Lekki is one of Lagos’ most sought-after real estate hotspots, attracting buyers looking for premium homes and solid investments. But before sealing the deal, understanding the legal side of property acquisition is crucial. Without proper documentation and due diligence, you could face disputes or even lose your investment. This guide walks you through the key legal requirements when buying property in Lekki.
Essential Property Documents in Lekki
1. Verify the Title
Before making any payment, confirm that the seller has a valid title. Common titles include Certificate of Occupancy (C of O), Governor’s Consent, and Deed of Assignment. Engage a real estate lawyer to verify ownership and check for encumbrances at the Lagos Land Registry.
2. Check Zoning and Land Use Regulations
Certain areas in Lekki are designated for residential, commercial, or mixed-use purposes. Ensure that your intended use aligns with government zoning laws to avoid future legal troubles.
3. Conduct a Land Search
Run a thorough search at the land registry to confirm the history of the property and ensure there are no existing legal claims or disputes.
4. Verify the Survey Plan
A survey plan defines the land’s boundaries. Cross-check this document with the Lagos State Surveyor-General’s office to confirm it matches the physical location and does not fall within government acquisition zones.
5. Check for Outstanding Taxes
Ensure the seller has cleared all necessary taxes on the property, including land use charges and capital gains tax.
6. Budget for Legal Fees and Statutory Charges
Property transactions in Lekki involve extra costs such as stamp duty, consent fees, and registration charges. Factor these into your budget to avoid surprises.
Legal Steps for a Smooth Purchase
1. Get an Offer and Acceptance Letter
Once you agree on a price, the seller provides an offer letter. Accepting the offer formally sets the deal in motion.
2. Sign a Sales Agreement
This contract outlines payment terms, property details, and transfer conditions. Ensure your lawyer reviews it before signing.
3. Complete Payment and Transfer Ownership
Payments should be made legally, with receipts and necessary tax deductions. Once completed, the title transfer process begins.
4. Register the Property
The final step is registering the property under your name at the Lagos State Land Registry. This ensures your ownership rights are legally recognized and protected.
Conclusion
Buying property in Lekki is an exciting opportunity, but skipping legal due diligence can lead to costly mistakes. Always verify ownership, check zoning laws, conduct a land search, and work with a real estate lawyer. These steps ensure your investment is safe and legally secured.
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