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What is a Certificate of Occupancy? – All you need to know
What is a Certificate of Occupancy?
A Certificate of Occupancy, also known as C of O, is a
document issued by the government of Nigeria to landowners as legal proof of ownership.
The government is constitutionally mandated to issue
the Certificate of Occupancy because all lands in the state are vested in the Governor of the State.
This is clearly dictated by the Land Use Act 1978.
The individual that you are buying the land from
determines how you will get your Certificate of Occupancy.
If you are buying from omo onile it is advisable to ensure that
the land or property you are about to buy has not been acquired by the government.
If you are buying the land from the government,
the process of obtaining your C of O in Nigeria
would be initiated as soon as the sale is confirmed.
Application for Certificate of Occupancy
The processes involved in applying for a certificate of
occupancy in Nigeria varies if it is a state-owned land or a non-state Land.
A state-owned land application for a certificate of occupancy
requires the following documents below:
a formal Letter addressed to the Executive Secretary,
evidence of Income Tax payment, current development levy,
a survey plan, a standard allocation form with receipt,
four passport photographs with white background,
all payment receipts of Land Charges and vital information form.
A non-state-owned land application for a certificate of occupancy
involves the following processes below:
Submitting Application and Vital Information Form for Certificate of Occupancy.
Title Search for previous Registration and Site Inspection.
Certificate of Occupancy Engrossment.
Recommendation by a government official for execution of Certificate of Occupancy.
Execution of Certificate of Occupancy with stamp duty by theCommissioner for Stamp Duties.
Certificate of Occupancy is registered by the Land Registry.
Collection of executed and registered Certificate of Occupancy.
Lagos State Electronic Cof O
In the year 2015, Akinwunmi Ambode, the Lagos State Governor
authorised the release of Electronic Certificates of Occupancy
in Lagos state which and has been officially adopted since its inception.
To collect your C of O, you have to check if your name is listed in the schedule in various publications.
If your name is published then you can visit the Lands Bureau
at the Alausa Secretariat in Ikeja for the collection of your Certificates of Occupancy.
The electronic Certificate of Ownership shows all the history
and transactions that have taken place pertaining to the land.
6 Vital Documents you must request for when you purchased Real Estate Properties in Nigeria – Latest 2022
There are different types of land documents that influence the transfer/ purchase of land title and legal interest in a property. A potential land buyer should be familiar with the required land documents for the property they are considering purchasing. The type of property in question would determine which documents are appropriate. Here is a list of important documents you need to have when buying property in Nigeria
DEED OF ASSIGNMENT
A deed of assignment is essential, as it transfers ownership of land or property from one party to the other. They know the parties to a deed of assignment as assignor (the seller) and assignee (the buyer) (the purchaser). The seller and buyer need to have an agreement.
CERTIFICATE OF OCCUPANCY
The Certificate of Occupancy, or C of O, is the most important document to property buyers and landowners. The document is issued by State Governments and it verifies that you own the land or property in question. Property purchased without a Certificate of Occupancy is the equivalent of purchasing a vehicle without a logbook. As a Nigerian landowner or property owner, this is not the kind of situation you want to find yourself in.
SURVEY PLAN
A Survey plan is a document that measures the boundary of a parcel of land to give an accurate measurement and description of that land. The location and size of landed property are depicted on a survey plan. It is easy to examine or search whether the land is genuinely under any government acquisition or not using the descriptions and coordinates on the survey record from the office of the Surveyor-General.
RECEIPT OF PURCHASE
A land purchase receipt is a typical receipt or document that confirms receipt of money for a specific property or piece of land.
The seller typically gives the buyer a receipt after the sale of a property. The reception provision, however, may be waived in cases when it is part of the land transfer agreement.
DEED OF MORTGAGE
A mortgage is a loan from a bank or other financial institution that helps a borrower purchase a home. A mortgage deed is a legally binding document outlining the terms of a mortgage that puts a lien on the house until the lender repays the loan in full.
THE MOTHER DEED
Mother deed is another document on the list of important documents when buying a property. This is the document that traces the origin of property as well as all other relevant conveyance deeds. This document is required by banks when a buyer wants to get a loan. An individual may approach the local authorities for help while creating this document.
To avoid fraud in the purchase of property, conduct appropriate checks and ensure that all necessary documents are available and authentic. If you also decide to rent out your property, the tenancy agreement is another important document to prepare.
Best locations to Invest in landed properties in Lagos – (Latest-2022)
Best locations to Invest in landed properties in Lagos – (Latest-2022)
Lagos is the most profitable real estate center in Nigeria.
Many people prefer buying real estate properties in Lagos.
EUC Homes have a lot of land available in their estates located at Ibeju Lekki
Some of them you can consider buying today are:
1:SunnyLands Court 10M naira
2: Atlantic Courtyard 30M naira
3: Cherrywood front 25M
4: Brookville 6M
5:Edgewood: 5M
6: Oceanwood Court 4.5M
Below is the list of all the hottest places you can buy land and expect high ROI
Ibeju Lekki: To most people in the real estate sector this area has
already been termed the next Lagos due to the high volume of investments
and infrastructure development going on by both the public and private sectors.
Making it a hot spot for purchasing Land, land there already
sells in the range of a million-plus and this will increase further
as more investments and capital projects by the government are done there.
Epe: close to the Ibeju lekki axis this is also a very lucrative place to purchase land as the direct investment and inflow of projects and investments in Ibeju lekki would directly affect land appreciation in Epe.
Lekki: This area needs no introduction, and despite what people think, there are still large areas of land on the lekki axis still available for purchase and not as pricey as you would think.
Magodo: This is a very good area for anyone willing to buy land in Lagos. Its close proximity to the capital of Lagos, Ikeja, makes it a good choice for all seeking a good spot to purchase land. Magodo has well-developed road networks and is home to some nice estates.
Check: Buy land and houses in Lagos with a flexible payment plan.
Sangotedo: Located after Ajah, this area has witnessed a commercial boom in just a few years and is now one of the top spots on the island to purchase land from. There is already a heavy presence of estates and residential homes there and more is likely to follow over the years.
Real Estate AWOOF Plan To Own A Home From EUC Homes
INTRODUCING 
ALTLANTIC COURTYARD
There’s nothing like standing
at the edge of the ocean
. With each wave barreling in one after the other, our senses
can’t help but be ignited. Smelling
that salty and briny sea breeze, seeing its vastness as our eyes
scan the horizon to try to comprehend its end, and feeling so small in the middle of its mighty roar or quiet stillness: these are emotions only the ocean can stir.
_Location_ – Okun Ajah
_Title – Global C of O
_Plot Size – 600sqm_
_Actual Price_ – 25million
ALTLATIC COURTYARD has close proximity t
Atican Beach
Santacruz Beach
Atican beach estate
baracuda beach,etc
Estate Features
Gate house
Perimeter Fencing
Good road network
Good drainage system
Electricity and so much more.
Payment Plan
Outright – 25million
3 months – 28million
6 months -31million
12 months -34million
FOR MORE ENQUIRIES CALL OR VISIT OUR WEBSITE
Euchomes homepage
08171947272
09080030000
08104645436
EUC HOMES
How to Identify fake Real Estate Companies in Lagos (Tips to avoid them) Latest
How to Identify fake Real Estate Companies in Lagos (Tips to avoid them) Latest
80 percent of real estate companies are based in Lagos. As the real estate industry in Nigeria continues to boom, the number of fake real estate companies has greatly increased despite the strict laws that govern the sale and purchase of any property.
Identifying a fraudulent real estate agent can be difficult, especially when you are dealing with those ones who have been in the industry for a long time. They know the ins and outs of the industry and are able to come up with strategies to fool less savvy investors. However, there are things you should look out for when dealing with real estate companies in Nigeria.
Here are some ways you can detect a fake real estate company in Lagos:
Legal registration
Before using a real estate company for your real estate investment, you need to carry out thorough research on the company to find out if the company is duly registered with Nigeria CAC (Corporate Affairs Commission). One of the ways to do this is by asking the company for its registration number; all genuine real estate companies are proud and happy to provide their registration number to you on request.
If the company refuses to present its registration number to you, this is a sign that the company may be a fake real estate company.
If the company presents its CAC(corporate affairs commission) registration number to you but you are still not fully convinced about the registration number, you can verify the company’s registration number by visiting the CAC office in Abuja. Alternatively, you can hire a lawyer to do this for you.
credit: Redanonline
No License To Operate
The registration of the company is important to determine if a company is genuine or not. But when it comes to the real estate industry, it is very important that every realtor has a license to operate as a real estate company in Nigeria. So as a real estate investor, before purchasing a property through a real estate agent, ask for its license.
Every genuine real estate company in Nigeria must be registered and recognized by at least one of the Nigerian estate boards – Real Estate Developers Association of Nigeria (REDAN), Estate Surveyors, and Valuers Registration Board of Nigeria (ESVARBON), among others.
If the company’s name is not registered or recognized by any of these boards, it is a red flag and I will advise you to find a different company.
Document verification and authentication
The moment you resolve to buy a property, the first thing to do is get a reliable lawyer to oversee the property documentation and verification. The lawyer should do the verification to ascertain the legitimacy and authenticity of the real estate agency. There are also a lot of required documents to be ascertained and verified before you proceed to make payment.
How to Identify a Fake Agent?
There are some warning signs which can help you identify property scammers:
- Often the rental scammers show that they are out of town. They claim that they have a property that you are looking for but can’t meet you personally.
- Most of the fake agents pretend to be military soldiers, UN workers,s or a missionary. If your agent is one of these, chances are he is making you a fool.
- He/she will call you at odd hours which is an indication the scammer is working from overseas.
- If the property owner is asking for your financial information right from the start, be careful and don’t do that.
How to Avoid Scams and Fraudulent Listings?
If the listing looks genuine to you, there is still a chance of fraud and you would never want to lose your life saving to a scammer. Take the following steps to be on the safer side:
- Visit the Property in Person
- Ask to speak to current renters
- Only contact reliable Real Estate Companies
- Ask for Real Estate License from your agent
- Never pay with Cash or Wire Transfer
- Double-check prices and rent before signing the lease
Things you need to know
1. An experienced and authentic real estate agent generally sells a minimum of one property per year.
2. With the name and address of an agent, you can Google the PR of the broker.
3. Don’t go blind on online reputation as many scammers use marketing tips to establish a good reputation on Google.
4. If an agent says that his/her commissions are non-negotiable, step away from that agent.
5. Before you chose an agent, ask for his/her license.
6. Look for the track record of the agent. Don’t rely on the testimonials placed on their blogs, instead ask for the phone number of previous clients and have their feedback about the agent.
7. Fake agents will never answer your questions enthusiastically and will focus on their personal achievements.
8. Without talking about the property, they will keep asking for money.
5 toughest issues real estate agents experience in 2022 (and Solutions) – Latest
5 toughest issues real estate agents experience and solutions
Major difficulties that real estate professionals around the world are dealing
with are; changing environmental conditions, fluctuating political environments,
volatile markets, increasing purchase rates and changing technological developments.
So, here are the 5 biggest challenges real estate agents face and how to fix them
Ask your typical agent for a list of their biggest challenges,
and you’ll invariably hear many of the same answers repeated.
Whether you agree or not, the challenges listed here affect solo agents
and real estate management companies in one way or another.
Some of them are unique to real estate, others apply to just about any industry.
But the solutions offered are practical and can be implemented even by agents without a lot of experience.
1) Low Inventory
It’s pretty simple: without inventory, you have no income. No income means no business. Finding listings in a low-inventory market, however, has become a challenge even for agents with years in the business. New agents, especially, will find it a challenge to find sellers. Of course, you can’t gain experience if no one lists with you! This is why you have to shift your focus. In other words, if the fish aren’t biting, go where the fish are!
Solution: Expand Your Sphere Of Influence.
Referrals are the best source of leads in any market. They’re even more crucial to your business when inventory is low. Sellers are far more likely to trust a referral over a stranger when buyers are hard to come by. And given that most sellers solicit only 1 agent, expanding your sphere of influence should be your top priority.
2) Growing Online Competition From Listing Portals
The growing popularity of listing portals and the increase of homebuyer and renting apps have limited agents’ roles, but have not eliminated them. The success of these user-centric brands with digital home shoppers is a clear sign of what the future holds for real estate:
- Users will seek out an agent at increasingly later stages of the buying cycle.
- Digital advertising will become more effective
- Social networks will be crucial for finding referrals.
Solution: Becoming active online and on listing platforms, also look into launching a website or blog.
A comprehensive website for your community is a great way to compete with the larger brands and more seasoned agents in your industry. Getting your name and brand known by a lot of people helps you become visible when there’s a general or specific search for agents.
3) Adapting To Technology Trends
Algorithm updates, data security, privacy policies, marketing automation, SEO best practices, SMART home technology.
Today’s agent has to be as savvy at using technology as they do at prospecting. Solo agents and teams, in particular, must keep pace with new trends and updates to technology regularly.
Solution: Work With An IT Expert
Whether it’s setting up an email account, choosing a domain name, or deciding on a web-based CMS, tech decisions can’t be taken lightly. If you don’t consider yourself a tech expert, seek out someone you can rely on for tech advice.
An IT expert can advise you on cost-effective alternatives and even troubleshoot for you when you run into problems.
4) Costly Lead Generation
As social media networks reach global saturation, digital advertising is becoming more costly, while yielding lower ROI for advertisers. When properties are available but no clients or leads due to the high cost of getting them, then there’s a problem.
Solution: Focus On Building Organic Traffic.
Your prospects use search engines each day to find local products, you can list your properties on websites like propertypro.ng to have access to more clients and eventually get more leads and seal deals. Organic traffic can raise your visibility in search results.
5) Cultivating A Database
Building a database is one thing. Cultivating a database for leads and referrals is yet another hurdle to an agent’s success. Most agents don’t realize how crucial it is to communicate with contacts frequently. Inexperienced agents concentrate on making the sales immediately rather than maintaining contact with their clients after the sale. Only 25% of agents actively seek out referrals from their current contacts and previous clients. They consequently lose out on referral business, which can generate close to 50% of your yearly income!
Research provided by Brian & Buffini yielded the following insights about referrals among real estate agents:
- 25% of agents generate more than 50% of their annual business entirely through referrals!
- 88% of buyers claim they would use the same agent or refer them.
- The average agent earns 42% of their business through referrals!
- 82% of ALL real estate transactions are REFERRALS!
Solution: Implement Marketing Automation
It takes a bit of time to stay in touch with dozens or even hundreds of contacts! We are grateful for technology! Automating your email delivery will save you valuable hours each week. Used correctly, marketing automation can also help you target your messages more effectively to the right market segments.
Here are a few things you can achieve with automated tools working for you:
- Schedule emails to promote your next listing
- Automate your subscriptions for your listing platforms
- Make use of extra marketing tools you have access to as an agent
- Automate social media posts for optimum reach
- Engage visitors to your website seeking information who are early in the buying cycle
- Send notifications, reminders, and alerts to targeted members/segments of your database
Here are the 5 biggest challenges real estate agents face and how to fix them. Did we miss any? Let us know.
