There have been many instances of building demolition across Lagos State between November 2023 and January 2024, especially in the Ajah, Ikota, Epe, Lekki and Amuwo Odofin areas of the state. It is reported that these demolitions were ordered jointly by the Federal Housing Authority and the Lagos State Building Control Agency, for illegalities ranging from contravention of permit/approval terms, fraudulent approvals, and false or incomplete documentation to mention a few. The affected residents were also reported to have received eviction or other similar violation notices in advance without carrying out the remedial actions directed.
Whilst controversies continue to trail the demolitions with the aggrieved owners resorting to litigation, it must be mentioned that most of the affected landlords, despite their outcry, will have to come to terms with their losses and move on. Very few can expect any compensation from the courts, and it is for this reason that extra caution must be taken prior to investment in or purchase of any land or building.
In the dynamic world of real estate, where properties are touted as the new gold, making informed decisions is important to avoid a loss of your investment. Whether you are eyeing a residential haven or a commercial venture, it’s crucial to navigate the process with caution. To empower you on your property purchase journey, here are fundamental considerations to bear in mind:
- Thoughtful Budgeting:
Firstly, establish a well-thought-out budget. Beyond the property cost, consider extra expenses like legal fees, utility bills, and agency fees. This not only streamlines the process but also ensures financial prudence.
- Legal Expertise
Once you are certain, engage a property lawyer from the outset. While sellers may have their legal representation, having your own advocate ensures equal representation and protection. Your lawyer can scrutinize agreements, safeguard your rights, and provide peace of mind in the legal intricacies of property acquisition.
A lawyer is also in the best position to conduct a meticulous investigation of the history of the property. Is it entangled in litigation? Is it suitable for your intended purpose—be it residential or commercial? The lawyer will examine its title history and carry out searches with the government regarding the plans for the area to ensure that your proposed purpose does not contravene the government’s plan. In fact, your lawyer may not be able to properly advise on the extent of the search from the beginning. The facts which may be discovered from initial searches may necessitate other investigations you may never have had in mind.
If a search at the Lands Registry reveals that you are not dealing with the legal owner of the property, your lawyer will also be able to confirm the legitimacy of the seller’s authority to transact on behalf of the owner. This step shields you from hidden liabilities and ensures a clean title is passed on to you accordingly.
- Property Valuation:
Align the property’s value estimate with the market standards. Conduct a physical inspection to corroborate the seller’s claims. Consider involving a surveyor to provide an impartial assessment. This safeguards you against overvaluation and guarantees you get what you’re paying for.
In conclusion, a wholistic strategic approach is your blueprint for a successful land purchase. Your investment deserves the safeguarding only a comprehensive approach can provide.
Syntax Legal Practitioners 