The investment into real property requires a lot of planning. The simple plan of constant SAVING can save you when an opportunity opens up to you. Sometimes, there are prospects of having a new deal or buying a land, house or getting involved in some new property transaction. Some companies in fact provide for flexible payment plans, but you cannot take advantage of such if you have not thought through the process or have a plan towards such acquisition. When it comes to investing, nothing will pay off more than educating yourself. Do the necessary research, study and analyze before making any investment decision.
In your quest to invest in real property, the following tips will help you. To wit:
- Choose a time range you intend to make a purchase. Do not say I have to buy on a certain date. It is advisable to keep a range in your plan. An offer may come within the category of your date in view. You can save and have more than enough to make you purchase a property way less than your budget. The bottom line is don’t rush your purchase.
- Engage a Solicitor. I cannot overemphasize this. Purchase of real property or investment in land isn’t one of those areas you want to cut corners and not involves professionals. You are protected in terms of taking the right steps and doing the right thing when a Solicitor is involved. All fees such as Land Search, Survey Plan, Agency and Legal Fees can be properly monitored by your Solicitor.
- Anticipate Ancillary Fees. Most people who are desirable to invest in real property forget to factor in other fees that are associated with the purchase. The truth is settlement of some folks depending on the area the land is situate cannot be avoided. If it is bare land and in an undeveloped area, some traditional chiefs may want to be get paid. The sorting of Omo-onile (Touts) within the area, and all that may include part of additional expense for you to incur when purchasing a property.
- Be thorough. Let your planning include a comprehensive service to be provided to you by your Solicitor. All documents obtained consequent upon your purchase can be filed with the government. Sometimes, the entire process may not completed immediately. But then again, you would have commenced the process of solidifying your title post-purchase.
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Successful /səkˈsesfəl/ (adjective): accomplishing an aim or purpose.
“a successful attack on the town”
synonyms: victorious, triumphant; More
having achieved popularity, profit, or distinction.
“a successful actor”
synonyms: prosperous, affluent, wealthy, rich;
Successful is all we want to be in every area of our lives. It is a common factor that defies age, race, social class, education, religion, gender or even profession.
However, what amounts to being called successful is relative for each person. For me, having over 2000 views on a post or having one person that the post inspires for good makes the post successful!
Due Diligence refers to a measure of prudence that is undertaken as an investigation of a business, person, property or project before a decision is made. In the world of realty, basic steps ought to be taken prior to parting with money or other interest to ensure no harm (that transactions relating to properties are water tight) is done to others in relation to property.
Areas of Due Diligence
- Review Seller/Owner’s Document
- Survey Plan
- Deed of Assignment and any other relevant document
- Evidence of other statutory rates relating to the property
Check for Taxes and other fees- Check for the payment of land use charge such as ground rent, tenement rates. Any land with C of O attracts these charges on an annual basis. If the seller/owner refused to pay this charge it will accumulate and would be inherited by the buyer. You need to confirm this before making payment.
Physical Inspection- After verifying the authenticity of the documents, it is important that you see for yourself the land in question. You need to engage the services of an independent surveyor to confirm the size of the land to find out if it is the same with what is in the documents. Also confirm the following:
- Proximity to the highway: There is government regulation as to the measure of setback from the road to properties. This is necessary to forestall loosing part of the property to road expansion. Confirm to discover these because sometimes in the future road enlargement could mess up your property.
- Power-line route:Check the distance between the land and power-line route because there are specific guidelines as to the how close a property should be to power-lines. Apart from regulations it is dangerous to build under a power line route. You might want to find this out before paying for the land. It could mean demolition in future.
- Oil and gas route:Check the proximity of the land to an oil and gas pipeline so as not to contravene the law against closeness to one of these. It is safe to maintain your distance.
- Waterways:ensure the land is not located on or dangerously close to a waterway or major drainage because of governmental regulation and flooding.
Prospective Buyers should not stop at doing personal investigation particularly if you’re not a professional. Engage one; such as Lawyer, Surveyor et al.
Assess the land further to discover its price in relation to others in the surrounding. Ask the owner of a similar land near you to discover if it is within the same price range or outrageously above. In real estate location of a property or land is a determining factor in the price.
Inquire about the supposed owner of the land from neighbours in that area to be sure they own the property.
Conduct a Legal search: The need to conduct search at the relevant land registry cannot be over emphasized. This will afford you the opportunity of confirming the current status of the property .i.e. the true owner of the property, whether it is encumbered, whether the owner has transferred interest in the property to a third party, outstanding statutory fees etc.