We bring you the surest and safest deals in the world of Real Estate Investments.
Real Estate is one of surest investment on earth. Land does not perish. The only challenge is not doing your due diligence before buying. Aside checking the land documents and conducting land searches, they are some key things we must do while buying lands and landed properties.
If you are buying property that has C of O for example. Remember that as I explained earlier when talking about Cof O, the owner is supposed to be paying a particular tax to the Government every year. This is because all lands belong to the Government. Now if you do a C of O, you are legally giving Government the right to tax you for your land. This is somehow the disadvantage of C of O lands. It has its advantage in that it is easy to obtain loans and grants with your land if it has C of O. Now if you are buying a Property that has Gazzate or C OF O, you must go to Ministry of lands to confirm if the former owner been paying the yearly fees. You as the new buyer will made to PAY it. So it is advisable to GO TO MINISTRY of lands and check not just the originality of the Documents but the FEES on the land. This is to avoid buying a land you will be UNWANTED tax on it.
If anything come up that you are needed to present the C of O, you will have to pay all the YEARS taxes before the C of O can be used. You can buy a land and buy debts on it. Imagine buying a land for 1 million and you didn’t know that they are owing the Government 10 million Naira. This is why you must check for status of the land and the debts on it before buying.
It is very important to KNOW the EXACT size and boundaries of your land CLEARLY before payment. In fact, if the land doesn’t have corner piece, ensure you do that as you are making payment. Get a surveyor to measure the land and ensure you know d accurate size, you may not have money to do fence to avoid intruders AT LEAST DO CORNER PIECES and a REGISTERED Survey (the Survey is IMPORTANT especially if you are not reselling soon). All these will help you avoid land disputes. You definitely don’t want to use your money to buy troubles.
Also VERY IMPORTANT NEVER EVER PAY with cash in land purchase. Pay with transfer and keep the receipt in a place like your email or one drive so it can be saved for life. THIS IS SO SO IMPORTANT because it can save you the day of trouble. Now d trouble we are talking of is not just that the land is not genuine, what if one mad man rises up in future and says he owns the land, what proof do you have apart from agreement which any one can sign that you actually paid for the land. This is why is so important that you even capture everything even to snapping with d seller if possible and keep d pictures. Experience has tot me d IMPORTANCE of this. Don’t pay with cash, have proper record of everything including voice record saved for life and ENSURE you hand over EVERYTHING to your children if you didn’t sell d land. Many times, having land is not buy buying wrong lands. An intruder can come and want to take encroach in your land. Hence you need enough evidence to show that the land is yours. So keep all your land purchase conversations and receipts in addition to the land documents. What matters most in land dispute is EVIDENCE. All these can be your evidence and the reason for not losing your land. Off course, if buying from/through a reputable company like Modesty Real Estate, you are sure all these will be in place for you.
We bring you the surest and safest deals in the world of Real Estate Investments.
