5 Crucial steps to do due diligence before buying property in Lagos
Conducting due diligence on a land or property will safe you from buying government acquisition land and fake documents.
To avoid costly mistakes, it’s crucial to conduct proper due diligence before buying especially when you are not buying from a real estate company.
Investing in Lagos property is a good investment as Lagos is a major state in Nigeria with profitable investment but it comes with risks.
In order to safe yourself from all sorts of risks that are involved.
Here are the 5 crucial steps to do due diligence before buying property in Lagos
1. Conduct a physical site inspection.
It simply means to visit the site in order to inspect the land or the property so as to detect any encumbrance or encroachment that could hinder the property appreciation value. Such as accessibility to the main road, topography,flood, erosion etcGett
You can also talk to neighbors to get insight into any local issues with the land.
But in a situation where you are not available, send a professional to inspect the land.
After physically inspecting the property the next step is land verification.
2. Verify if the land is not under government acquisition.
The place to check the land status is Lagos State Land Registry at Alausa or use a professional surveyor to conduct research if the co-ordinate of the land does fall under government acquisition or did not overlap with government land.
3. Verify the Property title
One of the steps in Lagos real estate due diligence is to confirm the ownership of the property.
You need to ensure the seller has the legal right to sell the property.
Visit the Lagos State Land Registry at Alausa or use a real estate lawyer to conduct a title search.
This ensure that you are being given a genuine documents.
READ: Expert Guide: Documents to Get in Property Transaction in Lagos
ALSO SEE: Profitable Places to Invest Now in Lagos with High Returns on Investment
4. Verify the Survey Plan and Beacon Numbers.
Unregistered, fake or duplicated survey plans are common in Lagos real estate.
Try to hire a professional surveyor to verify the beacon numbers and cross-check the coordinates of the survey plan at the Office of the Surveyor-General of Lagos State.
In order to ensure that the land matches the information in the documents.This will helps you confirm the exact land size, boundaries, and location of the property.
The last step is to check land use and zoning regulations.
READ: 5 Costly Mistakes That Lead to Property Demolition in Lagos
5. Check Land Use and Zoning Regulations.
This is mostly overlooked which often leads to property demolition.
To avoid such issue try to confirm the land use with the Lagos State Physical Planning Permit Authority (LASPPPA).
You can not just build any structure you like without verifying whether it is in line with regulation.
Not all land in Lagos can be used for residential or commercial purposes. Some areas are strictly zoned.
To avoid demolition or penalty, make sure you follow the land use regulation. There are designated for residential, commercial, industrial and agricultural use.
Property investment in Lagos is profitable but only for those who take due diligence seriously.
These 5 crucial steps to do due diligence before buying property in Lagos can save you from years of court battles or even property demolition. Be informed!
Do you want to buy property in Lagos? Let us help you verify and secure your investment. Contact us on +2349031815426 or click the Whatsapp button for a professional land verification service or real estate consultation.
