Buy - News & More - Nigeria Property Centre

Posts with tag "buy"

Prevention they say is better than cure. In the light of this, this essay is an attempt to tack together, some salient and not so salient points to note and where possible to avoid while shopping for a real estate. It takes an old hand to swiftly decipher loopholes or issues that may rear their ugly head after a prospective buyer of a property may have taken the plunge.

  1. You may have heard this old maxim, it still holds true - if a deal looks too good to be true, it damn is! Imagine you been asked to pay five hundred thousand naira for a plot of land that you know is worth at least two million naira even when the seller claims s/he has some financial challenge challenges. probe further, there may be more than meets the eye.
  2. Installment payment plans and promos - This concept is becoming popular by the day in Nigeria. Prospective property bjyers are are promised they are pay in installments over some specified number of years. In reality, this arrangement seldom pans ouy as envisaged. There is always a tendency that the goal post may be shifted at the middle of the match. For one, we lack institutional frameworks or checks and balances that will guard against such sharp practices. Untill proper checks and balances, and an avantgarde mortgage regime, regulation is in place across the country, some experts are of the view that it is adviceable for one to pay for a property at a go and obtain the relevant receipts, documents immediately to forestall cock and bull stories. An Igbo adage goes thus: 'it is not what people say while going to the farm that they say while returning'. For instance, there could be gobbledygook clauses in the terms of sale that the prospective buyer may have overlooked but which will come haunting him later. In other cases, You risk losing your down payment if another person dangles a higher bid to the seller. If you have no choice or the prospects of installment pay plans appear attractive to you, please by all means, look before you leap.
  3. Awaiting government gazette/government acquisition lands - Some of the trick fraudulent land dealers deploy in scamming prospective property buyers in Nigeria is by narrating how the said property is still "awaiting govetnment gazette". Please take care to ascertain this claim.
  4. Buying an uncompleted building or a property under legal contention: As I said ealier, try to find out why the seller is poised to dispose of the property. Is it that he needs money to invest in his business or to cater for some domestic issues? If the property belongs to a family i.e more than one person, are they all in agreement that the property be sold? Should the seller bandy a court order to you as proof of ownership of the property, ensure there is no appellate judgement that invalidates that of the lower court.

You can see why due diligence is extremely important before investing not just in real estate but also in other businesses.

READ MORE >>

As I wrote in Part (1) of this series, there is a plethora of nasty tales resulting from paucity of due diligence before buying or renting a property in Nigeria. As we say in our local parlance over here, "shine your eye well well" before you part with your hard earned money for a property or before you sign the dotted lines. Here are issues, booby traps you must consider and sort out before you take the plunge:

  1. Before you pay for a property, politely request for the Tax Clearance Certificate of the person selling the property to you and make sure it is up to date. This will assist you when you want to process a 'Governors Consent'. Failure to get his/her tax clearance certificate entails you paying for the sellers accumulated Tax as well as your own before your property's document will be duly perfected.
  2. Land Use Charge or Ground Rent - Properties with a C of O (certificate of occupancy) usually attract an annual "land use charge or ground rent". More often than not, property owners seldom pay this charge and can be inadvertently inherited by whoever buys the property.  Now imagine where this charge have accumulated over the years.
    Again, this underscores the importance of doing a detailed check at the tax office prior to paying for a land or a property to ascertain whether there are outstanding charges, fees that the prospective buyer risks inheriting.
  3. Similar to the foregoing are sundry charges, fees charged by so-called omoniles (for those buying properties in South Western part of Nigeria, especially the Lagos axis). These fees come in different guises: "foundation fee", "signing fee", "community development or neighborhood improvement fee", "youth fee" and so on and so forth. These sundry fees invariably adds to the real cost of the property and must be factored in. It is worthy to note that one can negotiate for discount on these fees.
  4. Another dicey issue, pitfall that is worth understanding and considering, is that of "service charges". This is prevalent in most "housing estates" scattered across Nigeria. Typical service charges include: Security charge, refuse disposal charge, electricity charge amongst others. Please do seek for clarifications regarding these sundry service charges otherwise they will shoot up your budget at the long run. You may need to consult a legal expert to help you breakdown the terms and conditions of a "contract of sale" because sometimes a lot of unfavorable or implicating clauses are masked in the 'fine prints' of most legal agreements.

 

READ MORE >>

The wanton incidents of prospective property, land buyers been duped of their hard earned money can be attributed to the paucity of doing a due diligence investigation prior to paying for the envisaged property or parcel of land. This is because many survey plans, deeds of assignment, certificates of occupancy, government allocation letters, and government gazettes bandied about by fraudulent property sellers out there, are forged. It takes an expert to figure this out. There are nasty tales of people falling prey to the whims and caprices of desperate and unscrupulous so-called land sellers, omoniles, and quack surveyors. Prospective land buyers are strongly advised in their own interest to stringently investigate the genuineness, validity or otherwise of a property before parting with their money.

A survey search on a property will reveal whether for instance, that area has been designated for any specific purpose in the near future by the government. For instance, a piece of land mapped out for agricultural purpose is definitely a no-go-area if you look forward to building a residential apartment. You will have yourself to blame if you unwittingly purchase any of the so-called "committed lands or government acquisition". It takes a good surveyor to ascertain the precise coordinate of a piece of a property and to figure out whether a land gazette or any other document is fake or not.

READ MORE >>

Here's a quick side by side comparison of the features Nigeria Property Centre offers property seekers in Nigeria against those offered by Google Trader Housing.

Features

Advanced property search by location, category, type, price and no. of bedrooms.
Property search result sorting by listed date, price, category and type.
Email alerts when new properties become available.
Detailed property details pages with property pictures, maps, and full agent contact information.
Quick agent contact for property using pre-typed contact message which makes the search experience friendly.
List of estate agents in Nigeria.
Structured property request.
Optimized for mobile phones (Blackberry, Nokia, iPhone, Android, etc).

Start searching for property in Nigeria for sale and for rent on Nigeria Property Centre.

READ MORE >>

Here's a quick side by side comparison of the features Nigeria Property Centre offers property seekers in Nigeria against those offered by Nairaland Properties.

Features

Advanced property search by location, category, type, price and no. of bedrooms.
Property search result sorting by listed date, price, category and type.
Email alerts when new properties become available.
Detailed property details pages with property pictures, maps, and full agent contact information.
Quick agent contact for property using pre-typed contact message which makes the search experience friendly.
List of estate agents in Nigeria.
Structured property request.
Discussions on property pages.
Optimized for mobile phones (Blackberry, Nokia, iPhone, Android, etc).

Start searching for property in Nigeria for sale and for rent on Nigeria Property Centre.

READ MORE >>

Whether you live together with other people under one roof or live together as a resident in an estate, all sorts of things happen, good and bad. While we always hope for the best, it makes sense to try and predict the worst in advance... re-think it before making any commitments to buy, rent or lease any property.

Even living in the family house with your parents, siblings and the rest of the family can be unpleasant when personalities collide. When strangers spend a lot of time together, each with different habits, or even a different cultural background, this may become a potentially explosive situation - if house mates and neighbors are wrong for one another.

READ MORE >>

Hey, welcome!

This blog explains how buying, building or renting a house works in Nigeria. It makes an interesting reading for newbies and outsiders, expats and newcomers, and basically anyone who is not familiar with Nigerian real estate market.

READ MORE >>

A Lagos-based firm of property developers, Messrs. Propertymart Real Estate Investment Limited, has adopted an innovative strategy in marketing "City Park Estate 1," one of the organisation’s latest housing schemes.

Located at Ofada in Mowe within the Papalanto axis in Ogun State, the estate entails a dual approach involving the allocation of plots to subscribers prior to payment on one hand, and followed by an outright purchase (payment) of the product on the other.

READ MORE >>

For those who need homes to buy but don't have all the money for outright payment, Coral Courts offers an opportunity for homeownership with its flexible payment plan.

Coral Courts is Sheeler Ventures' private development scheme showcasing 12 units of three-bedroom apartments in two distinct wings with adequate parking lots and landscaping in the highbrow area of Oniru Estate, Victoria Island, Lagos . It is an apartment block with emphasis on contemporary design ideal for investment and residence.

READ MORE >>

It’s like the real estate agents’ mantra: location, location, location. You’ve certainly heard the phrase enough and may wonder what possesses agents to say it three times. Or you might think it pertains to three different types of locations — perhaps an excellent location, a mediocre location and a lousy location.

I’ll put your mind at ease. It means identical homes can increase or decrease in value due to location. It’s repeated three times for emphasis, and so you will remember the phrase. It’s the number one rule in real estate, and it’s often the most overlooked rule.

READ MORE >>