Tips and Considerations for Buying Residential Property in Lagos

Buying a land or building their own home is a dream of every Nigerian. However, it is very exciting yet daunting task. Property Real Consultants in Lagos can help you in finding the right property to match your needs and budget. Here are some tips for buying property in Lagos:

• Buying a property is a big decision and requires huge financial commitment in the long term. It is important to decide on a budget and location that suits your purpose and needs.
• Next step is to hire a competent lawyer as well as a Professional Real Estate Consultant in Lagos to seek right advice as well as assistance in all the formalities related to buying properties in Lagos.
• A Professional Real Estate Consultant in Lagos is the best person to guide you in choosing the right property that matches your criteria. They create a shortlist of properties, so you can make a better choice out of it.
• When you find the property you are interested to buy, it is important to assure that the person you are dealing with is the owners of the property. There are many cases where fraudulent individuals try to sell that property that they do now own. It is always good to seek advice from a reputed lawyer as they know the right questions to ask and examine the appropriate documentation to ensure that the property is free from any issues.
• When lawyer confirms that land is free from any issues, one should visit the land physically to inspect it. You can also get a site visitation with a registered surveyor who will look at the survey plans and advise on the property as well.
• When the buyer is satisfied with the property, sellers negotiate on the prices to get property at the best prices. It is a good idea to get an independent valuation of the property to know if the selling prices represent fair market value of the property. Property Consultants in Lagos help you in getting the best deal in the property.
• Once the offer is accepted by the seller, the next stage is drafting and completing all documentation. The three main documents included in the process are – the contract of sale, the receipt, and the Deed of Assignment. Once all the documentation and legal procedures are complete, the buyer becomes the owner of the property and can take possession
• Once the buyer becomes owner and has taken the physical possession of the property, they need to file all the necessary documents with the appropriate government authority to get the Governor’s consent of the transaction. Once Governor’s consent is obtained a Certificate of Occupancy is issued, and the transaction is complete and the buyer becomes authorised owner of the property.