Some claim that buying lands from Omonile in Lagos is cheaper and stress-free, but when it comes to the legality of the purchase – you will be stuck. More often than not, properties purchased through the Omonile are either resold to many persons at the same time or in most cases – sold by someone who has no claim. Many of the sellers easily get offended when you press to know the authenticity of the landed property.
Hence, we advise distancing yourself from the Omonile if you want to purchase a land in Lagos State, Nigeria. Read this article to the end to find out our reason for saying so.
1. The True Status of Ownership is not Clear
It is typical of the Omonile to tell you he owns the property and could even go on to tell you about the history of the land (which is sometimes, a lie).
It is risky to engage in this type of transaction, because the Omonile might not be the true owner of the property.
Here are some of the likely scenarios:
Family-Owned Land
The property belongs to a family, but one or a few members of the family opted to sell it – behind the backs of the others. When the others discover, they will take legal steps to reclaim the land and you will lose both your investment and the property.
Community-Owned Land
If the property belongs to the community, you will be in for a lot of arguments and back-and-forth. The consent of the heads must be sought and gotten before such transactions can go on.
Distributed Ownership
You will be disgruntled to find out that you are not the only one that got the property. The Omonile must have sold it to many other people – thus, putting the status of the actual owner in question.
2. Land Purchase from Omonile is Capital-Intensive
Which is better: buying a land and settling the fees at once or paying unexpected dues at intervals?
The argument that lands purchased from the Omonile is cheaper doesn’t hold water, when you consider that you will spend a lot of money in the long-run. Unlike a real estate company that asks for the property costs, the professional fees and a few other fees; you will be made to pay unnamed and untitled dues via Omonile.
For example, you will pay to settle the community (if the land is community-owned). If it is a subject of dispute, you may want to settle-out-of-court with the aggrieved parties.
All these are without including the possible payments arising when multiple persons lay a claim to the same property.
3. Buying Lands from Omonile in Lagos is for the “Rich”
Only the financially-buoyant would be able to grapple with the challenges of transacting with the Omonile. For example, your best shot to securing the land is commencing development, as soon as the paperwork is completed.
Otherwise, you stand risk of losing it to trespassers – and even having the same Omonile reselling it.
4. Documentation is not Always Obtainable
Due to the illegality of the practice, property purchase from Omonile might not provide all the legal coverages you expected. Besides, you might be warranted to pay another member of the family who surfaces later – or lose the property. Ask them the same questions you would have ordinarily asked a professional realtor and gotten a better answer, and watch them fumble.
5. There is no Rest for You
If the thought of buying a land and going to sleep with your two eyes closed is what you want; then avoid the Omonile. You might not even rest – let alone sleep.
If you are not battling to prevent someone else encroaching the land, you are rallying around to gather money to settle the remaining dues.
At other times, you will be preoccupied with making regular trips to the location of the land to keep an eye on it – even when it is under construction.
You can be sure of getting a bit of rest when you have successfully built on the land.
6. All the Omonile Wants is Money
At the core of the Omonile’s interests in the property is your money or the value of the land. Once the payment is made, his end of the bargain is over.
You will struggle to pay the rest of the fees, including the costs of surveying the land, and contracting a lawyer.
That is not all. When you are done settling these fees, the Omonile will return when you are developing the land. You will make additional payments ranging from Omonile Signing Fees, Roofing Fees and Foundation Fees. Basically, each stage of the land’s development could attract extra costs.
7. Basic Amenities will be Lacking
One would expect that after paying the huge fees, the Omonile will be “gracious” enough to provide or attract basic amenities to the area. That is not always the case. Except you are lucky to have good access road, you may have to work on that alone – or with your neighbors. Also, electricity and security are some of the additional amenities that lack in areas where the Omonile holds sway.
8. Omonile Only Accept One-Time Payments
Considering the high costs of buying a property, you may have expected the Omonile to accept a part-payment, while you work towards balancing up. You may be able to do that if purchasing through a real estate company.
The Omonile wants the transaction to be completed as soon as possible, hence, paying at once is required. If you cannot meet up, the next person will be able to.
Besides, you are better off paying at once, because batch payments can be tricky. The Omonile can insist you never made any payment, especially when there is no documentation.
Also Read: How to Easily Identify a Fake Real Estate Company in Lagos: Signs to Watch Out for
Conclusion: How to Make Risk-Free Real Estate Investments in Lagos
You are better off buying lands from a reputable real estate company in Lagos like God’s Land Empire than buying through Omonile. From providing payment plans to planning the estate, providing the basic amenities and providing the documentations – you have a lot to benefit from a real estate company.
Always do your due diligence, including verifying the physical location, website, contact details and social media pages of the company before proceeding. Have a lawyer handy when engaging in any land purchase transaction, both for professional advice and documentation of the process.
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.
