How To Buy Genuine Land In Ibeju-Lekki, Lagos

INTRODUCTION

Lekki, in Lagos State, Nigeria, is home to the local government of Ibeju-Lekki. Due to the development of the Lekki Council Development Area, the administrative center, which was once located at Akodo, was later relocated to Igando Oloja. Two autonomous settlements, Ibeju and Lekki, served as the inspiration for the name of the local government. The names of two autonomous communities, Ibeju-Agbe and Lekki, are combined to form the name Lekki. Eti-Osa East LCDA to the west, Epe to the east, and the Atlantic Ocean to the north define the boundaries of the local government.

Ibeju-Lekki occupies 646 km2, or nearly 25% of Lagos state's total land area, and is around 75 km long and 20 km wide at its widest point.

Ibeju-Agbe, Magbon-Alade, Iberikodo, Igando-Oloja, Aiyeteju, Awoyaya, Bogije, Akodo, Elerangbe, Eleko, Elemoro, Idi-Orogbo, Lakowe, Orimedu, Abijo, Mopo-Ijebu Eputu, and Badore are a few of the important towns in Ibeju-Lekki.

The population of the neighborhood is made up of residents, workers, and business owners from many sections of the nation. Ibeju-Lekki has tourism potential because it boasts stunning views of the ocean and a lagoon.

The area is now called the "new Lagos" due to the area's ongoing rapid development. With significant effort being made to build industries and infrastructures, the commercial center of Lagos State appears to be steadily moving towards the new Lagos with people relocating daily increasing population.

One of the LGAs for the proposed Lekki City is Ibeju-Lekki. Ibeju Lekki is anticipated to develop into a major center for commerce, manufacturing, warehousing, and logistics if the concept is implemented.

These improvements are expected to stimulate commercial activities in the area, which will generate thousands of jobs and establish the region as a significant corporate hub for the nation.

There are ongoing and planned industrial developments at Ibeju Lekki, including the $9 billion Dangote Refinery, which is intended to be the largest single-train facility in the world. It is located on a 2,635ha tract in the Lekki Free Zone, close to the Lekki Lagoon, and makes it simple to transfer refined petroleum products to foreign markets. The refinery is anticipated to increase Nigeria's capacity for refining, mostly to meet the urgent need for petroleum and export to markets outside of Africa. To properly utilize the raw materials released by the refinery, a fertilizer factory is also part of the refinery complex plan.

The Lekki International Airport project was also conceived to relieve some of the load on the Ikeja-based Murtala Muhammed Airport (MMIA). The new airport's master plan demonstrates how it is geared for accommodating wide-body, double-deck, and four-engine aircraft with up to 500 passengers. To begin with, the Airbus A380 is anticipated to carry between two and five million people annually, with the possibility of extension in the future to meet the rising aviation demands of the constantly expanding Lekki City and its surroundings. Additionally, there are Eleganza Industries, Lekki Deep Seaport, Pan-Atlantic University, and Lekki International Golf Course. These are only a few of the several industrial projects in Ibeju-Lekki. Additionally, LUFASI Nature Park and Omu Resort, which houses certain species that are globally endangered, is one of the tourist attractions and parks.

HOW TO BUY GENUINE LAND IN IBEJU-LEKKI, LAGOS

Your financial future, source of income, and life savings are all at stake when you are preparing to purchase land. You might be anxious about what will occur next, so the last things you need to worry about are land swindlers, dishonest sellers, doubtful agents, phony documents, land disputes, buying a piece of land that is someone else's or the government's property, and a host of other upsetting hidden risks associated with buying real estate. Below are some of the procedures to invest without regret.

1.  QUESTIONS ABOUT THE LAND

This is required to ascertain whether any problems in the property being purchased are present or not. Depending on the buyer's needs for the land, it is also required to establish whether the land is suitable for dwelling, commercial use, or any other activity.

Inquiries into the property would reveal any outstanding legal issues, encumbrances, and other information regarding the property that was being bought.

The responsibility of the buyer's solicitor is to investigate the title of the property, any pending or possible legal issues, and the best way to sell the property.

2.  LIMITING TITLE

The seller must demonstrate to the buyer that he has good title to the property that he wants to sell.

Limiting title is simply a way to demonstrate to the buyer that the seller has legal ownership of the property being sold as well as the authority to sell it.

The vendor's attorney must determine title, and in doing so, he must provide the following records to the buyer or buyer's attorney:

I. An study of all significant transactions made on the property, if any, is contained in an abstract of title.

II. The epitome of title includes copies of all documents that have an impact on the land, as well as a list of their details.

3. TRANSACTION OR CONTRACT OF SALE:

A formal Contract of Sale of Land must be drawn up to demonstrate the parties' interest in and desire to purchase land. The attorney for the vendor or buyer may draft this contract. However, the vendor's attorney often prepares it.

When the contract for the sale of land produced by the vendor's attorney is submitted to the buyer's attorney, the latter must check it and, if satisfied, call a meeting of all parties when one or more of the following events may occur:

I. A deposit of the purchase price made by the buyer to the seller or seller's attorney.

II. The signing of the sales contract by all parties present, including any witnesses.

III. Giving the buyer a purchase receipt from the seller.

IV. The transfer by the vendor to the buyer of all information and papers affecting the title to the property.

4. ANALYSIS/INVESTIGATION OF THE TITLE:

After the vendor's solicitor has determined title, the buyer's attorney investigates the title. This step is crucial and required because the vendor's attorney's documents are not absolute proof of the ownership of the property being purchased.

The following are the steps for conducting the investigation:

1. Inspection of the paperwork and collection of the abstract of title and epitome of title from the vendor's attorney.

2. Depending on the form of title to the land, the following places should be searched:

a.      Mandatory Land Registry.

b.      If the property has been the subject of litigation, the court registry.

c.      If it is the property of a deceased individual, go to the probate registry.

d.      If it is a corporation land, contact the Corporate Affairs Commission (CAC).

e.      Examination of the land in person, conventional background.

f.       Report on the results of the search conducted on the property, prepared by the buyer's attorney.

Investigation of the land title saves the investor not to be a victim of disputed land which cut across so many challenges as listed below:

1. Lands that are the subject of legal disputes.

2. Been sold to multiple customers.

3. The dispute over inter-family or group ownership.

4. Lands that are subject to government interference.

1. Lands that are the subject of legal disputes.

These kinds of lands are categorized as "Lis pendis" lands, which means there is an ongoing legal dispute involving the property but the subject matter has not been established. These kinds of properties should be avoided as the ownership is still being established, making it possible that you will end up buying the property from the incorrect owner.

Finding a piece of property that is the subject of a lawsuit might be simple or very complicated. Simple in that if the property is gated, the litigation's suit number may be openly posted on the fence; but, if the property is not fenced, it can be difficult to determine if it is the subject of a lawsuit or not.

2.      Been sold to multiple customers.

Traditional landowners enjoy selling their properties to two or more buyers; yet, this type of land will undoubtedly result in conflicts when it comes time to begin development. We occasionally see traditional landowners attempt to sell a plot of property that they have already developed.

It is crucial to keep an eye out for signs of development or evidence that a third party has gained control of the land when attempting to purchase land from customary landowners.

As soon as you learn this, I strongly advise you to steer away of the property because it is clear that the sellers are attempting to resell a plot of land that was previously sold to a different buyer. Please avoid the area if the sellers claim that they were responsible for the development because it is quite uncommon for traditional landowners to begin building a fence or corner piece on their property.

3.      The dispute over inter-family or group ownership:

Land disputes involving multiple families or communities are a very regular occurrence among traditional landowners. Multiple families frequently claim ownership of a large piece of property, especially when problems with land invasion have been identified. Buying this kind of land can be quite risky because any problems with the property will be passed on to the unwary buyer. The same is true of areas where there are frequent conflicts between communities over territorial boundaries; these areas should be avoided.

4.      Lands that are subject to government interference:

If purchased, a piece of land that is subject to government acquisition will undoubtedly cause problems in the future. To ensure one's peace of mind, it is advised to stay away from these types of places.

In conclusion, buying land is a very serious business that can have life-changing consequences if done incorrectly. To help you with your land investment plan, I always advise hiring a land verification expert right away.

Don't fall prey to a fraudulent real estate developer or an Omonile Land scam. Get in touch with us, and we'll help you avoid losing your hard-earned millions to fraudsters.

5.      DEED OF ASSIGNMENT PREPARATION

The next crucial stage is completion, which entails creating an assignment deed after the purchase agreement for the land has been exchanged and the title investigation has been completed.

The steps for completion include the followings:

I.                 The purchaser’s solicitor prepares the deed of assignment and hands them over to the vendor’s solicitor for review. Some companies prefer using their solicitor to prepare the deed of the assignment while the purchaser's solicitor reviews to see that the interest of the purchaser is covered.

II.               Where the vendor’s solicitor or the purchaser's solicitor agrees with the terms contained in the deed of assignment, they set up a meeting in the vendor’s office for the completion of the sale of land.

III.              The balance of the purchase price is paid by the purchaser.

IV.              Execution of the deed of assignment by the parties and their witnesses will follow.

V.               The solicitor representing the vendor delivers all original copies of the paperwork, together with copies of the legally executed Form 1 for the Governor's Consent, the duly registered survey plan, the Deed of Assignment for Perfection, and all other documents, where you are buying the entire property.

VI.              Once the parties have signed the deed of assignment, they are no longer designated as seller and purchaser but rather as assignor and assignee.

6. TITLE PERFECTION:

This is the last step in the acquisition of land in Nigeria, and it is completed with the Governor’s approval by the Land Use Act to perfect the assignee's title to the property.

Essentially, there are three main steps in the process for perfecting a title, namely:

I.                 Governors' approval/Consent.

II.               Stamping

III.              Registration

In conclusion, it is important to pay close attention while acquiring land in Nigeria because doing so is not cheap. This is as a result of high level Corruption in the real estate sector which has made thousands to lose their life savings and some business closing shops. Therefore, a solicitor must perform due diligence from the investigation stage to the perfecting stage to ensure that his or her client is informed of the transaction's status and given any appropriate cautions and warnings. In some occasions, solicitors are not knowledgeable enough to detect fraudulent land sellers before things go wrong. This is where dealing with a reputable real estate company because necessary.

The Process to Be Taken When Buying Land

1.      Establish the type of land you desire:

What kind of land are you looking for? And where exactly? Inform your agent of your desires. You should make it clear that you don't want any land subject to government acquisition.

2.      Budget:

You also need to decide what your budget is. The location of the property affects the price of the land.

3.      Inspection:

It is essential to conduct a physical inspection of the site to check that the property is as described when you or your agent locate a potential plot of land that appears to match your requirements.

4.      Check the applicable land registry by performing a search.

The search is necessary to establish the vendor's ownership of the property, the validity of the title offered, the absence of any liens, and the absence of any government acquisitions.

5.      Complete the Assignment Deed.

When the buyer and seller have completed and signed the Deed of Assignment and the land has been purchased, execution has taken place.

6.      Survey Plan True Copy:

Obtain certified authentic copies of the survey plan and the vendor's title documents.

Where you want your title processed in your name, 

i. payment of the charting fee, the endorsement fee and Form 1C.

ii. Processing of the government's approval.

iii. The applicant will be advised of the cost of the registration costs, consent fees, stamp duty, and capital gains tax that must be paid following an inquiry and evaluation of the property's genuine value.

iv. The stamping of the Deed of Assignment and obtaining title from the Land Services Department

7. Registration of the Deed and conferral of title:

The stamped deed will then be lodged at the Lands Registry with the paying-in slips and receipts as proof of payment with the cashier. The task of registering the deed in the registry records will fall to a lands officer.

For further advise on how you can buy and secure your Land, contact the professional, Patience, Managing Director, Advanced Homes and Properties Limited on; 08186287444, website: www.advancedhomesandpropertieslimited.com.ng/home.  Facebook-page: Advanced Homes And Properties Limited

Facebook profile: Advance Homes Ahpl. Email; advancedhomesandpropertiesltd@gmail.com. Instagram: @advanceahpl. Twitter: @homes_advanced.  Visit our office; Chi Town Shopping Complex Suite 3 KLM 49 Epe-Lekki Expressway Opposite Beach Wood Estate Ibeju-Lekki Lagos.