Knowing the basic requirements for getting a physical allocation of your property in Lagos will help you avoid unnecessary delays from some real estate companies. It will also help you avoid being a victim of the “instant allocation” scams by some fraudulent real estate agencies.
This article discusses what you need to get a physical allocation of property in Lagos, whether from the state government or a real estate agency.
What is Physical Property Allocation?
Physical property allocation is the process of assigning or designating a specific piece of land to an individual or company by the government or relevant agency. The allocation process simply involves showing you the boundaries of your property and providing the legal documents that give you ownership rights to such property.
According to the Land Use Act of 1978, all lands belong to the state government. Therefore, before you can use any government-owned land, it must be allocated to you. In Lagos, for instance, you can acquire land from the government or buy from a real estate company that has already done so. The real estate company then allocates the property to you based on the number of plots you paid for.
However, you must meet certain requirements before getting a physical allocation of your property in Lagos, either from the government or a real estate company.
Requirements for Getting a Physical Allocation of Your Property in Lagos
Here are the things you need to get a physical allocation of property in Lagos, either by the government or by a real estate agency:
1. Application
To get a land allocation from the Lagos State government, you must first apply. Contact the Lagos State Land Bureau, complete and submit the application form indicating the area you want to get a land allocation in Lagos.
It’s essential to examine the state of the lands in the area before applying for allocation. This is because if the land is under committed government acquisition, the chances that your allocation request will be approved are very low. However, if the land is under non-committed government acquisition or completely free from government acquisition, then you have a good chance of getting your chosen property.
Recommended: How to Know if a Landed Property is Genuine in Lagos
2. Proof of Payment
If the property you’re looking to acquire has already been bought from the government by a real estate agency, your allocation will come from the agency. To get this, you must pay for the number of plots you want and obtain proof of payment from the agency.
When allocation is done, the agency will require you to submit proof of payment to get your due allocation.
3. Land Allocation Fees
The government will require you to pay certain fees before you get an allocation from them. These will include the land cost, application fee, commitment fee, and other statutory fees. These fees might already be factored into the cost of the land or property if you’re buying from a real estate company. However, some real estate companies will reveal these statutory fees to you after you’ve paid for the property.
Therefore, it’s best to inquire about all the fees you will pay before paying for a property.
4. Tax Papers
Tax papers are important requirements for getting a physical property allocation from the government. Because the government functions with tax payments, land allocation is a smart way to ensure that some people are up-to-date with their tax obligations.
Therefore, you must prove to the government that you’re up-to-date with your personal and corporate taxes before getting a property allocation. However, this isn’t always the case when you get an allocation from a real estate agency.
5. Certificate of Incorporation
If you’re buying the land as a company, the government or the real estate company will require you to provide your certificate of incorporation. This is usually to verify your company’s activities to ensure they’re not fraudulent.
When Will I Get Physical Allocation?
Physical allocation is always done between a few days and a few months. This depends on whether you’re getting the allocation from the government or a real estate company.
If you’re getting a physical allocation from the government, it can take up to six months or one year to receive your allocation letter.
However, this is different when you’re getting it from a real estate company, as you can get your allocation within a few days or a couple of weeks. The company only needs the governor’s consent or approval to allocate the land to those who paid for it.
Recommended: 5 Questions You Should Ask a Realtor Before Going for Land Inspection in Lagos
Tips for Getting a Physical Allocation of Your Property in Lagos
Whether you’re getting your land allocation from the Lagos State government or a real estate agency, these tips will help guide you:
Verify the Land Documents
You must verify the state of the land you’re buying to ensure you’re not getting land that’s under committed government acquisition. Ask the real estate agency for the land documents to ensure they have the government’s approval to sell or allocate the land.
Pay attention to the land title on the documents, as it will determine the ownership rights the agency can transfer to you.
Beware of “Instant Allocation” Claims
Agencies will allocate land to you after you’ve made all necessary payments, but it’s important to know this isn’t instant. Many fraudulent agencies use this claim to defraud unsuspecting people.
Before you can get allocated a property, you must have paid all fees, both obvious and statutory. Therefore, your allocation might come some days after making the necessary payments, or maybe a few weeks later.
Inquire About the Statutory Fees
Many real estate agencies will not reveal all the necessary fees you’ll pay when buying a piece of land, such as the survey, agency, legal, development fees, and more. It’s important you inquire about them from the onset before you make payment. This will help you have a full view of the actual amount you’ll pay to acquire the land.
Work with a Reputable Agency
Buy your land and get an allocation from a reputable agency. This will help you avoid falling victim to real estate scams in Lagos, mostly perpetrated by fake real estate agencies.
Inquire from the Lagos State Real Estate Regulatory Authority (LASRERA) about the authenticity of an agent or agency and check their reviews on social media and other platforms.
Conclusion
Knowing the basic requirements for a physical property allocation in Lagos will help you avoid unnecessary delays and even some obvious real estate scams. While some agencies can offer instant allocation after they’ve secured full approval from the government, others will start advertising the property while still in the acquisition process. The latter can’t offer you instant allocation as they don’t have the full rights to sell or allocate the land. However, they can still allocate the property after successfully acquiring it.
Therefore, it’s essential that you verify the reputation of the real estate agency you’re buying a property from before committing your resources. Hopefully, this article has answered the important questions you have about getting a physical allocation of your property in Lagos.
Would you like to buy land or house in Epe, Ajah, Lekki, Ibeju-Lekki or anywhere in Nigeria? Reach out to us on +234 806 400 3456 or send an email to support@godslandempire.com. We are ever ready to assist you on your property ownership journey in Nigeria.
