Sell - News & More - Nigeria Property Centre

Posts with tag "sell"

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.

 

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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.

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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.

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.

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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.

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.

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With loads of properties for sale or rent on Nigeria Property Centre on any given day, it can be difficult to make sure that your property stands out. That's why we offer both homeowners and estate agents the ability to upgrade their listing to 'Featured Property' status.

Upgrading your property listing to 'Featured Property' status means that your listing will be boosted in various ways.

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As part of its commitment towards boosting housing stocks in the country, a real estate firm, Adkan Engineering Services has completed 37 units of fully-furnished duplexes in its Monarch Garden Estate situated at Life camp area, Abuja.

Adkan, which also developed Sun City and Model City says the houses are now on the stable for would be investors/buyers, who desire to enjoy the fulfillment the estate provides.

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The quick video below by Robert Kiyosaki & Dolf de Roos highlight the six steps on how to be a successful real estate investor. The steps are as follow:

  1. Decide to be an investor
  2. Find an area
  3. Identify properties
  4. Analyze, offer, negotiate
  5. Put together the deal
  6. Property management

Robert Kiyosaki also highlighted the four advantages of investing in real estate which are monthly income, tax advantages, depreciation and capital gains.

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Save us from land grabbers, Aiyeteju community urges Fashola!

The people of Aiyeteju village in Ibeju Lekki  Local Government Development Area of Lagos State, have cried out over incessant invasion of the village by some suspected land grabbers in the past four years.

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The controversy surrounding the sale of the 37-storey NITEL building took a dramatic turn recently with the revelation by the liquidator of the NITEL/MTEL Pension Fund, Olusola Adekanola, that the board of NITEL approved the sale of the head office building – NECOM House. Adekanola, in a statement from his media and communication consultant, Kazie Uko, revealed that the list of NITEL’s non-core assets that were transferred to NITEL/MTEL Staff Pension Fund was prepared by a team of professionals working with NITEL management.

Adekanola noted that perhaps he could have avoided the blackmail being unleashed at him had he agreed to a satanic proposal to sell off the sky-scraping structure for a paltry N100 million against the eventual princely sum of N4 billion realised from the sale, adding that the process leading to the sale of NECOM House was transparently done and the N4 billion offer was the highest received for the property.

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Experts within the real estate industry expect the value of property in Surulere, Lagos to increase following the delivery of some major development schemes by the Lagos authorities. These projects include the Gbaja Shopping, Mall, the upgraded Adeniran Ogunsanya Street and Adeniran Ogunsanya Shopping Mall, amongst others.

According to the governor, the development of the property had transformed what was formerly a scruffy part of town to a beautiful environment even as the project, which was completed in the stipulated time, is in consonance with the trend of infrastructural development being witnessed all over the state.

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