Plot of land for sale in Lagos
Buying land in Nigeria is not the same as buying stuff from the supermarket. However, there is so much value place on land. There are, different reasons people decide on buying land, whether it is a plot of land or an acre, but, there are processes you need to follow and be involved.
From the statistics, there are 12,580 available lands for sale in Lagos, Nigeria. The most expensive land costs ₦12,000,000 per plot while the cheapest costs ₦300,000 per plot.
The most expensive land for sale in Lagos
Lagos state as four(4) of the most expensive properties in Nigeria. They include:
1. Banana Island is about 450 Million naira
2. Nicon Town in Lekki is about 320 Million naira
3. Ikeja GRA is about 250 Million naira
4. Lekki Scheme 1 is 140 Million naira
Where to buy Cheap Land for sale in Lagos Nigeria
When determining which place to buy land in Lagos, you need to do the math before making desires. You need to consider Location and Price appreciation of the land. Popular place to buy lands are:
• Ibeju Lekki
• Abule Egba
Prices of the cheap Land in Lagos for sale
• Ikorodu: In Ikorodu, the land price ranges from #500,000 – #1,000,000 per plot. There are available lands in areas like: Igbolomu, Igbogbo, Ijede, Imota, Isawo, Ogijo, etc.
• Ibeju Lekki: The prices of lands ranges from #600,000 – #2,500,000 per plot.
Lands are available in areas like: Igbekodo, Ode omi, Olokonla, Kaiyetoro, Okegelu, etc.
• Epe : #450,000 – #1,000,000 are the price range in Epe per plot.
There are areas to see available land which are: Odolewu, Poka, Ilara, etc.
• Abule Egba: Land a ranges from #450,000 – #1,200,000 per plot.
Areas are: Casso, Imeran, Ile iwe, Sango Otta, etc.
• Badagry: The price of land in Badagry ranges from #500,000 – #1,800,000.
Areas are: Mowo, Ajido, Aradagun, Okuju, etc .
What to consider before buying a Land in Lagos Nigeria
The value placed on land cannot be undermined. Buying land, for some is one of those goals to achieve before a certain age or retirement. A lot of consideration has to be in place because buying a land does not come at a penny cost.
This article is aimed at giving an expository on how to make decisions before buying a land:
• Request For Land Owner’s Documents
• Verification of land ownership and availability
• Ask Questions
• Inspection of the Land
• Payment Documentation
• Omo Onile(child of the landowner)
Budget For Buying Land in Nigeria
The budget is the first thing to be considered when buying land. No matter the amount you might have saved, it is always important to make research on the cost of buying land and the extra expenses that are associated with it.
There are expenses that you might want to consider when planning your budget, Which include:
Legal fees – this is usually 5% of the cost of the land;
Agency fees are also around 5% of the cost of the land, Survey plan: depending on your choice of location, it is usually in the range of N100,000 to N300,000;
the cost of putting up a fence in order to secure your land after purchase (you definitely don’t want to leave it bare); and also the cost of getting all the required documents such as Certificate of Occupancy (C of O), Governor’s consent etc.
From the government. All these are some of the extra costs you definitely want to add to your budget.
Location of the Land
Buying land in some parts of Lagos is so difficult that you might have to resort to buying the land along with the property that already exists on it.
The more advanced a neighborhood is, the more expensive it becomes to buy land at such locations. Like, you can buy a plot of land in Ajah for N500,000 while the same plot of land in Ikoyi can be listed for N140 million.
You will also consider the road networks of some locations, due to, some locations have a good road and there are some that don’t have a good road.
Request For Land Owner’s Documents
Before you make payment for any land in any location in Lagos, you should ask for the following documents:
• The Certificate of Occupancy (C of O)
• The Survey Plan
• The Tax Clearance Certificate
• The Deed of Assignment
There are certain documents that are needed in order to claim complete ownership of land. Do not go into an agreement that the seller cannot provide proof of ownership.
It is also necessary that you must ensure you have all the documents required after the transaction, in order to avoid unnecessary issues with the government or land grabbers.
Verification of land ownership and availability
Having the documents sent to you is one thing, verifying them is another thing entirely.
Ask for proof of ownership. Involve verification experts before you pay for any piece of land. Don’t take anything for granted. The process of land investigation is quite complicated and you should leave it to professionals to do this on your behalf.
Ask Questions Before Buying Land
After you have verified the documents, please ask as many questions as you want. It is important to know why the owner of the land has chosen to sell the land. Ask if there is any dispute or pending litigation over the land in question.
You can also find out if the land was inherited and cross-check the answers against the documents provided. Make sure the dates also check out.
You also need to run a ground check on the owner of the land, the land as well, with the documents presented by the seller. The last thing you want to do is to pay for land that becomes problematic.
Inspection of the Land
Go and inspect the land yourself and see things with your own eyes. Avoid delegating the inspection of the land that you intend to buy to someone else.
Don’t rely on a third party to do this for you no matter how much you trust this person. The only exception to this is when you are going to inspect the land in the company of an expert.
Pictures sent to you by the landowner is good but going for an inspection of the land is much better.
Documentation and Payment
Documentation is vital for referencing and you should ensure the documents are detailed. Documents like; the receipt, land survey, Letter of Allocation, Power of Attorney, Gazette, and Deed of Assignment must be available.
Take the pain to document every single part of the transactions involved in buying land or a land verification expert can do this on your behalf.
Omo Onile issues in Lagos
Omo Onile, by literal meaning, refers to ‘child of the landowner’ but technically, they are miscreants with a powerful network of notoriety within the real estate circle in Lagos. They are also known as land grabbers. In Lagos, the activities of Omo Onile has become a prominent part of land acquisition. They have a way of making things difficult for you if you decide to ignore them.
To tackle the problem of Omo Onile, the government approved a 21-year jail sentence for anyone charged and found guilty of land grabbing. The Lagos State House of Assembly also pulled its weight by prohibiting forceful entry and illegal occupation of land in a state.
Documents needed for the transfer of property
The purchase of Land or a House is not just payment only, there is a need to have the mandatory documents for the transfer of property from the seller to the buyer in order to avoid unnecessary cases or with the government.
Certificate of Occupancy(C-of-O)
Certificate of Occupancy (C of O) is the official or certified right of ownership over that parcel of land.
It is the document that indicates that an individual as being granted a statutory right of occupancy by the Governor of the state where the land is located or a customary right of occupancy by the Local Government Chairman, depending on if the land is in a rural area.
While the Customary Right of Occupancy is issued by the Local Government Council, the Statutory Right of Occupancy is issued by the State Government. It is most important in Nigeria.
Right of Occupancy(R-of-O)
The right of Occupancy is simply an offer to a said plot of land. It was introduced by the Land Use Act. The Right of Occupancy was defined by Justice I. A. Umezululike as the right to use and occupy land in accordance with the terms and tenure set forth by the state within the provisions of the Act.
The researcher sees a Right of Occupancy as a right to possess or use a land subject to the stipulations of the Land Use. It includes the Customary Right of Occupancy and Statutory Right of Occupancy.
Deed of Assignment
It is ordered by law for transfer of title to land and must be signed by the seller and the buyer in the presence of witnesses(minimum of two). It is subject to stamp duties and registrable at the lands registry. The most important thing to look out for is where the vendor states his intention to transfer the title in the land to the purchaser for a price. It also includes Deed of Lease, Deed of Sub-Lease, and Deed of Mortgage.
It allows you to know if the land is under any government acquired or committed area. It is also used to show the extent and size of landed property.
Sizes of Land in Nigeria
Plot: is simply used to describe any piece of land. According to Nigeria’s land division, the appropriate plot for house construction is 100 by 50ft. A plot can be used for building houses, schools, companies, farming, etc.
The size of a plot can be measured using different units such as acres, hectares, square feet or square metres. These units fall under two international standards of measurement: Imperial (feet, acres) and metric (meters, hectares).
Acres and hectares are bigger measurement units mostly used for larger areas of land like forests and farmland. Feet and meters are used to describe smaller plots of land like house.
Meter (m): In measurement, the fundamental unit of length in the metric system and in the International Systems of Units (SI). It is equal to approximately 39.37 inches.
Foot(ft): is a unit for measuring length. One foot contains 12 inches. This is equal to 30.48 centimeters. The plural of foot is feet.
Square meters (sqm): The square meter is a fundamental metric unit of area. A square meter is simply the area of a square that has sides that measure 1 meter in length. It has a symbol m².
Square foot (sq ft): The square foot, plural square feet, is an imperial unit of area. 1 square foot is defined as the area of a square that has sides that measure 1 foot in length.
Acre: An acre is another unit of area commonly used in Nigeria for measuring large expanses of land. An acre is a rectangular plot of land with a total of 4,046sqm or 43,560sq ft. An acre is approximately 40% of a hectare and is roughly the size of a standard football field. One acre is equal to 4.5plots.
Hectare: A hectare is a unit of measurement typically used for large tracts of land: for example, vast agricultural land. A hectare is a land measuring 100m by 100m or 328ft by 328ft.
It is about two and half acres. One hectare is equivalent to 100 m x 100 m or 10,000 sqm. A hectare can also be represented as 2.47 acres. One hectare is equal to 11.1plots.
Before you pay for any land, it is important to carry out thorough research and work on proper documentation. Working with a trusted expert’s agent also saves you from trouble. They will guide you towards buying land in Lagos and avoiding risks involved.
Omo Onile, land grabbers and scam agents are always on the prowl for unguarded land. They end up forging documents and selling such land to several other people.
After acquiring the land, erect a perimeter fence around your property. The fence doesn’t need to be really high but it should be visible even from a distance. The fence lets other prospective buyers know that the land has been acquired.