Buying property in Lagos can be rewarding but requires careful navigation. Here is a complete step-by-step guide to help you through the process.
1. Define Your Budget
Your budget should include not just the purchase price but also legal fees, survey costs, stamp duties, and registration charges. Engage a trusted real estate agent like KBSB HOMES to get accurate market pricing.
2. Conduct a Property Search
Identify the area that suits your needs — whether it is Lekki, Ikeja, Victoria Island, or emerging suburbs like Ibeju-Lekki. Each area has different price points and growth potential.
3. Verify Land Documents
Never buy property without verifying the title documents. Engage a qualified lawyer to conduct a thorough due diligence check at the Land Registry to confirm the seller has valid ownership rights.
4. Sign a Sale Agreement
Once documents are verified, both parties sign a Sale Agreement outlining payment terms, completion date, and responsibilities. This document should be witnessed by a legal practitioner.
5. Make Payment and Obtain Receipt
Pay via bank transfer or bank draft for proper traceability. Always obtain a stamped receipt as evidence of payment.
6. Obtain Governor’s Consent
For properties with a Certificate of Occupancy (C of O), you must apply for Governor’s Consent to legally transfer ownership. This is a critical step that protects your investment.
7. Register the Property
Finally, register the change of ownership at the Lands Bureau and obtain your own C of O or deed of assignment. Your property is now officially yours.