Blog, Real Estate

IMPORTANT DOCUMENTS IN REAL ESTATE BUSINESS

1. SURVEY PLAN

A Survey Plan is a document that measures the boundary of a parcel of land to give an accurate measurement and description of that land. The people that handle survey issues are Surveyors and they are regulated by the Office of the Surveyor General in Lagos as it relates to survey issues in Lagos.

A Survey Plan must contain the following information:

  • The name of the owner of the land surveyed
  • The address or description of the land surveyed
  • The size of the land surveyed
  • The drawn out portion of the land survey and mapped out on the survey plan document
  • The beacon numbers
  • The surveyor who drew up the survey plan and the date it was drawn up
  • A stamp showing the land is either free from Government acquisition or not
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Sample Survey Plan from Land Information New Zealand

2. EXCISION

The Land Use Decree of the 28th of March, 1978 vested all lands in every state of the Federation under the control of the State Governors. The Land Use Act coupled with other laws made it possible for the Governor who was now the owner of all lands in the state to actually have the power to acquire more land compulsorily for its own public purpose to provide amenities for the greater good of the citizens.

Fortunately, the government recognizes that indigenes of different sections of the country have a right to existence, a right to the land of their birth. Hence, it is customary for state government to cede a portion of land to the original owners (natives) of each area.

An Excision means basically taking a part from a whole and that part that has been excised, will be recorded and documented in the official government gazette of that state. By having it recorded into the government document, it means the land has now been gazetted.

3. GAZETTE

A Gazette is an Official record book where all special government details are spelt out, detailed and recorded.

A Gazette will show the communities or villages that have been granted excision and the number of acres or hectares of land that the government has given to them. It is within those excised acres or hectares that the traditional family is entitled to sell its lands to the public and not anything outside those hectares of land given or excised to them.

A Gazette is a very powerful instrument the community owns and can replace a Certificate of Occupancy to grant title to the villagers. A community owning a gazette can only sell land to an individual within those portions that have been excised to them and the community or family head of that land has the right to sign your documents for you if you purchase land within those excised acres or hectares of land.

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Sample official Lagos State Gazette

4. DEED OF ASSIGNMENT

A Deed of Assignment is an agreement between the Seller of a Land or Property and a Buyer of that Land or property showing evidence that the Seller has transferred all his rights, his title, his interest and ownership of that land to that the Seller that has just bought land.

For a Deed of Assignment to be exchanged between both parties, it has to be recorded in the land registry to show legal proof that the land has exchanged hands and the public should be aware of the transaction. Such recorded Deed of Assignment come in the form of either a Governor’s Consent or Registered Conveyance

5. CERTIFICATE OF OCCUPANCY

A Certificate of Occupancy (C of O), issued by the Lagos State Government, officially leases Lagos land to you, the applicant, for 99 yrs. As already indicated above, all land belongs to the Government.

A C of O however is the officially recognized Document for demonstrating Right to a Land.
What happens after 99 years? That question is still subject of debate among experts. Most have adopted a wait-and-see attitude. Others postulate that as the new owner of the land, you the buyer, can renew the certificate of occupancy when it expires.

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Sample Certificate of Occupancy

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Blog, Real Estate

Real Estate Revolution Newsletter 201901001

Happy New Year from Real Estate Revolution Plus. Here are a few updates in the Nigerian Real Estate space.

1. Govt’s Performance Was Dismal – Ajayi

There is so much talk, talk, talk about housing, but the real critical issues keep on being postponed. And what are these critical issues as far as I am concerned?

Number one is the issue of accessibility to land. You know getting a C of O is still a nightmare in almost all the states of Nigeria. And when you don’t have a title, you can’t borrow. When you don’t have a title, you can’t raise finance. And therefore, the issue of this government consent and all these rigmarole which has been on the front burner for long; I served on the Committee of Housing and Urban Development in 2001, it has being raised since then and its still being raised all over, they still keep on postponing it.

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2. Technology to drive investment in residential real estate in 2019

Property technology will drive investments in real estate, especially the residential sub-sector, this year, a new report has said.

In its 2019 Nigeria Real Estate Market Outlook, Northcourt, a real estate investment and research company, said the industry would see more supply across the various sub-sectors but with varying levels of demand.

According to the report, the developments will be driven by new technologies, and both the government and private developers will be more innovative in products delivery.

The report added, “The residential market will see more partnerships involving Proptech firms and the introduction of data-driven products and services. Well put together property startups are raising funds from local and foreign investors who are not averse to potential risks-vis-a vis the high yields obtainable.

“The Federal government, coming to terms with the impact of housing will begin delivery from adopting a number of models.”

It stated that landlords would also be more open to nil increases and slight reductions in rent renewals as tenants wait till after the elections to make major property decisions.

“2019 will see a boom for the savvy real estate investor,” the report added.

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3. Default on loans rises as glut hits property market

Financing real estate development is seen as one of the most difficult things to do in Nigeria. Over the last few years, it has been made worse due to the downturn in the economy.

According to stakeholders, the real estate industry has not really recovered from the impacts of the recession.

Findings show that developers have had to take the heat as empty houses dot the landscape of major cities in the country, tying down funds while many Nigerians are homeless.

It is estimated that Nigeria has about 17 million housing deficit, a figure that has been in dispute because some stakeholders think it may be up to about 20 million considering the growing population.

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Abuja, Blog, Building Materials, Ibeju Lekki, Lagos, Lekki, Magodo, Oshoroko, Property, Real Estate

Real Estate Professionals Advocate Use of Alternative Building Materials

Photo by rawpixel.com on Pexels.com

DAYO AYEYEMI

Nigeria is blessed with many natural resources such as land, sharp sand, laterite, granite, iron ore and wood of various types, yet it still depend largely on foreign materials for housing construction after five decades of independence.

Except sand, granite and wood, most of the finishing materials such as tiles, glass, roofing sheet, doors, sanitary wares, locks, lightings and pipes, including labour are being imported into the country.

Over dependence on foreign materials by government and home builders, housing experts say is one of the major factors responsible for high cost of houses in the country, aside from high cost of land and money.

Worried by the high price tags on housing units, experts comprising developers, builders, architects, town planners and manufacturers are currently canvassing the use of alternative local building materials to arrest the trend.

They noted that despite the manufacturing of different types of machines for local brick’s production, roofing sheets and research on alternative cement by the Nigerian Building and Road Research Institute (NIBRRI), lack of patronage has weighed on the agency of government.

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Some of these materials include sun-dried bricks (adobe), cement stabilised bricks/blocks, interlocking laterite blocks, burnt clay blocks, clay roofing tiles and NBRRI brick/block making machines.

As at now, Nigeria has over 17 million housing deficit and would require 740, 000 units built annually in the next 20 years to bridge the gap.

Speaking with the New Telegraph in Lagos, first Vice President of Nigerian Institute of Building (NIOB), Mr. Kunle Awobodu, said that apart from public apathy, lack of awareness on affordable and alternative building materials have not helped matters.

According to Awobodu, if NIBRRI has researched into alternative cement for housing, it should be publicised and made available in the building materials’ market for public use.

“If the alternative building materials are affordable and available, nobody will jettison them. They should make them available in the market,” he said.

The first vice president said that when materials are produced locally, there is tendency the cost would reduce.

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Blog, Property, Real Estate

Lagos’ megacity dreams are a nightmare for many working people

Oluwatosin Adeshokan

Every Friday, at the close of work, Idris Oladipo makes his daunting commute home from the city of Lagos.

Oladipo is an account manager with Pulse Nigeria, one of West Africa’s biggest media companies. His commute takes him 100 miles from Pulse’s office in Lekki to his home in Ibadan, the capital city of Oyo State. The drive should take about two hours, but traffic often stretches it to four.

“Up until September of 2017, I used to have an apartment in Lekki, but the rent was increased after my [lease] expired.” Oladipo said. “Since September, I’ve sometimes slept in the office and now, I’m currently squatting with a friend that’s also my co-worker.”

Oladipo is one of an estimated 21 million people who live and work in Lagos, making it Africa’s largest city. It’s also one of the fastest growing cities in the world. In recent years, even as Nigeria experienced a recession, the commercial status of Lagos has led to a steady influx of people into the city from neighboring states. By some estimates, Lagos could double in size by 2050.

Lagos has actively pursued its megacity status. City officials and developers have undertaken a massive urban renewal project that has seen slum and waterfront communities demolished to make way for new high-rise building projects. These demolitions have led to an increase in the cost of housing and amenities in Lagos, especially on and near Lagos Island, the city’s commercial center. Critics say the megacity project is a form of gentrification, and not the type of urban planning needed to handle a budding population crisis. A recent update to the Lagos land use tax has threatened to make conditions even more challenging for people already struggling to live and work in the city.

Megacity

Moses Fiarama, a real estate agent and Lagos resident, believes that everything in the city is overvalued. “The cost of housing in Lagos is too high compared to that of houses in Ogun and Oyo state,” she said. “But this is because everything exists in Lagos; [the] industries, jobs, means of production.”

For years, the steady increase in the cost of land and houses in the major metropolitan areas of Lagos has led to a population increase in fringe towns like Ikorodu and Iju, especially as the Nigerian minimum wage of 18,000 naira (about $50) often isn’t enough to go by. But in a country some say is becoming the poverty capital of the world, people will do what they need to work and eat.

When you can’t afford to live near your job, the commutes, like Oladipo’s, can be rough. Aisha Salaudeen, a journalist in Lagos, says the city hasn’t built the infrastructure to meet the demand for housing and transit.

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Abuja, Blog, Ibeju Lekki, Lagos, Lekki, Property, Real Estate

NNPC Explores Commercial Opportunities In Real Estate

The Nigerian National Petroleum Corporation (NNPC) is currently exploring all commercial opportunities available in the real estate market to efficiently position itself as one of the key players in the sector, New Telegraph has learnt.

Besides, the move is hinged on the need to increase its revenue generation aside from oil and gas business.

To this end, the company, through one of its subsidiaries, NNPC Properties Limited, has embarked on the recovery of its over N100 billion worth of unharnessed landed property across the country for real estate investment.

The latest is that NNPC Properties Limited has secured massive land in three major cities in the country for real estate development.

A staff of the company, who did not want his name in print, told this newspaper last weekend in Lagos that the three major cities already identified for real estate potential include Lagos, Abuja and Port Harcourt.

He said the group would be spending $26.9 billion on 50-hectare real estate development known as “Royal Grove” in Greater Port Harcourt City, Omagwa, River State, for 770 families.

Nnpc

In an exclusive chat, the source said that aside from Port Harcourt, there was also plan to develop massive housing estate in Lekki Marina in Lagos State and another choice location in Abuja.

“We have on-going real estate development worth $26.9 billion in Port Harcourt. Our real estate development is also coming up in Lekki Marina. We have secured about 92 hectares of land running into trillion of naira in Lekki,” the source said.

Aside from the two projects, the source disclosed that NNPC Properties Limited had also partnered some real estate developers, numbering 30, for development of different grades of housing units in Abuja, Lagos and Port Harcourt.

“We are collaborating with several developers in Lagos, Abuja and Port Harcourt that are developing different grades of housing which will be made available to the public soon,” the source said.

Some of the private developers, this newspaper gathered from a document secured from the staff, included Jofame Integrated Limited for Royal Palm Villa, Ibeju Lekki, Lagos; Viendubond Contractors Nigeria Limited for Chessvile Corte, Life camp, Abuja and Mercy Sanuelson for Southend Estate, Abuja. Others are Princely Estate Limited for Eric Moore Lagos and Dacho-Telius Limited for the Reserve Estate in Port Harcourt, among others.

NNPC Chief Operating Officer (COO), Ventures, Babatunde Adeniran, had told journalists early in the year in Abuja that the plan would be honed through commercial opportunities, adding that the company had already commenced the recovery of the Corporation’s landed properties.

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