HOW TO OWN A FREE HOME UNDER LAGOS HOUSING SCHEME

It feels good to force you here in order to get you informed. Free home indeed! Hehehe. By the heading, I meant you can buy into any of the schemes without having to pay fees to any intermediary or agent.

Lagos State Government has repeatedly emphasized its commitment to ensure residents of the state have shelter, particularly a place they can call their own. The government through the Ministry of Housing officially launched the Rent-To-Own and Rental Housing Policies on Thursday, December 8, 2016.

The development was officially announced by the State Commissioner for Housing, Hon. Gbolahan Lawal

THE NEED TO REPEAL THE LAND USE ACT 1978

POSITION PAPER ON THE NEED FOR THE REPEAL OF THE LAND USE ACT 1978.

Introduction:
Human society the world over is heavily dependent on land and its resources. It is not an overstatement to say that without land there would be no human existence. This is because it is from land that man gets items very essential for his survival such as food, fuel, clothing, shelter, medication and others.

According to Omotola J. Learned Professor of Law;
“Every person requires land for his support, preservation and self actualization within the general ideals of the society. Land is the foundation of shelter, food and employment. Man lives on land during his life and upon his demise, his remains are kept in it permanently. Even where the remains are cremated, the ashes eventually settle on land. It is therefore crucial to the existence of the individual and the society. It is inseparable from the concept of the society. Man has been aptly described as a land animal.”

WHY YOU SHOULD INVEST IN IBEJU LEKKI (PRIME GARDENS ESTATE)

Aliko Dangote, Africa’s richest man is building one of the world’s largest oil refineries in Ibeju Lekki Free Trade Zone, Lagos state Nigeria. The project is obviously one of the largest in Nigeria and Africa as a whole.

Reasons why you should buy into our Estates in Ibeju Lekki, Lagos Nigeria.

Here are some essential details about Dangote refinery you may find very interesting and may instigate you to invest within Ibeju Lekki;

The project site is larger than Victoria Island.

It is located on 2,135Hectares of land in Ibeju Lekki, Lagos near Lekki Free Trade Zone.

It is the largest industrial complex in Africa.

REAL ESTATE BROKER versus SALES AGENT

Real estate brokers and sales agents help clients buy, sell, and rent properties. Although brokers and agents do similar work, brokers are licensed to manage their own real estate businesses. Sales agents must work with a real estate broker.

Duties

Real estate brokers and sales agents typically do the following:

• Solicit potential clients to buy, sell, and rent properties
• Advise clients on prices, mortgages, market conditions, and related information
• Compare properties to determine a competitive market price
• Generate lists of properties for sale, including details such as location and features
• Promote properties through advertisements, open houses, and listing services
• Take prospective buyers or renters to see properties
• Present purchase offers to sellers for consideration
• Mediate negotiations between buyer and seller
• Ensure that all terms of purchase contracts are met
• Prepare documents, such as loyalty contracts, purchase agreements, and deeds through their lawyers 

SUMMARY OF THE LAND USE ACT ( DECREE) OF 1978

Introduction

From time immemorial through the period of agriculture to the period of industrial development, land has remained the most valuable property in the life of man and his development. It is a source of wealth to those who have it and the mother of all properties. In other words, virtually all the basic needs of human existence are land dependent. In view of the importance and usefulness of land to

BEFORE YOU CLOSE THAT PURCHASE

So, I assume you have gone through the very exhausting but interesting and enlightening process of inspecting various properties (with the intention to buy) in your location/locations of choice. After much ado, your preferred option has been singled out.

However, now that you have found this property you love, do you know what to do next?

Well, in case you don’t, below are a few guidelines on your next course of action before you put down your hard earned money:

Credit - wholefedhomestead.com 

1.) Verification of Title Documents: 

Before you get too excite about this property, you need to calm down and do a proper verification of the title documents. You may have been told the property has a Certificate of Occupancy with such and such number of years left on the lease (you may even have a copy of same) but don’t take the seller’s word for it, do your independent search. This is extremely important. You may hire a qualified lawyer to handle this process for you (this is advisable) or do it yourself, if you so wish. But this is where you will find out if there is any encumbrance on the property and any other hidden secrets there may be.

FIVE EASY WAYS TO HANDLE LAND USE CHARGE MATTERS IN LAGOS, NIGERIA

When it comes to Land Use Charge (LUC) matters in Lagos Nigeria, many people are not smiling. If you have ever had an enforcement team of the Lands Use Charge Company pay you a visit on non compliance with the land Use Charge Act before, then you probably know what I am talking about.

Every year, bills are generated by the Lands Records Company (LRC) of Lagos (the outsources agency of the Lagos State Government with the sole mandate to discharge and apply the 2001 Land Use charge law of Lagos) based on the assessments done for every property in Lagos Nigeria and circulated to all property owners in Lagos. This is usually done between January and February of every year.

Once you have your bill, your next course of action should include one or some of the following:

DRAW RULES WITH LAGOS HOMS MORTGAGE (Part 2)

THE DRAW RULES

There shall be in respect of Lagos HOMS a periodic Draw of such number of homes as may be from time to time available for pre-qualified applicants under the Scheme.

There shall be a pre-qualification exercise prior to every Draw and only pre-qualified applicants shall be eligible to participate in the Draw. Pre-qualification for the Draw shall be based on certain conditions including proof of being a first-time buyer (“FTB”); age; proof of income; evidence of payment of tax for five (5) years preceding the date of the application and such other requirement(s) as may be set from time to time by the Lagos State Mortgage Board.

Only pre-qualified applicants shall be eligible to participate in the Draw.

DRAW RULES WITH LAGOS HOMS MORTGAGE (Part 1)

In its quest to make affordable housing available for LAGOS State residents, the Lagos State Government established the Lagos Home Ownership Mortgage Scheme (“Lagos HOMS”) to provide access to home ownership through affordable mortgage financing.

Under this Scheme, which will be managed by the Lagos State Mortgage Board (“LMB”) in collaboration with the Lagos Building and Investment Company Plc. (“LBIC”) the Lagos State Government, through its agencies, will provide housing stock that will be released at periodic intervals to the public for sale.

Owing to the fact that there may sometimes be more applicants than available homes and that it is the State Government’s desire to give all applicants an equal opportunity to own a home, allocation of homes to successful applicants shall be by Draws held at periodic intervals.

ELIGIBILITY CRITERIA FOR LAGOS HOMS MORTGAGE

Applicants must be primarily resident in Lagos State and will be required to provide proof or submit a copy of their Lagos State Residents Registration Card where applicable.

Applicants must be a First Time Buyer.

Applicants must be 21 years old and above.

Only tax compliant applicants will be eligible under the Lagos Home Ownership Mortgage Scheme and must provide proof of tax payment for the last 5 years.

REQUIRED DOCUMENTS FOR SUBMISSION WITH YOUR APPLICATION FOR LAGOS HOMS MORTGAGE

IF YOU ARE CURRENTLY EMPLOYED (FULL OR PART-TIME)

Two (2) passport-sized photos (with name and signature behind)

Evidence of yearly payment of income tax for the last five years

Certified Personal Bank Statement for the last six months

Pay slips for the last six months

Last pay slip of previous employer (if applicant has changed jobs within the last year)

Letter of Reference from current employer confirming job title, status, annual salary & allowances and existing loans and/or obligations if any

Any evidence of additional income to service the mortgage

Proof of identity (Drivers license, Birth certificate, Passport, National ID card or Lagos State Residents Card etc)

5 EASY STEPS TO OWNING YOUR OWN HOME WITH LAGOS HOMS APPLICATION AND SUBMISSION

You complete the Application Form in accordance with the instructions, pay the prescribed processing fee and collect a receipt after submitting copies of all necessary supporting documents. The form can be submitted in person or online. Originals of supporting documents will be required for sighting if you are successful at the Draw.

PRE-QUALIFICATION

The Lagos Mortgage Board [LMB] processes your form for pre-qualification and if you meet the requirements, you will be assigned a Draw reference number.

DRAW

LMB enters you for the draws which are conducted periodically on announced dates, through a transparent, fair and well publicised process.

LAGOS HOME OWNERSHIP MORTGAGE SCHEME (Lagos HOMS)

The Lagos Home Ownership Mortgage Scheme (Lagos HOMS) is a government initiative to encourage and support home ownership of First-Time Buyer (FTB) residents of Lagos State to purchase decent and affordable homes through the provision of accessible mortgage finance. Lagos HOMS is administered by the Lagos Mortgage Board (LMB)

In line with its promise to energise investment in home ownership by increasing the supply of homes and enabling wide access to home ownership through mortgage finance, the Lagos State Government under the able leadership of Mr. Babatunde Raji Fashola SAN introduced the Lagos Home Ownership Mortgage Scheme, (Lagos HOMS).

Lagos HOMS is a unique solution to the substantial supply gap in housing stock in Lagos State, inspired by the Governor’s resolve to bridge the housing deficit in Lagos State and ensure that the Lagos State Government lives up to its social obligation to provide affordable shelter to its citizens.

Why the services of a Lawyer is required for investigation of title

WHY THE SERVICES OF A LAWYER IS REQUIRED FOR INVESTIGATION OF TITLE

1. A Lawyer would make sure that a proper investigation is conducted as well as to conduct a physical inspection of the property.

Photo- 247ureports.com

How N3,750 can save you from losing millions of naira

There is no denying the fact that thousands of scammers out there are reaping from the ignorant with non-existent properties or properties that have so many encumbrances. It therefore goes without saying that you conduct a search on that property/land before you make any financial commitment because if you do not, that land/house you bought for millions or even billions of naira might not actually be yours.

Photo - dacare-legal.com

Limitations of the Nigerian Conveyancing Law Practice

LIMITATIONS OF THE NIGERIAN CONVEYANCING LAW PRACTICE

ARE AS FOLLOWS:

1.Multiplicity of Laws

2.Illiteracy

3.Failure of purchasers to consult solicitors until very late in the transaction

4.Professional incompetence and lack of diligence amongst lawyers

Nigeria Real Estate Laws, What the law says....

THE-LAW

Real estate law Lagos Nigeria –

Nigeria real estate law is a combination of so many laws that regulate the real estate industry in Nigeria. These laws are many as you will expect for a nation as big as Nigeria.

Obviously, we cannot consider all of these property laws here. But some important and critical ones are worth mentioning to keep you well informed so you can make the right choices, make the right investment, and make money. It also ensures you don’t make the sort of mistakes that can cost you your real estate investment in the long run.

Photo Credit - michaelkrivalesq.com 

It is important to note that this is not a legal site and so the laws will be explained in simple terms so the average person can understand them.

Means of Acquiring Land in Nigeria

MEANS OF ACQUIRING LAND IN NIGERIA

 1.Customary Law-     SADIKU V.DALORI; NELSONV. EBANGA 

2.Government Allocation-State grant-      ISERU V.CATHOLIC BISHOP OF WARRI DIOCESE

3.Purchase/Sale/Assignment

Photo Credit - grain.org 

4.Gift Intervivos(By deed of gift)

MAGODO ISHERI 5 BEDROOM SEMI-DETACH DUPLEX FOR SALE

Distress Sale !!!

This property is a twin duplex and the current market value is about #60 million, but the owner is willing to sell at a distress value rate of #40 million. This is one of the rare opportunities in Real Estate for any wise investor to key into at this moment.

Root of Title

ROOT OF TITLE

This is a document of title which is sufficient in itself without any extrinsic evidence to establish the title to the land. This shows if the vendor has a valid right to sell the land and if it is unencumbered.

Credit - landsregistry-titledeeds.co.uk