10 COSTLY MISTAKES TO AVOID WHEN BUYING A LAND IN NIGERIA BY Dennis Isong

Purchasing land in Nigeria is one of the most major real estate investments, requiring careful thought and extensive research. While purchasing land has enormous potential for growth and financial gains in the future, there are a number of obstacles that potential buyers must avoid to guarantee a safe and successful transaction. This article examines ten expensive blunders that people should stay away from while investing in Nigerian real estate.

These mistakes have the ability to compromise the integrity of the investment, ranging from ignoring zoning laws and physical inspections to missing important paperwork and falling for enticing offers. Aspiring landowners may protect their investments and make wise choices in the dynamic and ever-changing Nigerian real estate market by being aware of these typical blunders and actively avoiding them.

THE MISTAKES TO AVOID

1. Failure to Conduct Proper Due Diligence:

Conducting due diligence involves researching the property’s history, including any legal disputes, outstanding taxes, or encumbrances. Consult with legal professionals to ensure that the property has a clear title and is free from legal complications.

2. Ignoring Land Documentation:

Land documentation, such as the Certificate of Occupancy (C of O), survey plan, and deed of assignment, are critical. Ensure that these documents are authentic, up-to-date, and legally binding. A legal expert can assist in verifying the legitimacy of these documents.

3. Bypassing a Professional Survey:

A professional survey helps to accurately determine the land boundaries and prevent boundary disputes. Engaging a licensed surveyor ensures that the land’s dimensions are accurate, and potential issues like encroachments are identified and addressed. Charts the coordinates of the property and verify at Surveyor’s General office.

4. Disregarding Zoning Regulations:

Understanding local zoning laws is crucial to ensure that the land is suitable for your intended use. Zoning regulations dictate what type of development is allowed in a specific area. Non-compliance can lead to legal issues and the inability to use the land as planned.

5. Skipping Physical Inspection:

Physically inspecting the land allows you to assess its current state, the neighborhood, and its proximity to essential services. It also helps in identifying any potential environmental concerns or risks that may not be evident through online information.

6. Neglecting Community and Environmental Factors:

Examining community dynamics involves understanding the local community’s acceptance of the proposed development. Additionally, assessing potential environmental risks, such as flooding or contamination, is vital for the long-term viability and safety of the investment.

7. Incomplete Title Transfer:

Ensuring a complete and legal title transfer is crucial. Confirm that the seller has the legal right to sell the property, and all necessary paperwork, including the change of ownership, is completed. Failure to do so might lead to legal disputes in the future.

8. Ignoring Infrastructure Development Plans:

Being aware of government plans for infrastructure development in the area can significantly impact the land’s value. Upcoming projects like roads, schools, or commercial centers can positively influence property prices, making it a more attractive investment.

9. Not Confirming Land Ownership:

Verifying the seller’s ownership through land registry records is essential. This ensures that there are no competing claims to the property and helps prevent potential legal issues arising from disputes over ownership. This usually happens when you buy land from Omo onile. If at all you are convinced of their authenticity, ensure that you begin its development immediately.
It’s advisable to buy from only those you trust and that have adequate knowledge of Real Estate.

10. Falling for Unrealistic Deals:

If a deal seems too good to be true, it’s crucial to investigate thoroughly. Unrealistically low prices may indicate hidden issues, such as title disputes, undisclosed liabilities, or fraudulent activities. Seek professional advice and proceed cautiously to avoid falling victim to scams or financial losses.

Dennis Isong is a TOP REALTOR IN LAGOS. He Helps Nigerians in Diaspora to Own Property In Lagos Nigeria STRESS-FREE. For Questions WhatsApp/Call 2348164741041

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At Polaris Bank IWD Webinar, Guest Speakers Advocates Empowering Opportunities for Women

…as CEO, Kayode Lawal highlights the indispensable contributions of women to societal progress, economic development

Polaris Bank’s International Women’s Day (IWD) webinar themed: ‘Empowering Voices: Women Leading Change,’ offered a dynamic platform for insightful conversations. The 2024 International Women’s Day (IWD) theme “Inspire Inclusion,” recognizes that despite progress made, women face significant obstacles to achieve equal participation in the economy.

Held on March 12, 2024, at the Bank’s Victoria Island, Lagos headquarters, the webinar featured a distinguished panel of experts who discussed various aspects of women’s empowerment and inclusivity. The event witnessed participation from customers and staff alike. The two guest speakers, who focused on inclusion in the workplace and inclusive health, did a phenomenal job.

The two panelists drawn from diverse fields, delved into crucial topics such as; self-esteem, mental wellness, workplace policies, and the importance of inclusive infrastructure. They emphasized the need for collaborative efforts from all segments of society to support women in realizing their aspirations.

Ms. Solape Akinpelu, CEO and co-founder of HerVest, a fintech company, highlighted the significance of inclusivity and called for concerted action to dismantle societal narratives that undermine women’s capabilities.  She stressed that women are not helpless and advocated for proactive measures to counter sub-conscious biases.

On her part, Dr. Ifeyinwa Nwakwesi, CEO of Healthy Living Services Nigeria Ltd., provided valuable health tips for women to balance their professional and family lives; while prioritizing their well-being. Dr. Nwakwesi underscored the pivotal role of women in maintaining family health and urged them to shield themselves from undue pressures.

Earlier in his opening remarks, Polaris Bank’s Managing Director/CEO, Mr. Kayode Lawal emphasized the indispensable contributions of women to societal progress and economic development. He reaffirmed the Bank’s commitment to fostering an inclusive workplace culture that values diversity and empowers women to excel.

Reflecting on the global theme of IWD 2024, “Inspire Inclusion,” Lawal highlighted the importance of creating a culture where everyone feels valued and respected. He reiterated Polaris Bank’s dedication to providing a conducive work environment for its female workforce, free from biases and discrimination.

In her own contribution, Bukola Oluyadi who has oversight on Sustainability in Polaris Bank, emphasized the importance of connecting with women in the workplace. According to her, when women feel appreciated and encouraged to bring their best to the table, it enhances their sense of value and contribution.

The webinar concluded with a call to action for all stakeholders to prioritize inclusivity and collaborate towards creating equitable opportunities for women in all spheres of life.

Polaris Bank, was adjudged Nigeria’s Digital Bank of the Year in 2023, 2022 and 2021 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards.

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