HOW TO BUY LAND: A COMPREHENSIVE BUYERS’ GUIDE

 

Consideration must be given to many things before buying land: location, budget, access to utilities and towns nearby, acreage, and zoning, to name a few. 

Consider the purpose for which you intend to purchase land. Do you intend to build on it and live there? Sell it after you build it? Let it sit and sell it later?

Consider the location of your building when building, and ensure it’s close to places like school, work, and fuel stations. A hospital’s accessibility has to be considered, too.

Ensure you tell your real estate agent exactly what you’re looking for when in consultation with them. Specialized investors in land can often assist in finding your dream plot. Contact us for prime plots of land 

Doing your own research before purchasing land is a smart idea because some information may be assumed to have been disclosed prior to the purchase. A piece of land may be zoned as follows:

·         Residential

·         Commercial

·         Industrial

·         Rural

·         Historical

·         Aesthetic

·         Environmental

The zoning designation could mean that you’re not allowed to build on the land at all, so you must find this information out as soon as you’re considering a plot of land.

Consult your local zoning ordinances to find out how the zoning of the property might affect your use of it.

Comprehensive guide; 

DETERMINE THE TYPE OF LAND YOU WANT

Would you be interested in a certain size of land? Where would you like it located? Be sure to tell your Realtor what you want. Make it clear that you do not want land subject to government acquisition.

BUDGET

Decide on your budget as well. Land prices vary depending on the location. Similar plot sizes in Victoria Island will cost differently in Banana Island. It is important to determine how much you are willing to spend on land before working with a realtor.

ASSESSMENT

It is best to do a physical assessment of the land when you or your agent find a plot of land that appears to meet all your needs.

MAKE DUE RESEARCH

As soon as you find a piece of land that meets your requirements, you immediately need to search the relevant land registry. To ascertain whether the vendor owns the land rightfully, whether the title is genuine, and whether the property is not disputed or subject to government acquisition, it is essential to conduct this search. The process of conducting research usually begins with submitting an application letter to the suitable land registry, along with an affidavit verifying the status of the applicant and the purpose of the research.

EXECUTION OF DEED OF CONVEYANCE

Once you are certain that the title of the vendor is authentic, you may now execute the Deed of Conveyance. The Deed of Conveyance becomes effective when both parties (buyer and seller) have signed it and payment has been made.

VERIFIED COPY OF TITLE DOCUMENT AND SURVEY PLAN

You must now obtain certified true and accurate copies of the vendor’s title documents and survey plan. These two documents must be provided when you apply for the Governors consent.

There must be proof of the land plot’s identity, thus a verified copy of the survey plan that has been approved by the town planning authority is necessary. The survey plan identifies the boundaries of the property and shows the coordinates of the land also.

REQUIRED PAYMENTS: CHARTING FEE,  FORM 1C AND ENDORSEMENT FEE

Prior to applying for governor’s consent in Lagos State, you must obtain charting, endorsement, and Form 1C. The fee is payable at designated banks. You will be issued a  receipt at the registry. 

Reference: Fine and Country Ultimate guide to buying land

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