Housing Challenge: Understand the Process of Buying a Property in Lagos State
Nigerians abroad and those living in the country have been scammed several times trying to purchase a property. This can be traced to either they don’t understand the process involved in acquiring a property or chose not to carry out due diligence.
As a property professional, I have seen people fall prey to scam and other dubious acts making them lose millions of Naira. Even though we know that government have not played its role in providing affordable housing, the onus is up to individuals and corporate organisation to know the process involved in buying a property. With this knowledge, they would know if they are involved in the right transaction or are being scammed.
After several years as a Real Estate consultant, it is no news that the government is not taking the appropriate step to combat the bureaucratic process involved in verifying a property and the lack of affordable housing in Nigeria.
Abraham Maslow’s Hierarchy of Needs puts shelter as a basic need for every human. Without shelter, a man’s social activities and other areas of life will be distorted. Also, adding to the fact that man needs a place to rest after the day’s work.
What should have been a basic provision by the government has become a den of lions for scammers and fraudsters who claim to be Real Estate professionals.
According to 2011 housing survey report, there is 17million housing deficit in Nigeria. These challenges of housing in Nigeria can existed in previous administrations. In 1991 the government of Ibrahim Babangida promulgated the National Housing Policy aimed at making housing affordable and accessible, but the policy failed. I would not bore you with the failures of the past administrations. Even the current administration under the leadership of Babatunde Fashola as the Minister of Works, Power and Housing also introduced a policy to address the challenge of housing in the country, you can tell the result. The foregoing shows that Nigeria is not bereft of policies. And I’m sure it’s not stopping soon; this is the reason I believe you should understand the process involved in purchasing a property of your own so you are not scammed.
What both the state and federal government have failed to address is an indicator of the many abnormalities that happening in the housing industry. Every adult at a time or another would get involved in housing transaction, either for outright acquisition (purchase) or on Lease (rent).
My focus as a practising real estate professional is to explain the p process involved in the acquisition of properties (Virgin Land or a House). And to help individuals and corporate organisations who want to buy properties have the basic knowledge of what to look out for when involved in buying a property. I tailor this article to properties in Lagos, but I’m sure it can be applied in other parts of the state.
When considering buying a property the first process is to sort out the aspect of finance, location & housing type. Immediately you find a property of interest and have agreed on a purchase price, quickly request for the copy of the subsisting Title or registration details of the property for a Title search at the Lagos State Lands Bureau.
The essence of Title verification at the Lands Bureau is to ensure that there is no encumbrance(s) on the property. You may not do this yourself; the service of a Professional is required in the verification of Title. This is one of the most important aspects of buying a property, in the real sense; it is the residual interest in the property that will be transferred. This aspect must be handled with utmost professionalism.