Where to Buy Land from Omonile or Real Estate Company

This is an important an important aspect of property business, because it will at the end determine the security of the land and give you peace of mind. It also has its financial implication. why should you buy from a real estate company when they could have bought cheaper from Omoniles is the big question?
Well, buying Land from Omonile is like tossing your net into the ocean with blindfolds across your eyes, of course I don’t say this to them but that’s what it is. According to a land brokering and land sale, expert in Lagos, Nigeria. 1978, land owners had freehold on all their land, that means, land owners had control over their ancestral land and could sell to any buyer without the government’s consent. But the Nigeria’s Land Use Act of 1978 abolished all existing freehold systems.
The Land Use Act, was meant to standardize land administration systems across the country. It vested all urban land within a state in the state governor, and all non-urban land in the local governments in which they are found. Therefore, government own all land but in consideration to the ancestral owners, a system was devised where the government can excise portions of the land to the ancestral owners through a process called excision. To understand better, you can read article on Real Estate Land Documentation.
It is worthy to note that Lagos in particular, has a land resource management and administrative office (land bureau) in Alausa that keeps records of their land, control the municipal planning of the state and are also, the custodian of the town planning blueprints of the state.
There is a risks of buying land from Omonile and not from a real estate company. How do you determine the valid land owners? This has had a lot court cases in the past and reverse ownership an entire land area that has been developed with people living in it.
Before any land is valid for sale, it should be registered with the land bureau and ascertained as not within government committed land. This is the major risk of buying from Omoniles. Most of them don’t know or bother to find out if their land falls within government committed land. If you buy such land, your investment will be forfeited and you would have lost more. get more on Real Estate visit www.investmentlight.com/realestate

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