When do I get allocated my own plot?
Plot allocation takes when the subscriber has made all the necessary payments from the Land price to the other statutory fees. Plot allocation are done instantly when subscribers make full payments or at the end of every payment associated with the land or when the subscriber pays his last instalment.
Are there Hidden Charges when buying from Estates?
There are no hidden charges but statutory fees when you buy from an estate. These fees are the same fees you will need to ay when buying non-estate properties. These fees include:
- Documentation/Legal fees: These are fees for processing the deed of assignment for the property. A deed of Assignment is one of the most important documents you must have when you conclude a Land Transaction. A deed of Assignment is an Agreement between the Seller of a Land or Property and a Buyer of that Land or property showing evidence that the Seller has transferred all his rights, his title, his interest and ownership of that land to that the Seller that has just bought land.
- Survey Plan Fees : Every land needs a 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 developing estate always ensure that they give their subscribers registered survey plans hence they always employ the services of a professional Land Surveyor.
- Development Fees/Levy : The development levy is the amount used in bringing in facilities that will serve the whole estate such as drainages, electricity, security, playground etc.
Why Do I need to Buy From an Estate?
The Nigerian real estate market is one that is really different from other types of market. Buying lands within an estate is safer than buying from families along with their minions known as “Omoniles”. A land bought within the confines of an estate enjoy the following:
-Security of property: Most lands sold by Omoniles or the families are not secured as they are resold to someone else irrespective of the fact that they know they have sold it to someone else. Your property is safe with the estate developer.
– Documentation: Estates love documentation. They document every transaction from payment till the date of allocation. Every amount paid for services are utilized. Estates always ensure that they have the right titles to the lands. Lands sold by most families do not have any trace of the transaction.
-Development of Property : During development of property in non-estate environment is a big issue as these Omoniles who are mostly touts always come to disturb the workers and start to demand money unnecessarily at each stage of the property. Estate properties are developed peacefully. There is no trouble from any quarters.
– Aesthetics : Estates are well structured and organized. They are designed to meet one’s taste. Unlike non-estate areas, the monies collected for development by the families are not used for the purpose for which it was collected.
The Importance of Off-Plan Sales
Off-Plan sales means paying for the construction of a prototype property in an estate until the project is completed and delivered within a specified period.
Here are some of the advantages of Off-Plan Sales
👉 You Get at a Significantly Lower Price Below Average
👉 You Can Sell at Completion
👉 You Make Rental Income For Life
👉 You Can Tweak The Design of Your Unit
👉 You Can Grow Your Capital:
What is the difference between a real estate agent and a real estate broker?
Most states require real estate sales professionals to be licensed by the state, so that they can control education and experience requirements and have a central authority to resolve consumer problems.
The terminology used to identify real estate professionals varies a little from state to state. Brokers are generally required to have more education and experience than real estate salespersons or agents.
The person you normally deal with is a real estate agent or salesperson. The salesperson is licensed by the state, but must work for a broker. All listings are placed in the broker’s name, not the salesperson’s.
A broker can deal directly with home buyers and sellers, or can have a staff of salespersons or agents working for him or her.
Why should I use a real estate salesperson?
A real estate salesperson is more than just a “sales person.” They act on your behalf as your agent, providing you with advice and guidance and doing a job – helping you buy or sell a home. While it is true they get paid for what they do, so do other professions that provide advice, guidance, and have a service to sell –such as Certified Public Accountants and Attorneys
The Internet has opened up a world of information that wasn’t previously available to homebuyers and seller. The data on listings available for sale is almost current – but not quite. There are times when you need the most current information about what has sold or is for sale, and the only way to get that is with an agent.
If you’re selling a home, you gain access to the most buyers by being listed in the Multiple Listing Service. Only a licensed real estate agent who is a member of your local MLS can get you listed there – which then gets you automatically listed on some of the major real estate web sites. If you’re buying or selling a home, the MLS is your agent’s best tool.
However, the role of an agent has changed in the last couple of years. In the past, agents were the only way home buyers and sellers could access information. Now agents are evolving. Because today’s home buyers and sellers are so much better informed than in the past, expertise and ability are becoming more important.
The real estate agent is becoming more of a “guide” than a “salesperson” — your personal representative in buying or selling a home.