7 Things You Should know When Buying Real Estate
REAL ESTATE/LAND BUYING PROCESS.
When buying/investing in real estates in Nigeria there are 7 significant steps or process you are to take if you want to go home and sleep with both eyes closed. The buying process, especially when buying from credible real estate development firm.
These are the 7 steps which are listed bellow;
1) Site inspection : it is of paramount importance to go to the location of the site/land before anything at all for you to know the exact location, topography of the land and even see what land marks are available around there that can always increase the value of the land.
2) Payment for the land: This is the exact cost of the land you buying and this can be done in full or partly (monthly installment). Of course, at this stage it is assumed that you have gone for Site Inspection, and you are satisfied with what you saw (the land).
3) Collection of Receipt And Contract Of Sales Document: these documents are to be handed over to you on full payment for the land cost. And when you are paying monthly, receipts are issued on every installment.
4) Payment Of Survey Plan And Deed Of Assignment: After payment for land, you are required to pay for your survey plan and deed of assignment. Though the real estate company receives the payments but they always remit to the state government and lawyer respectively. This make it stressfree for you as all the needful are done by the company.
5) Physical Allocation And Issuance Of Allocation Letter: This ought to come before point 4. However, experience has taught most real estate firms to request for the payments of the survey plan and deed before physical allocation and issuance of allocation letter. This time your land is allocated to you and the next step will be done. You can read more about land size here
6) Issuance of Deed And Survey Plan: When all the above are done deed of assignment and your survey plan will be given to you; with these two additional documents, you can be fully congratulated as a land owner. You can read more about land documents here.
7). Payment of Development Levy: This development levy covers all the infrastructure and amenities to provided in the estate. Note, often times, the amount charged by these companies are far less to the cost of the infrastructure lager percentage are shoulder by these companies and includes the following ;
(a)Drainage System
(b)Water installation
(c)Security
(d)Access Roads
(e)Perimeter Fencing, etc
I want to believe with this little explanation I have done you are confident to buy/invest into real estate now. Please click the home key below to check out our mouthwatering estates and book a free site inspection.
HOME
When buying/investing in real estates in Nigeria there are 7 significant steps or process you are to take if you want to go home and sleep with both eyes closed. The buying process, especially when buying from credible real estate development firm.
These are the 7 steps which are listed bellow;
1) Site inspection : it is of paramount importance to go to the location of the site/land before anything at all for you to know the exact location, topography of the land and even see what land marks are available around there that can always increase the value of the land.
2) Payment for the land: This is the exact cost of the land you buying and this can be done in full or partly (monthly installment). Of course, at this stage it is assumed that you have gone for Site Inspection, and you are satisfied with what you saw (the land).
3) Collection of Receipt And Contract Of Sales Document: these documents are to be handed over to you on full payment for the land cost. And when you are paying monthly, receipts are issued on every installment.
4) Payment Of Survey Plan And Deed Of Assignment: After payment for land, you are required to pay for your survey plan and deed of assignment. Though the real estate company receives the payments but they always remit to the state government and lawyer respectively. This make it stressfree for you as all the needful are done by the company.
5) Physical Allocation And Issuance Of Allocation Letter: This ought to come before point 4. However, experience has taught most real estate firms to request for the payments of the survey plan and deed before physical allocation and issuance of allocation letter. This time your land is allocated to you and the next step will be done. You can read more about land size here
6) Issuance of Deed And Survey Plan: When all the above are done deed of assignment and your survey plan will be given to you; with these two additional documents, you can be fully congratulated as a land owner. You can read more about land documents here.
7). Payment of Development Levy: This development levy covers all the infrastructure and amenities to provided in the estate. Note, often times, the amount charged by these companies are far less to the cost of the infrastructure lager percentage are shoulder by these companies and includes the following ;
(a)Drainage System
(b)Water installation
(c)Security
(d)Access Roads
(e)Perimeter Fencing, etc
I want to believe with this little explanation I have done you are confident to buy/invest into real estate now. Please click the home key below to check out our mouthwatering estates and book a free site inspection.
HOME
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