PROPERTY
property, protocols of sale& negotiation, research,
investigate sales. Establish a good relationship with
your broker/ agent or seller; observe very well the
regulatory side of property acquisition or purchase.
It is also wise to know what to expect, don’t be
fooled by the terminologies financialexperts use to
confuse novice(s) the legal framework and bottle-
necks, you will need to know the obstacles you will
face and how to remove them. Here now we have
two sides of the story, the financial aspect (mort-
gage) and the legal aspect (which involves the law
and a lawyer) we would now however expose you to
those mistakes commonly made by the simple:-
9. Understand and review clauses banks imposing
their estate surveyor & valuer or agents to search
value or other services. Be settled about the pay-
ment options i.e. down payment to keep seller
happy.
1. Make sure you do a careful search through an
estate surveyor and valuer who knows his onion well
so you are not sold duds as some simple people fall
into the hand of fraudster in their pursuit of owning
or purchasing land property.
10. Deed of assignment transfer from seller to buyer
and the proceedings for final payment.
11. Governor’s Consent after transfer of property
will take 4-6 months under the land use Act (1992)
ownership by leasehold and freehold is 75-99 years
as the case maybe if the land does not have a state
C of O the head of the district has a jurisdiction that
is binding and ultimately the local government area
chairman is an authority too.We also have the state
and urban development authority.
2. Find out why the property you are interested in is
been sold, you don’t want to purchase what other
people are trying to dispose off. Check very well
tosecure a mortgage, set a timeframe, and know the
procedures and the right steps to take.
3. Stay away from banks who will tell or trick you
to open a mortgage account before they hand you
capital to buy or build your house.
12. Pay all the fees at once because the quicker the
better the process goes don’t make mistakes in any
of the above highlight. Never be ashamed or slow
to ask questions. Fees include cost of certified true
copy of the deed, stamp duties, endorsement fee,
survey and facilitation fee, charting and registration
fee, administration and consent fee, deed of lease or
sublease.
4. Talk to one, two or more banks to have comfort-
able comparative analysis that will give you an ad-
vantage in the course of your goal setting and getting
it.
5. Consider the penalty clause to redeeem your
mortgage. This should give you a flexible plan op-
tion to pay off your mortgage or negotiate interest
charges with your bank.
How to increase Online Real Estate
Leads
Real Estate all over the world, even in Nigeria, has
advanced from the normal flyer and magazine ad-
verts to the internet because it is cost effective and
has the potential of reaching a greater number of
prospective clients.
With this said, the benefits of online real estate
marketing is as follows:
1) It is cheaper using the internet and its resources
as a means of marketing your products and services.
2) Your products and services are exposed to the
whole world
3) It is easier and with the advancement in the inter-
net technology, transactions can be closed quicker
due to the ease in the transfer of information.
6. Be wise about the documentation and processes,
protocols, due diligence the check list and all other
criteria such as property description, aerial photo-
graphs, if it is an existing property in hard and soft
copy, Architectural drawings, bill of quantity, etc the
application process, information to the bank about
your earning ability or capacity, expenditures and
pattern. The bank will ask you this before they tell
you how much they can advance you.
7. Do a cash flow analysis of yourself, your profit and
loss account and your personal balance sheet.
8. Take good cognizance while inspecting your choice
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