Buying Plots Of Land In Ibeju Lekki Lagos- Land Terms You Should Know.
IBEJU LEKKI area of Lagos has been steadily attracting more businesses who are clustering around, having Dangote Refinery, Fertilizer plant, and lots of other international projects found in the location.
So is the demand for housing, as more people are rushing in to buy plots of lands to build residential housing units.
Land investment has been a Gold mine kind of business that thrive over decades to the present time.
There has been news on one stock market crash to another as it fluctuates, but Land value keep increasing. No wonder, the reason why many people deliberately keep plots of lands to allow it appreciate. The process known as Land Banking.
Can Someone Who Is Not Residence In Lagos Or Nigeria Buy Plots Of Land In Ibeju Lekki?
The answer is YES! you can buy as much as you can afford.
Land business in Lagos has grown beyond the days of indigenous (Omo-onile’s) land sellers.
Today, there are reputable companies who handles land deals. Pwan Homes, Revolution Plus etc. these are well structured indigenous companies who buy Lands from the communities in Hectres, do all the documentations and put it on sale for the public.
This has helped many people both local and international trooping into nigeria to buy plots of land.
If you don’t know, let me tell you. in the early 90s, a standard plot of land in the present Lekki phase 1 was less than #2m, today a standard plot in this same place is from #200m to above.
You see the reason why people buy plots of Lands to keep?.
Key Things To Look Out For When Buying Plots Of Land In Lagos.
Knowledge gained helps you in decision making, you minimise errors, it position you on advantage, that is why I share this post, to help your understanding about buying land in Lagos, the basic things you need to know.
1 • Land Measurement.
A standard plot in Lagos is measured 600sqm, the one that many people referd to as (50ftby100ft) in some states.
If there is an extra, it then measured 648sqm which is about (60ft by 120ft)
An Acre consist of 6 plots each measuring 60ft by 120ft.
A Hectre of land consist of 15 plots, or put it 10,000sqm.
If you are not familiar with this you may not understand it clear, hence the reason i put this educative post to help you.
Half plot in Lagos is 300sqm, there are lots of adverts that for half plots, so when next you see it, you won’t mistake.
2• Land Classification.
Land can either be free or acquired.
A parcel of land is considered free if the government has not indicated any interest to use it for herself.
Such land is safe to buy, you will not have issues of facing demolition in the future.
How do you know? The land must have been Gazetted and have a Certificate of Occupancy or Governor’s consent.
There are two types of acquisition:
• Committed Acquisition.
Any land that the government has indicated interest to use is under acquisition.
• Global Acquisition.
This can later be confirmed ‘free’ if the government change her plan, and by that anyone can buy such land.
A land can be free either by Excision or Ratification.
EXCISION Is a process whereby the government releases a portion of an expanse of land that is not ‘committed.’ and such land are gazetted.
You can buy and be safe.
RATIFICATION is where the land owner pays for the land to be approved or sanctioned by the government. The only condition is that the land in question must not fall within a committed area, and that, the purpose for which the land was bought does not disrupt the original plan of the state.
3• Deed Of Assignments.
Deed of Assignment is a document that show a proof of transaction between the buyer and seller.
It is written by a real estate Attorney.
Ask for Deed of assignment when you purchase land in Lagos.
It states the date when allocation of the plot of Land you paid for was allocated.
It also gives a specific description of the plot of land you paid for.
You should also be given this.
• Contract Of Sales
• The Purchase Receipt
4• Survey Plan.
This is a document that measures the boundary of a parcel of land to give an accurate measurement and description of that land.
Handled by surveyors, regulated by the office of the Surveyor General. It must contain the following information:
a• The name of the owner of the land surveyed.
b• The address or description of the land surveyed
c• The size of the land surveyed
d• The drawn-out portion of the land survey and mapped out on the survey plan document
e• The beacon numbers
f• The surveyor who drew up the survey plan and the date it was drawn up
g• A stamp showing the land is either free from Government acquisition or not.
An Excision means basically taking a part from a whole and that part that has been excised will be recorded and documented in the official government Gazette of that state.
In other words, not having an excision means the land could be seized by the Government anytime without compensation.
This is one of the primary Land title you should first ask for when buying land in Lagos.
A Gazette is an official record book where all details about state land are recorded.
A gazette will show the communities or villages that have been granted excision and the number of acres or hectares of land that the government has given to them.
These are the lands that Real Estate companies do buy from the communities and do all the documentations before selling out to the public.
Buying land from companies is safe, and not just companies but reputable ones, take note.
7• Certificate Of Occupancy (C Of O)
This is issued by the Government officially leased Lagos land to you, the applicant, for 99 yrs.
All land belong to the Government. The first person on a virgin land that has never been occupied and not under acquisition by the Government is entitled to get a Certificate of Occupancy on that land.
Lands that have C of O ready is always indicated, and the ones that the C of O is in procession is still stated.
8• Governor’s Consent.
If a person with the C of O decides to sell his land to another person, the buyer must obtain the Consent of the Governor before that transaction can be deemed legal in the eyes of the Government.
If the new buyer now decides to sell the land again to a third owner, that third owner must also obtain a new Consent of the Governor before that transaction can be deemed legal.
This process continues every time the property exchange hands.
In other words, the first person on a land is the only person or group of persons entitled to obtain a Certificate of Occupancy.
Every subsequent buyer of that land must get a Governor’s consent.
There can only be one (1) Owner of the Certificate of Occupancy on that Land and it will not be replicated for another person once the land has been sold or transferred to another person.
In this regard, Companies who sell Lands have what is called GLOBAL CERTIFICATE OF OCCUPANCY, and that is the one that will be given to you bearing that name of the first person that company bought the land from.
So instead of facing the stress of meeting the villagers to buy plots from them, companies make it easy and safe by buying up Ibeju Lekki Lands and made it available for anyone who is coming in to Invest.
You don’t have any business to do with anyone outside these reputable companies except otherwise.
With this basic knowledge of the things to ask for when buying land in Lagos, always do due diligence to know who is promoting the land.
You will know if a company is real or not.
With this knowledge you can also go to Ibeju Lekki Lagos with an open mind and pick plots for the future.
For real estate Investment presentation, corporate or individual, copy my number on the homepage and call or chat me. I will assist you with every information you require to start.