Posts with tag "rent"

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.

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To update our memories and for the interest of those that are not quite conversant with the dictates of the Lagos Tenancy Law 2011, the aforesaid law came into effect in August 2011. It effectively repealed the hitherto Rent Tribunals (Abolition and Transfer of functions) Law 2007. Essentially, this law is aimed at inter-alia, "regulating rights and obligations under tenancy agreements and the relationship between the landlord and the tenant including the procedure for the recovery of premises and for other connected purposes in Lagos state".

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In the preceding part of this essay, I shared about six tips you need to consider, know while before renting an apartment/office space in Nigeria, here is five more points for you.

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Preamble

Searching for and renting an apartment in Nigeria is undoubtedly an arduous task. The Nigerian Public Space is awash with acerbic and nasty tales associated with renting. A lot of people have fallen and continue to fall prey to the caprices, schemes of some unscrupulous so-called "Estate Agents" and landlords hence the need to bring this to the front burner. A while ago, a family friend "lost" a substantial amount to a so-called "estate developer" that absconded with his money and that of five others.

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In the Tenancy contract, the Landlord hands over exclusive possession of the property to the Tenant for an agreed period of time, in return for rental payment; at the expiration of the Tenancy period, exclusive possession of the property reverts to the Landlord.

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The Lagos State governor, Babatunde Raji Fashola SAN, seems intent on complicating the (even at best of times) fractious relationship between landlords and tenants in the state. After signing into law the Tenancy Law which restricts the payment or rent to one year in advance, proposing that landlords may be asked to account for the criminal activities of their tenant, he has now told tenants to deduct withholding tax from the rents they pay their landlords. Speaking at the 5th Lagos State Taxation Stakeholders Conference last month, the Governor said “Everybody who pays rents for example, is collecting agents for withholding tax. And it is five per cent.

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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.

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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.

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The Lagos State Hosue of Assembly enacts as follows:

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Lagos State Governor, Mr. Babatunde Raji Fashola (SAN), has finally signed the long-awaited tenancy bill into law, despite the controversies that have trailed the concept of the law.

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