How to Buy Land in Lagos While Living Abroad: Step-by-Step Guide
How to Buy Land in Lagos While Living Abroad: Step-by-Step Guide
Buying land in Lagos while living overseas can feel daunting, but with careful planning, due diligence, and the right professionals, it’s entirely achievable. Adaeze, a nurse living in Toronto, is one example of a Nigerian diaspora investor who successfully acquired land in Lekki while continuing her career abroad. Here’s a step-by-step guide based on her experience and expert advice from Dennis Isong, a top Lagos realtor.
1. Understand the Lagos Land Market
- Know the areas: Lagos is diverse. Prime areas like Ikoyi, Victoria Island, and Lekki offer good infrastructure and clear documentation, but come at a premium. Emerging areas like Epe, Ibeju-Lekki, and Badagry are more affordable but may have slower development and infrastructure challenges.
- Leasehold vs freehold: Most land in Lagos is leasehold (often 99 years). Ensure you understand what type of ownership you’re buying.
- Patience is key: Avoid rushing due to a “good deal” or family pressure. Take time to study prices, documentation, and local laws.
2. Find Reliable Real Estate Professionals
- Use licensed realtors: Verify registration with the Estate Surveyors and Valuers Registration Board of Nigeria.
- Seek referrals: Recommendations from other diaspora buyers are invaluable.
- Hire a property lawyer: Your lawyer verifies ownership, reviews contracts, and manages legal compliance, including Land Registry searches and Governor’s Consent applications.
3. Conduct Thorough Due Diligence Remotely
- Verify documents: Check the Certificate of Occupancy, Survey Plan, Deed of Assignment or Contract of Sale, and Governor’s Consent if required.
- Confirm ownership: Ensure the seller is the rightful owner and that the land isn’t involved in disputes or earmarked for government acquisition.
- Physical verification: Your realtor should visit the site, provide photos and videos, and speak with neighbors to confirm legitimacy.
- Check land suitability: Avoid environmentally sensitive areas like floodplains or wetlands.
4. Complete the Transaction Safely
- Negotiate terms: Agree on price and terms, and have a formal Contract of Sale prepared.
- Secure payment: Use an escrow account managed by your lawyer or bank to transfer funds safely.
- Deed of Assignment & Registration: Once payment is made, execute the Deed of Assignment, pay stamp duties, register at the Land Registry, and obtain Governor’s Consent.
- Secure the land: Consider fencing, signage, and local caretakers to prevent encroachment.
- Maintain documentation: Keep multiple copies of all property documents, both physical and digital.
- Engage the local community: Maintain relationships with neighbors and local leaders.
- Stay compliant: Pay land use charges and stay updated on Lagos planning regulations.
- Consider property insurance: This protects your investment, especially if development begins.
- Maintain professional relationships: Keep your realtor and lawyer on standby for future assistance or transactions.
Adaeze’s journey shows that distance doesn’t have to be a barrier. With patience, thorough research, and support from trusted professionals like Dennis Isong, Nigerians abroad can successfully invest in Lagos real estate while maintaining careers overseas.
Contact: Dennis Isong — WhatsApp/Call: +2348164741041
No comments