MEMORIES PREMIER PROPERTIES

The promulgation the Land Use Decree (later the Land Use Act) in 1978 brought about the vesting of exclusive powers over land within the territory of any given State in the Governor of the State. The effect was that radical ownership of land was vested in the Governor and private persons were only entitled to a leasehold interest through a right of occupancy. The Act further requires that the consent of the Governor has to be obtained prior to any method of alienation or assignment of property by the holder of a right of occupancy. The effect of this was that any assignment of interests or mortgages required the consent of the Governor to be legally enforceable. Whether there was coercion or not, the law under section 22(2) of the Land use Act recognizes cases where some form of written agreement executed in evidence of a transaction is submitted to the Governor in order to obtain consent as required by the section. Therefore, for a transaction of this nature to be valid,...

 Gideon was a professional driver attached to professor Ajala of the department of Linguistics and literary studies at the University of Lagos. He learned very early in life from his father the importance of investing in real estate via land banking!  Even though he was placed on the basic minimum salary as a federal worker when he started then, he however committed himself to investing 40% of his basic salary into land banking . This he did religiously for many years while he continues to live in a one - bedroom apartment with his wife and two children at the outskirt of Lagos !  On the other hand, his boss was living in one of the apartments in UNILAG staff quarters! After 35 years of meritorious service in UNILAG, Professor Ajala was retired and he had no where else to go ! In the past- all the advice from friends and families to invest in real estate fell on deaf ears !  His complains then was :  "That place is too far!"  "It is waterlogged"  "It i...

Before we continue with part three, let me quickly say this. The reason why most people never end up owning real estates is because; Number one, they don't have a real estate dream, they don't have any goal to owning properties. In fact some have even shot their mind to it by concluding real estate is expensive, it's for the wealthy, some even say they can't afford it. Who told you that you can't afford it?  Let me tell you this, anytime you say I can't afford it, you simply shot the door against yourself. Wealth is of the mind, we the wealthy don't say I can't afford it o, rather we say how can I afford it.  It may take time but once we say that, we start developing strategies, we start planning towards that goal. You've got to imagine the kind of estates you want to have. Number two reason why most people don't own properties is that;  They don't have a vibrant real estate investors network. If everybody you connect with is a tenant with no...

 Allow me to begin by defining what #landbanking is, for the sake of individuals who do not know what it's about. 👉 Landbanking is the practice of aggregating parcels of land for future sales or development. It is important to know that not all lands appreciate and the ones that appreciate are simply based on one cogent reason- Demand. For instance, if you go and buy land in your village because Mr. Joe is telling you to buy land in your hometown, you may not make any reasonable money because nobody wants to live there.  Why ? There's no high demand for your village. So how do you identify land that can make you crazy money in Real Estate in a shortest possible time. 👉 LANDS CLOSE TO THE OUTSKIRT OF A DENSELY POPULATED CITY. Buy lands close to a megacity, close to a highly populated city. Do you know why? People will soon begin to move to those locations either because they want somewhere more serene or more affordable. And because of that, the value of land in the outskirt ...

 👉 Get to know the secrets of Wealthy Real estate investors today_ All big and most expensive cities in the world are either facing The water, surrounded by water, or divided by water. The most expensive buildings in the world are in Manhattan and it's surrounded by water.  There's no more land to buy in Manhattan, they now buy what is called Air right. That's buying on top of somebody's house and building your own house there. The most expensive land in the whole world is found here in Nigeria, Victoria Island to be precise.  Yes, Victoria island, a 600sqm is about $6m.  It could have been Manhattan but there's no more land to buy in Manhattan. Victoria Island is surrounded by water. Lekki phase one is facing the water.  Facing the lagoon on one side and the Atlantic Ocean on the other side. People love water, that's why Lagos compete globally when it comes to return of investment (ROI) in real estate.  You hear people say I want *Ocean View, I love the b...

  𝙒𝙃𝘼𝙏 𝙃𝘼𝙋𝙋𝙀𝙉𝙎 𝙒𝙃𝙀𝙍𝙀 𝙏𝙃𝙀𝙍𝙀 𝘼𝙍𝙀 𝙏𝙒𝙊 𝙍𝙄𝙂𝙃𝙏𝙎 𝙊𝙁 𝙊𝘾𝘾𝙐𝙋𝘼𝙉𝘾𝙔 𝙊𝙑𝙀𝙍 𝙏𝙃𝙀 𝙎𝘼𝙈𝙀 𝙋𝙄𝙀𝘾𝙀 𝙊𝙁 𝙇𝘼𝙉𝘿 ? Where there are two Rights of Occupancy over the same piece of land, the first to be issued (barring no fraud, revocation or irregularity) prevails over the second one. This was the position of the Court in the recent case of JENRADE  V.  SANI (2021) 13 NWLR Pt. 1792 p. 111 where two Rights of Occupancy were erroneously issued to cover the same piece of land; on whether two rights of occupancy can subsist in respect of same land, the Court stated that: "Where there is a subsisting right of occupancy, it is good against any other right. Therefore, the grant of another right of occupancy over the same piece of land will be merely illusory and invalid.  As long as the previous or earlier title or right of occupancy over piece of land subsists, no other rival or competing title of right of occupancy can simultaneo...

About 2 years ago (2019), if you had ₦360, you could buy $1. Simultaneously, 6 years ago (2015), ₦200 could buy you $1. But today, that same ₦360 can only get you $0.75 and that same ₦200 can only get you $0.41.  This means that there is a significant loss on the value of your savings in naira by 25% and 60% respectively. Another factor is Inflation. Why this factor is very worrisome is because, apart from the impact of devaluation, the local currency has lost its purchasing power quite significantly. Imagine today, a dollar approximately ₦580. So, the question is this, how do you build a portfolio that helps you maintain the value of your investments and dodge the devaluation and inflation bullet the economy keeps firing at us? There are five ways to do this and I am going to tell you: 1. EQUITY/STOCK INVESTMENT: As an avid investor who wants to protect his/her investment and protect your finances, you should start asking about equity. You want to know how you can get your hands o...

 7 𝐈𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐭 𝐥𝐚𝐧𝐝 𝐝𝐨𝐜𝐮𝐦𝐞𝐧𝐭𝐬 𝐲𝐨𝐮 𝐦𝐮𝐬𝐭 𝐤𝐧𝐨𝐰 𝐛𝐞𝐟𝐨𝐫𝐞 𝐛𝐮𝐲𝐢𝐧𝐠 𝐚 𝐥𝐚𝐧𝐝 𝐢𝐧 𝐍𝐢𝐠𝐞𝐫𝐢𝐚. It is imperative that any individual who intends to purchase landed property must know and understand the types of documentation that governs land transactions.  It is a pity that only about 12% of land purchasers know and comprehend what land documents truly mean and the reason which they serve.  One of the most significant methods for making a claim for land ownership as well as in any landed properties’ exchanges is by having title documents that are important and recognized by different government rules and laws on such landed properties.  The introduction of any of these title documents will help make the claim of ownership or transaction become legitimate after confirmation from the fitting government offices accountable for all landed properties’ issues in Nigeria. There are 7 Basic title documents relevant to landed property ow...

A Survey plan is not a title to land; it is only a document that is needed to give accurate measurement and description of the land. The survey plan is usually needed to draft a Deed of Assignment which is the document that transfers title to land. In the case of OKORIE v. UNAKALAMBA & ANOR (2013) LPELR-22508(CA), the court held that it is not bound to accept the evidence of a surveyor on boundaries and description if it is sufficient that the parties know the land, see - Yusuff vs. Keinsi (2005) 13 NWLR (PT. 943) 554 CA. It was also decided that "a Survey Plan is not necessary and can be dispensed with where the parties are ad idem on the land in dispute". See C.G.C. (NIG) Ltd vs. Baba (2004) 10 NWLR (PT. 882) 658 In conclusion, "It has long been established by the Supreme Court in the celebrated case of D. O. Idundun & Ors. v. Daniel Okumagba & Ors. (1976) 9-10 SC 227 at Pp. 246-250 that there are five ways of proving title to land. These are: 1. By tradi...

Do you know the condition of real estate is different in every situation. To protect yourself when making such a substantial investment, it is important to have a thorough inspection by a trained professional. Make your offer to purchase property contingent on a satisfactory home inspection, and you will avoid investing in a #money pit.   What exactly is considered satisfactory ?  Any home containing wood should have a pest inspection, where the inspector looks for evidence of damage caused by termites, mice, ants or other pests.  This inspection is separate from that done by the home inspector. Your home inspector should focus on every mechanical and structural aspect of the property.  They will look for substantial cracks in the foundation, levelness of the structure, and moisture in the basement.   Water penetration is evident when there is mold, mildew or efflorescence - a white powder that shows where water has penetrated.   High tech in...