What you need to know about Buying a property in Lagos State.

By Olakom Options Limited
Sat, 24-Aug-2024, 19:27

I. Pre-Purchase
1. Verify property ownership documents (e.g., Certificate of Occupancy, Governor's Consent)
2. Conduct a property search at the Lands Registry
3. Check for any outstanding debts or liabilities

II. Property Inspection
1. Physical inspection of the property
2. Assess condition, structural integrity, and needed repairs
3. Take photos and videos for documentation

III. Legal Due Diligence
1. Review property documents (e.g., deed, title, survey)
2. Verify compliance with Lagos State regulations (e.g., building permits)
3. Check for any legal encumbrances (e.g., court judgments)

IV. Financial Due Diligence
1. Verify seller's identity and authorization to sell
2. Confirm property value through independent appraisal
3. Review and understand payment terms and financing options

V. Neighborhood and Environmental Due Diligence
1. Research local zoning laws and land use plans
2. Assess environmental concerns (e.g., flooding, pollution)
3. Evaluate neighborhood quality and amenities

VI. Final Checks
1. Verify all necessary permits and approvals
2. Conduct a final property inspection
3. Review and sign sale agreement

VII. Post-Purchase
1. Register property with Lagos State Lands Registry
2. Obtain Governor's Consent (if necessary)
3. Update property records and documentation

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