Land Verification is a vital part of any land transaction. When buying a new home or landed property in Lagos it is essential you get your facts right and be well-informed on the nitty-gritty involved before you cash on the investment. This article highlights what you must look out for during your land verification especially in Lagos. It deals specifically with land transactions between a reputable real estate company/agents and individuals or group of individuals.
There are quite a lot of things to look out for and a number of verification you need to do when you want to acquire a home or land property especially in a very competitive terrain like Lagos.
Land and property are one of the greatest investments of Man and Real estate is one of the most potent means of fraudulence. With the high rate of real estate scam and the hassles of potential land transaction hazards popularly called Omonile, it is advisable to do land transactions through a reputable and reliable real estate company and you must have a good land surveyor/estate agent/lawyer who would help you help you do a proper land verification so as to ensure a problem-free transaction.
These documents are the most important aspect of your real estate transactions and there really no land verification you will be doing without verifying the authenticity of the documents used for the transaction which can range from receipts of transaction, survey plan, deed of assignment, layout plan, power of attorney to certificate of occupancy And if there happens to be a flaw, it could spell doom to that land transaction. You might as well be losing your hard earned money even before the real land transaction begins because you did not run a land verification
In real estate , doing due diligence (investigation), probing the validity and authenticity of property is a must before you roll out the cash, so you don’t go crying blue murder! when the deed is done. These days victims of fake lands and fake papers have become more than the land in question because they failed to do their due diligence as regards land verification.
Real estate scam artist usually throw a bait in form of a mouth-watering offers and then watch their unsuspecting victims fall for it. There is no follow-up or due process involved from the supposed victim before investing in the land or property in question.
Having said that, there are some guidelines to follow judiciously that would help you with your verification. Here are a few things you should always do when considering to buy any landed property especially in Lagos:
1) Call the real estate company you are dealing with or visit their website for their Terms & Conditions (or what they may call FAQ). This will give you useful insights into their activities and fore-knowledge on the site you are interested in.
2) There is need to see the site in question physically and not base your knowledge of the site on hearsays. Invariably you should book an appointment and visit the site
3) It is also essential you go to the site with a plan in hand; it is not an adventure or sight-seeing except you don’t have genuine plans of acquiring the property. Hence, when visiting the site, please go with a Land Surveyor who will use a GPS to pick the coordinates of the site and cross check with relevant State Authorities as to the claims of the developer.
4) Ask for a copy of the survey plan and let the Surveyor help you cross check it with the coordinates he must have picked when you visited the site together
5) Ask for the Excision file number (since they said it has been opened and verify the position of the Excision processing from relevant State authorities
6) Using the coordinates, cross check what the use of the place should be from the Master Plan in the Ministry of Physical Planning. Use of land can range from agricultural to residential purposes and be sure it is not an acquired land that has not been designated for general use. Is it a land that a railway or bridge will pass through in the nearest future? You must get these facts right?
7) Demand to see every other thing they claim to have, e.g Layout Plan
8) Study the Terms and Conditions and ask questions where you are not clear.
9) Try to get the going prices of similar landed properties in the area and compare to make your choice
Apart from the Land Surveyor, you may need the help/services of another professional to go through the due diligence successfully, e.g Estate Surveyor, very experienced and reliable Agent or A Lawyer. For any to do a thorough job for you, it will usually cost you a token. You can contact us if you need any of these professionals mentioned here (Land Surveyor, Estate Surveyor, Estate Agent and/or Lawyer ).