Armed with this knowledge, you can confidently navigate the process of buying land and make a well-informed choice for your future.
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