One of the major real estate scams in Lagos is the sale of non-existent properties or lands under dispute or with multiple encumbrances. Unsuspecting individuals and businesses take fake realtors by their word and pay for lands or properties without conducting a physical inspection. You can avoid these mistakes by asking the realtor vital questions before going for a land inspection in any part of Lagos.
This article discusses five key questions you should ask a realtor before going for a land inspection in Lagos.
Why Land Inspection in Lagos is a Must
Land inspection is necessary when considering buying land, especially in Lagos. This is because the level of real estate scams in Lagos has continually been on the rise in the last decade, with the major issue being that people are usually sold non-existent lands. Sometimes, a particular piece of land is sold to several people, causing them to contend over who the rightful owner is.
Land inspection enables you to avoid all these problems and more, as it makes it easy for you to verify the owner, identify disputes and encumbrances, and assess the security and safety of the environment. It also enables you to understand the development potential of the environment, which impacts the property’s future value.
Ultimately, land inspection gives you peace of mind, as it gives you the confidence that you’re making the right decision based on what you’ve seen, not what you’re told.
Questions You Must Ask Before Going for Land Inspection
While going for an inspection helps you decide whether the land meets your expectations, asking some vital questions shapes your expectations and saves you the time and resources you’d have spent on fruitless inspections. Here are some of the questions you must ask a realtor before going for a land inspection in Lagos:
1. Is the Area Waterlogged?
One of the key pieces of advice people get when searching for accommodation in Lagos is to avoid flood-prone areas. This also holds true for someone looking to buy land or property, as the land’s topography determines its value and what you can use it for in the future.
Therefore, before going for land inspection in any part of Lagos, one of the key questions you should ask is, “Is the area waterlogged or constantly flooded?”
Flood-prone areas are the most likely places to be waterlogged. While land in these areas can be cheap, you must understand that getting them ready for the intended use would cost you more. Therefore, you must assess how to make the most of them and the potential risks involved before purchasing.
2. What is the Land’s Ownership Status and Title?
If every land buyer in Lagos asks this question and ensures they get a valid answer before proceeding with payments, the rate of real estate scams will drastically reduce.
Knowing a land’s ownership and title status will help you determine if the seller has the right or government approval to sell such property. Buying a piece of land that’s under government acquisition is risky, as the government can take over at any time without compensating for the damages done to your property.
Therefore, you must inquire from the realtor about the ownership status and title of the land before buying. The best land titles are certificate of occupancy (C of O), governor’s consent, excision and gazette, freeholds, etc.
3. How Accessible is the Land?
Investing in landed properties is one of the surest ways to preserve and grow your money. However, the rate at which the money invested grows or increases in value depends on how accessible the land is. Easily accessible lands provide the best returns on your investment, while those within the interior parts of the city rarely appreciate due to their disconnection from the metropolitan areas.
Therefore, before going on a land inspection, be sure to inquire about its proximity to major roads and cities. Also, ask about its proximity to schools, churches, hospitals, markets, and other structures that influence the development of an environment.
4. Is the Land Free from Encumbrances and Disputes?
Another important question you must ask before going for a land inspection in Lagos is, “Are there any forms of encumbrances or disputes on the land?”
A group of people known as the Omoniles in Lagos are popular for selling the same piece of land to different people, causing unnecessary disputes over the land. This dispute often results in court cases where people eventually find out they have been scammed.
Sometimes, the disputes are between family members fighting over the ownership of the property. This is a more dangerous situation, as the dispute can result in a loss of life, especially when the buyer goes straight into developing the property. In God’s Land Empire real estate, we don’t just sell lands to you but also teach you how to know if a landed property is genuine in Lagos. That way, you will be sure you are buying peace of mind.
Also, ensure to inquire if the land is under government acquisition or whether the government has any developmental plans for it in the future.
5. Are There Any Future Development Plans for the Environment?
One of the key attributes of successful real estate investors is their ability to spot and buy undervalued properties and sell them at higher prices.
To join this league of investors, you must learn to ask questions about the future development plans of any areas you want to buy land in. For instance, those who bought lands at the Lekki Free Trade Zone when they observed that the Dangote Refinery was to be built there have seen a major value increase on those lands.
The future development plans or current infrastructure projects in an environment are enough to determine whether you’ll go on the inspection.
When Can We Inspect the Land?
Once you’ve gotten valuable answers to the questions above, the next thing is to find out if the land is available. Often, realtors promote land without having full information on its availability. They promote properties other realtors promote and only ask serious questions when the buyer is ready to pay.
Therefore, asking the realtor when you can inspect the land is a good way to get them to verify all the information they’ve given you, ensuring they’re not misleading you. While inspecting the land with our realtor, you can ask for the basic requirements for getting physical allocation after purchasing the property.
Conclusion: Ensure to Ask the Right Questions Before Going on Land Inspection in Lagos
Asking the right questions will enable you to make the right decisions when buying land in Lagos. You’ll avoid buying land that is under dispute or in remote areas without any signs of development in the coming years. Most importantly, you’ll avoid the prevalent real estate scams in Lagos, ensuring your money is put on land that’s genuine and appreciable.
Hopefully, this article has given you insights on the right questions to ask to ensure the legality of the land you want to buy.
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.
