Essential Tips for Buying Land in Lagos

Buying land in Lagos can be a profitable investment, but it involves various legal, financial, and practical risks. Prospective buyers must verify ownership and check for government acquisition plans before making any payments.

Land can be owned under leasehold or customary arrangements, each requiring different checks. Buyers should not be swayed by attractive prices without researching the area for existing and planned developments.

Confirming the seller's legal right to sell is crucial, with necessary documents including a Certificate of Occupancy (C of O) and Governor's Consent. A search at the Lagos State Land Registry can reveal ownership and potential encumbrances.

All agreements should be documented, and engaging a property lawyer is advisable for legal due diligence. Buyers should also budget for additional expenses, such as agent commissions, which can range from 3% to 10% of the purchase price.

Land fraud is a significant risk, necessitating independent verification of the seller's identity and property history.