Below are the top reasons to double-check property ownership in Lagos before making a purchase:
1. Prevent Fraudulent Transactions
Double-checking helps ensure that the seller has the legal right to transfer the property. It protects you from scams and fraudulent sales where the property might be sold by someone without rightful ownership.
2. Verify Legal Documentation
Reviewing the property’s legal documents, such as the Certificate of Occupancy (C of O) or Governor’s Consent, confirms that the title is valid and free from irregularities. This due diligence is crucial for a secure investment.
3. Identify Encumbrances and Liens
A thorough check can reveal any mortgages, liens, or pending litigation that could affect the property’s value or your ability to use it. Identifying these issues early can save you from unexpected financial and legal problems later.
4. Confirm Accurate Boundaries and Land Survey
Ensuring that the property boundaries are clearly defined and match the land survey helps prevent future disputes with neighboring landowners and potential loss of investment due to boundary encroachments.
5. Avoid Future Legal Disputes
Verifying ownership minimizes the risk of future litigation regarding the property. A clear title means you’re less likely to face challenges or claims from previous or third-party owners.
6. Enhance Marketability and Resale Value
Properties with verified and undisputed ownership are more attractive to future buyers. Ensuring clear ownership can improve the property’s marketability and resale potential.
7. Protect Your Investment
Double-checking ownership is a critical step to safeguard your financial investment. It ensures that the asset you’re acquiring will provide the long-term value and security you expect.
8. Ensure Compliance with Government Regulations
Verifying that the property complies with local land laws and regulations reduces the risk of future government disputes or compulsory acquisition issues, providing peace of mind.
9. Strengthen Negotiation Position
Having a clear understanding of the property’s ownership history puts you in a stronger position to negotiate a fair price, as it confirms the property’s legitimacy and reduces risk.
10. Boost Confidence in the Transaction
Ultimately, thorough verification of property ownership instills confidence in your purchase decision. Knowing that every legal aspect has been checked and validated ensures a smoother, hassle-free transaction.
Analysis:
After browsing multiple sources on real estate due diligence in Lagos—including discussions on fraudulent practices, legal documentation issues, and the importance of clear land titles—the consensus is that verifying property ownership is a non-negotiable step in safeguarding investments. Reliable sources highlight that issues such as encumbrances, boundary disputes, and ownership fraud are common pitfalls in Lagos’s dynamic property market. By double-checking ownership, investors significantly reduce these risks, ensuring a legally sound and profitable investment.