Abuja Shelter Digest (First Edition)

SHELTER DIGEST
ABUJA FREE
Vol. 1 No. 1
INSIDE:
Exclusive
Property Listing
Page 25-30
Complete 2021 List of Mortgage Lenders in Nigeria.
HIGHRISE ABUJA
THE WORLD TRADE CENTRE, ABUJA
Choosing Between
Choosing Between
Choosing Between
Paying Rent
Paying Rent
Paying Rent
or Mortgage
or Mortgage
or Mortgage
10
10
10THINGS
THINGS
THINGS
You Must Know
You Must Know
You Must Know
about Accessing
about Accessing
about Accessing
Mortgage in Nigeria
Mortgage in Nigeria
Mortgage in Nigeria
Buying Property
Buying Property
Buying Property
in Abuja
in Abuja
in Abuja
Procedure & Requirements
of Land acquisition in Nigeria
BEGINNER'S GUIDE
BEGINNER'S GUIDE
BEGINNER'S GUIDE
to Being a Real Estate Agent
NOT TO BE SOLD
...a bimonthly publica on of Capital Property Lis ng and Facility Management Services (owners of AbujaPropertyList.com.ng)
March-April, 2021

Utako:
Dulux Colour Centre,
Beside Chisco Transport
Plot 171, Gouba Plaza,
A.E. Ekukinam Str., Abuja
0809 416 6188
Garki:
7 Dunokoﬁa St, Garki,
0805 507 0405
Gwarimpa:
Plot, 104 3rd Avenue,
Gwarimpa, Abuja
0803 314 2081
Asokoro:
72 Yakubu Gowon Crescent,
Asokoro, Abuja
0803 382 3373
Garki:
D'Rock Plaza Roundabout,
Kado, Abuja
0806 604 0042
Wuse 2:
77A Aminu Kano Crescent,
Wuse II, Abuja.
0708 852 9339

CONTENT
05
07
11
15
24
25
31
34
-
-
-
-
-
-
-
-
- 36
Editorial
10 Things You Must Know
About Accessing Mortgage in Nigeria
Important Tips on
Buying Property in Abuja
COVER: HIGHRISE ABUJA
About The World Trade Centre Abuja
A Complete List of
Mortgage Banks in Nigeria
Exclusive Property List
Procedure & Requirement of
Land Acquisition in Nigeria
Mortgage vs. Rent:
Choosing Between Paying Rent or Mortgage
Beginner’s Guide to
Being a Real Estate Agent
03
ABUJA SHELTER DIGEST/MARCH-APRIL 2021 [shelterdigest.abujapropertylist.com.ng] -

SHELTER DIGEST
ABUJA
The Ruby Centre, Plot 764, 5th Entrance, 2nd Floor,
Aminu Kano Crescent, Wuse 2, Abuja.
(+234) 0703 929 3934
SHELTERDIGEST.ABUJAPROPERTYLIST.COM.NG
Editorial
the foundations
of a fast growing City
PUBLISHER
Omenukor Donatus
EDITOR
Charles Oche
ART DIRECTORS
Emmanuel Oyilonye
CONTRIBUTING EDITOR
Uche Emeoke
STAFF WRITERS
Cynthia Emmanuel
Queen Okeke
Raymond Chibuzor
ART & PRODUCTION MANAGER
Ayomide Joshua
SALES
ADVERTIZING DIRECTOR
Jessica Daniel
ADVERTIZING & MARKETING DESIGNER
Omenukor Donatus
ADVERT SALES EXECUTIVES
Mary Aboh
BUSINESS
OPERATIONS DIRECTOR
Omenukor Donatus
BUSINESS COORDINATOR
Omenukor Donatus
A Publication of:
For and on Behalf of
Publishers/Operators/Owners of
[www.abujapropertylist.com.ng]
WE WANT TO KNOW
à Tell us about the great design you appreciate in and around
the city, whether it is a personal living space, a favourite building, or a recent
architectural or interior design project. Take a moment to drop us a line and let us know
if you can share your great spaces with our readers. You can reach us at
shelterdigest@abujapropertylist.com.ng
Here’s to your finding inspira on in our pages!
Donatus Omenukor
Publisher
t is in the Abuja’s architectural design, concieved to be the
most beautiful capital city in Africa. With towering high rise
buildings, from the World Trade Centre, Abuja to the NNPC
Towers to the Churchgate Tower, to the Reiz Continental
Hotel as well as the Ministry Towers of the Federal Civil
Service, the city of Abuja boasts of about twenty towers and
highrisebuildingstoday.
05
Over the years, there has been a building revolu on of sorts that has seen
the springing of modern estates around the city of Abuja. Most recently, we
have also seen the evolu on and technological advancements in the real
estate sector with smart building being developed for people interested in
moderntechnology.
There s ll remains however a deficit in shelter and accommoda on as the
number of persons in the Capital city con nues to increase due to rural to
urban migra on. This on its own I an opportunity for those in the housing
sectortoprovideaffordablehousingforpersonslivinginAbuja.
This edi on of ABUJA PROPERTY DIGEST bring you informa on on acquiring
land as well seeking and accessing mortgage in Abuja as well as a number of
propertylis ngsinAbuja.
I

2021
A.R.Evircon
ABUJA REAL ESTATE
V i r t u a l C o n f e r e n c e
COMING SOON!!!
*Keynote Addresses *Panels *Breakout Sessions *Expo and Exhibi on
For Enquiries, visit:
vircon.abujapropertylist.com.ng
or call:
07039293934
Get Ready for...

10
10
10THINGSYOUMUSTKNOW
THINGSYOUMUSTKNOW
THINGSYOUMUSTKNOW
about Accessing Mortgage in Nigeria
1. Mortgage Originators: These are the players in the real estate market in Nigeria. They are your typical
developers, Primary Mortgage Ins tu ons (PMI), Banks and the Na onal Housing Fund. Considering
that predominance of new housing projects in Lagos it is more likely for on to buy a house from an
originator than any other way. What this therefore tells me is that, to get a House that is built with
quality materials and delivered on me would mean sourcing for the right Developer. It also means, I
must look out for a PMI that is ready to offer the best deal in terms of Interest rates, tenor, collateral
etc.
2. Agents: Lawyer and Real Estate Agents also play an important role in mi ga ng any risk that may arise
out of the choices you make in 1 above. Agents know the market and are savvy enough to recognise
thebestdealforme.
3. Interest Rates: Mortgage rates in Nigeria are crazy and is one primary reason why I hardly advice
anyone to take out a mortgage. Interest rates on mortgage loans in Nigeriarange from 15% t0 25% per
lot of home owners in America and a lot of other developed countries acquire these houses through
Amortgage.Thisislargelyduetothefactthatmanyofthesecountrieshaveawellregulatedrealestatesector
that ensures that opportunity is given to families to get houses and pay off for long years. In Nigeria
however, as a result of the fluid value of the naira as well as other regulatory factors, these opportuni es are not
readily available for the people for long terms as those in the western world, but there s ll is opportunity for
mortgageforthepeople.Beloware10importantthingsyoumustknowaboutsecuringmortgageinNigeria
07

annumexcludingfeesandothercharges.Toputthisintobe ercontext,theSubprimeMortgageCrisis
of 5 years ago in the West was because Interest rates on Mortgages suddenly jumped from about 4%
to 8% per annum leading to massive defaults. So, in Nigeria if you take a Mortgage Loan of ₦25million
at15%painterestrateyouwouldhavepaid₦37.9millionininterestonlyoverthe15yearperiod!!That
is even more than the Principal itself!!. The trick here is that at 15% interest rate, it takes a lender
approximately 7years to recover the ₦25million it lent to you. That's about 6 years if the interest rate
of20%.Withthatsortofinterestrate,cananyonehonestlyaffordamortgageonasteadysalary?
4. Tenor: The me period giving to repay a loan, otherwise known as the Tenor is also a significant
considera on in the repayment of a loan. A longer tenor means that you o en have lower and
favourable cash payouts as your principal and interest repayments are evened out over a longer
period of me. However, this is quite decep ve and conceals the real cost to you. Using the example
above, had the loan been for 30years and not 15years the interest rate would be ₦88.8million!! So
basically,forahousethatcost₦25million,youpayanaddi onal₦88millionininterestover me.
5. Equity: This is the amount you are expected to contribute from your savings in addi on to the
mortgage when you plan to buy a house. This amount averages between 10%-20% in Western
socie es but in Nigeria, Mortgage Originators will o en require you contribute at least 30%. Basically,
the more equity you contribute on the outset the lower the amount you have to borrow from the
bank. For me, if I am borrowing at an interest rate of 15% or above injec ng an equity of at least 70%
foratenorof 10yearsisprobablythemostidealdebtto equitymixyou wantto have.Iwillexplainwhy
inafutureblogpost.
6. Loca on: The loca on of your property is also a very important considera on should you wish to part
finance it with a mortgage. Why would anyone borrow money to buy a property in a loca on that
have li le poten al for economic development? When ge ng a mortgage the meline for the
economic poten al of your loca on to materialise should always be lower than the tenor of your
mortgage. For example, if you buy a house in Epe with a mortgage loan payable over 10years, and
property values in Epe double over that same period, then the increase in value of the property would
havehelpedreducetheinterestrateyouhavepaidovertheyears.
7. Cap Rates: Cap Rates are basically the return on investment a property can generate. In other words if
youownapropertyworth₦30millionthatcangenerateagoingrentof₦3millionperannum,thenthe
cap rate for that property is 10%. Cap rates ma er in a mortgage and par cularly in an economy like
Nigeria where interest rates are double digits. You definitely want to make sure the rentable value of
your property outweighs the interest payable on it at any given year. Your cap rates should be more
thanyourinterestratesotherwiseyoubasicallyunderwater.
8. Percentage of your Income: I have always advised that payment for house rent should be no more
than one-third of your take-home pay. In the same vein Mortgage payments should also be no more
than one quarter of your take home pay or income. The reason is that when you take a mortgage that
grabs 25% of your take home, it is very likely that you must have staked in a lot of equity into the
property which in itself is a very good thing. It also helps you free up some cash which you can use for
yoursavingsandinvestments.
9. State: The Government always have a stake in almost everything we do. It is important to verify Title
ownership of Lands from the Lands registry. It is also important to know what applicable fees are for
seeking governors consent, registering land tles, land surveys, land use charge etc. You must also
consult them to know of the Mortgage Originators have obtained all the requisite approvals and
development permits before buying. According to the Land Use Act, the state governments have the
legalpowerandauthorityoverthelandswithintheirstatessotheyarealsoveryimportant
10. Taxes: Profit from a sale of property in Nigeria is chargeable for Capital Gains Tax (CGT). There is
currently no CGT payable for a sale of a property which is a dwelling house (house that you live in).
However,ifitisa house that you ownand you do not liveinit,then you willpayCGT when itissold.For
those looking to obtain a mortgage, your contribu on to the Na onal Housing Fund is tax deduc ble
fromsalarywhencompu ngPAYE.
08 - ABUJA SHELTER DIGEST/MARCH-APRIL 2021 [shelterdigest.abujapropertylist.com.ng]

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Buying Property in Abuja
IMPORTANT TIPS ON
here are important procedures that must be
Tfollowed to buy a house in Abuja, the Federal
Capital of Nigeria. By Sec on 1 of the Land
Use Act of 1978, all lands in Nigeria are vested in the
Governor of a State or Minister of the Federal
CapitalTerritorywhoholdssameasatrusteeforthe
beneﬁts of all Nigerians. Therefore, since property
transac ons involve aliena ng rights to the land,
the Governor's or Minister's Consent is sacrosanct.
In Abuja, the appropriate authority to consent to
property transfer is the Minister of the Federal
CapitalTerritory.
Buying property in Abuja requires a step by step
procedures that must be carefully followed. Below
are the steps that should be followed in purchasing
apropertywithavalid tleinAbuja:
Iden fyingaPar cularProperty
The ﬁrst step is to determine which property one
intends to purchase and the seller of such property.
Thiscouldbethroughadverts,recommenda onsor
evenpropertymanagersofthesaidproperty.
EngagetheServiceofaPropertyLawyer
This is a crucial step in acquiring a valid tle to a
property. Also, by Sec on 22 of the Legal
Prac oners Act, they are the only professionals
authorized to dra instruments for the transfer of
11

tle to land for a fee. Regardless of this legal
requirement, they are versed in the legal rudiments
in ensuring a valid transfer of tle to land. From
conduc ng a search on the validity of the seller's
tle to conduc ng all other due diligence required
to perfect the tle, their services are indispensable
in obtaining a hitch-free, unencumbered tle to
land.
VisitthePropertyforPhysicalInspec on
The maxim caveat emptor (buyer beware) which is
also some mes wri en on buildings to guard
againstfraud,placesaresponsibilityonthebuyerof
a property to exercise due diligence in purchasing a
property. Thus, the buyer cannot claim damages
from the seller for patent (physical) defects in the
property which could have been spo ed during a
physical inspec on. This step also helps in
nego a ngthepriceoftheproperty.
RequestforTitleandOtherNecessaryDocuments
Title documents are documents that evidence the
seller's valid ownership or rather right of occupancy
over the land. This must be requested by the buyer
and examined by a professional to confirm its
genuineness. Some of the important land
documentsinclude:
i. Cer ficate of Occupancy- it is a tle
document usually issued by the Federal
Capital Territory Administra on confirming
that the person whose name is on the
cer ficate possesses a right of occupancy
overthelandorproperty.
ii. Approved Survey Plan- this is used to
determine the exact loca on and legally
allocatedboundariesoftheland.
iii. Power of A orney- this must be requested
where the seller is not the owner of the
property but rather acts as an agent. It is
per nent to note that a power of a orney is
not an instrument of transferring the right
to land, it only authorizes a person to act on
behalfofanother.
iv. Probate or Le ers of Administra on- this is
required where the owner of the land is
deceased. Thus, any person willing to sell
such land must show that they possess the
authority to do so with either probate or
le ers of administra on depending on
whetherthedeceasedmadeawillornot.
Essen ally, the seller is required to produce
documents that evidence tle to land and the
history of how such tle devolved to the present
seller, thus a deed of assignment is necessary if the
current seller also purchased same from the
previousowner.
ConductInves ga on
This will be carried out by the Lawyer and
conducted at different places depending on the
owner of the land the document used to evidence
tle.Theplacesinclude:
i. Land Registry: a search conducted at the
relevant land registry will determine the
seller's ownership and any other registered
encumbrance on same. In Abuja, it is to be
conducted at the Abuja Geographic
Informa on System (AGIS). To conduct the
searchthefollowingneedtobesubmi ed:
o An applica on le er addressed to
theDirectorofLandsAdministra on
o Evidence of payment of legal search
fee. The customized teller for such
paymentisavailableinthebank.
o Present Original Cer ficate or Right
ofOccupancyforsigh ng.
o A ach a photocopy of valid means
of iden fica on and cer ficate of
occupancy.
ii. Probate Registry: to determine the
authority of the persons disposing off the
deceased'sproperty.
iii. Corporate Affairs Commission: where the
property belongs to a company, a search
needs to be conducted at CAC to determine
whether there is any charge registered in on
theproperty.
Dra theNecessaryDocuments
Where the result of the search indicates that the
tle is valid and the property unencumbered,
par es can proceed to dra documents to transfer
tle. In prac ce, a deed of assignment and sale of
land agreement or contract of sale will be prepared
to be signed by both par es in the presence of 2
witnesses.Paymentisusuallymadeatthisstage.
Perfec onofTitle
Upon the purchase of property, such property must
be registered with the FCTA. The new owner must
perfect the tle as required by the provisions of the
LandUseAct.

HIGHRISE ABUJA
THE WORLD TRADE CENTRE, ABUJA
COVER

he World Trade Centre is a complex of eight
Tbuildings under construc on in the Central
Business District in Abuja, FCT. The WTC is
expected to be made up of seven skyscrapers with two
already at various stages of development. Withe the
WTCTower1containing24floorsstandingat110m(361
) and WTC Tower 2 standing at 120 m (394 ) holding
therecordasthetallestbuildinginAbuja.
This architectural edifice which is being funded by a
collabora on of private financial ins tu ons and private
investors stands at a cost of about ₦200 billion. The project
which was designed by Woods Bagot, a global
architectural and consul ng prac ce founded in Adelaide-
South Australia, WSP Consul ng; a Canadian company
listed on the Toronto Stock Exchange with the Abuja
Investments Company as partner among others is
developed by First Intercon nental Proper es Limited, a
subsidiary of The Churchgate Group, a Nigerian real estate
company. The WTC Abuja, when completed, will be the
largestmixed-usedevelopmentinWestAfrica.
17

TOWER 1
he WTC Tower 1 standing at 110m (361 ) is a 24-floor apartment building containing 120 apartments
Twhich range in size from 1 to 6 bedrooms, with Duplex op ons and two exquisite Penthouses and Pool
Villas. All apartments feature spacious private balconies. For plans of the Penthouses and Pool Villas. A
Tower One residence provides the best of both worlds. The finest luxury specifica ons throughout all apartments
and a range of in-residence services, ameni es and privileges, designed to enhance personal lifestyle and embody
asenseofsophis catedexclusivity.
APARTMENTS
ARCHITECTURAL
- Tallest residen al building in Nigeria with 24 floors
- 120 Super-luxury apartments with balconies
- 9 apartment types - 1 to 6 bedrooms
- 2 stunning Penthouses and Pool Villas
- Sound and sha er proof glazing
SERVICES
- BMS control system on all mechanical services
- Prime power generators with 100% backup
- High-speed elevators
- Mul -thermostat, VRV air condi oning
- Fibre-internet ready
INTERIORS
- Fully marbled flooring and bathrooms
- Permasteelisa glazing
- Vitra sanitary fi ngs
- High-pressure showers
- Miele kitchen appliances
- Subzero refrigera on and wine coolers
- Fully integrated wardrobes
AMENITIES
- 24hr concierge and maintenance services
- Landscaped surroundings
- 2 tennis courts
- 2 squash courts
- Swimming pool
- Fully equipped gym
- Private car parking
- Residents’ Clubhouse
SECURITY
- Advanced CCTV security
- Controlled Card Access in all areas

TOWER 2
OFFICES
he WTC Tower 2 which is touted as "Abuja's only Grade-A office space" is a 25-floor commercial building,
Tstanding at 120 m (394 ) with office op ons ranging from 130 square metres to 1,440 square metres. As
architecturally ambi ous and aesthe cally imposing as its residen al counterpart, Tower Two World Trade
Center Abuja provides a landmark loca on that exemplifies the very best in commercial space, offering prime offices
availableforbothleaseorsale.
The Tower 2 is designed to provide both small and large organisa ons with a persuasive loca on asset, that will
undoubtedly elevate professional profiles, Tower Two is set to become the business address of choice within the na ons
progressivecapital.
ARCHITECTURAL
- Tallest commercial building in Abuja
- Flexible office op ons from 130sqm to 1,440sqm
- The only Grade-A office building in Abuja
- Sound & sha er proof glazing
SERVICES
- BMS control system on all mechanical services
- Prime power generators with 100% backup
- High-speed elevators
- Mul -thermostat, VRV air condi oning
- Fibre-internet ready
SECURITY
- Advanced CCTV security
- Controlled Card Access in all areas
AMENITIES
- 24hr concierge and maintenance services
- Landscaped surroundings
- Private car parking
19

THE HOTEL
he Hotel at the World Trade Centre will be a 5-star 38-storey branded hotel, managed by Grand Hya commonly
Tknown as Hya Hotels & Resorts, an American mul na onal hospitality company headquartered in the
Riverside Plaza area of Chicago that manages and franchises luxury and business hotels, resorts, and vaca on.
proper es.
Thegraceful5starexperiencewillprovideguestswithacarefullycuratedselec onof250luxurybedroomsandsuites,as
well as exclusive ﬁne dining restaurants, in mate bars, private rooms for conferences and entertaining, an indoor
swimming pool, large, highly equipped gymnasium, and an elegant spa. Upon comple on, this wonderland of service
andpamperingperfec on,isdes nedtoberecognisedas‘theplacestay,relaxandentertain’inAbuja.

CAPITAL MALL
he Capital Mall or Capital City Mall es mated to have a capacity of about 40,000 square metres, on two levels is
Tan cipated to be Nigeria’s most spectacular shopping venue. Behind the glistening glass facade lies an
abundance of premium retail spaces offering unparalleled opportunity to brands wan ng a foothold in this
boominglocality.
Set to meet both the needs of everyday convenience and the demands of speciality luxury shoppers, Capital Mall will
offer an en cing blend of stores and des na on shops, ranging from the most coveted couture fashion houses, to
branded food chains, home furnishers to jewellers, fast food eateries, restaurants and wine bars, plus a mul -screen
cinema.
As well as contribu ng a stunning addi on to the World Trade Center experience and complete convenience to
itsTowerOneresidents,thevenuesimultaneouslyopensthedoortoamul tudeofexci ngnewjobopportuni es,
with the ensuing benefits to both community and economy. The Capital Mall at the World Trade Center Abuja is
suretobe,'theplacetoshopun lyoudrop'inNigeria'smostexuberantcity.
21

THE WTC BRAND
TheWorldTradeCenterconceptwasfirstrevealedatthe1939World’sFairinNewYork.Today,almost8decadeson,
exclusive ‘World Trade Center’ branded proper es and trade service organisa ons are located in more than 90
countries around the globe, forming one of the most respected and recognised interna onal ecosystems of global
businessconnec vity,housedinsomeoftheworld’smosticonicbuildings.
AN EXCLUSIVE GLOBAL BRAND
The World Trade Center brand is brought to Nigeria via a world-class development that is set to surpass anything
currentlyofferedorplannedinWestAfrica.ItsarchitectureredefinestheAbujaskyline,andoffersbothcommercial
and residen al owners and tenants an opportunity to be part of a development that will be soon regarded as
Abuja’spremieraddressandleadingtradehub.
WTC NIGERIA
The gravitas that an office within the World Center adds to business creden als is easy to imagine, as is the
dis nc on of living in and owning one of its luxury apartments. Such ownership status is set to be endorsed
by the WTC Abuja’s exclusive club, for which membership privileges are soon to be defined and published.
‘The Club’ will offer members preferred access and rates to a variety of premium services, both within WTC Abuja
andacrosstheWorldTradeCenterglobalnetwork.
With a membership list that will no doubt include the ‘Who’s who’ of Nigeria’s business and social elite. The
Club will provide the opportunity to network at the very highest level, both in Africa and beyond, suitably
amplifyingthebusinessandlifestylebenefitsofbeingpartoftheWTCAbuja.
EXCLUSIVE PRIVILEGES

Complete List of Mortgage Lenders in Nigeria
TheCentralBankofNigeriahaslicensed35primarymortgagelendersinNigeria.Theyinclude
1. AbbeyBuildingSocietyLimitedMortgageLenders
2. AG Homes Savings and Loans Limited
3. Akwa Savings and Loans Limited
4. Aso Savings and Loans PLC
5. Brent Mortgage Bank
6. Centage Savings and Loans Limited
7. City Code Savings and Loans Limited Mortgage
Lenders
8. Coop Savings and Loans Limited
9. Delta Building Society Limited
10. FBN Mortgages
11. FHA Homes Savings and Loans Limited
Mortgage Lenders
12. First Generation Homes [Savings and Loans]
Limited
13. Gateway Savings and Loans Limited
14. GlobalTrust Savings and Loans Limited
15. Haggai Savings and Loans Limited
16. Homebase Savings and Loans Limited
17. Imperial Homes Mortgage Bank Limited
18. Inﬁnity Trust Mortgage Bank Limited Mortgage
Lenders
19. Jigawa Savings and Loans Limited
20. Jubilee-Life Savings and Loans Limited
21. Kebbi State Home Savings and Loans Limited
22. Lagos Building and Investment Company
Limited
23. MayFresh Savings and Loans Limited
24. MGSLMortgage Bank
25. MutualAlliance Savings and Loans Limited
26. New Prudential Building Society Limited
27. Nigeria Police Mortgage Bank
28. Omoluabi Savings and Loans Mortgage
Lenders
29. Platinum Savings and Loans Limited
30. Refuge Home Savings and Loans Limited
31. Resort Savings and Loans PLC
32. SafeTrust Savings and Loans Limited
33. STB Building Society Limited Mortgage
Lenders
34. TrustBond Mortgage Bank PLC
35. United Mortgage Limited

PROPERTIES FOR LETTING/SALE
25

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Contact us via email on info@abujapropertylist.com.ng
Get access to Houses for rent or sale in Abuja with access to Agents
and developers. We also oﬀer informa on on shortlet apartments
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because we present you with numerous op ons for you to choose
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CONTACT SALES

Acquisi on of land in Nigeria involves various steps and stages which are necessary for both the vendor
and purchaser. Before progressing with a sale or purchase of a land, it is advisable one involves a
solicitor to guide and ensure that the acquisi on smooth and proper.
In this write up, we will summarize the procedure for acquisi on of land in Nigeria.
The Procedure for Land Acquisi on
1. ENQUIRIES ON THE LAND
This is needed to determine the existence or otherwise of any defects in the land to be purchased. It is also
necessary to determine if the land is suitable for habita on, commercial purposes or any other ac vi es
depending on the purchaser's need for the land.
Enquiries made about the land would reveal exis ng encumbrances, pending disputes and more about the
land to be purchased.
The purchaser's solicitor owes a duty to the purchaser to examine the tle of the land, any exis ng or
poten al disputes, and the appropriate method of sale of the land.
2. DEDUCING TITLE
The vendor must prove to the purchaser that he has good tle to the land he seeks to sell.
Deducing tle is just a means of proving to the purchaser that the vendor has tle to the land to be sold
and also has the right to sell the land.
Procedure & Requirements of
Land Acquisition in Nigeria
31

The vendor's solicitor must deduce tle, and in doing so he must present the purchaser/purchaser's
solicitor with the following documents:
Abstract of tle - which is an analysis of all the major transac ons if any that has been done on the
land.
Epitome of tle – which contains a list and par culars of all documents affec ng the land as well as
the copies of the said documents.
3. CONTRACT OF SALE
To show the interest and willingness of the par es toward the acquisi on of land, a formal Contract of Sale
of Land must be prepared. This contract may be prepared by vendor or purchaser's solicitor. But usually,
the vendor's solicitor prepares it.
The purchaser's solicitor where handed the Contract of Sale of Land prepared by vendor's solicitor must
inspect the same and if sa sfied proceeds with a mee ng involving all the par es where the following
events may take place:
· Payment of deposit of the purchase price by the purchaser to the vendor/vendor's solicitor.
· Signing of contract of sale by the par es and their witnesses.
· Issuance of purchase receipt by the vendor to the purchaser.
· Handling over all informa on and documents that affect the tle to the land by the vendor to the
purchaser.
4. INVESTIGATION OF THE TITLE
Inves ga on of the tle is done by the purchaser's solicitor a er the vendor's solicitor has deduced le.
This step is very important and necessary as documents presented by the vendor's solicitor is not the final
proof of the tle to the land to be acquired.
The steps for carrying out the inves ga on are as follows:
· Collec on of the abstract of tle and epitome of tle from the vendor's solicitor and examina on
of the documents.
· Search to be done in the following places depending on type of tle the land:
o Land Registry - compulsory.
o Court Registry - if the land has been subject to li ga on.
o Probate Registry - if it is the land of a deceased person.
o Corporate Affairs Commission (CAC) – if it is a company land.
§ Physical inspec on of the land.
§ Tradi onal history.
§ Search report - prepared by the purchaser's solicitor detailing the outcome of the search
conducted on the land.
5. PREPARATION OF THE DEED OF ASSIGNMENT
*A er the contract of sale of the land has been exchanged and the inves ga on to the tle of land has
been conducted successfully, the next important stage is compe on, which involves prepara on of a deed
of assignment.
The steps for comple on include the followings:
· The purchaser's solicitor prepares the deed of assignment and hands them over to the vendor's
solicitor for a review.
o Where the vendor's solicitor agrees with the terms contained in the deed of assignment,
he sets up a mee ng in his office for the comple on of the sale of land.
o Balance of the purchase price is paid by the purchaser.
o Execu on of the deed of assignment by the par es and their witnesses will follow.
o The vendor's solicitor hands over the original copies of all documents, duly registered
survey plan, copies of the duly executed Deed of Assignment for perfec on and the duly

executed Form 1 for the Governor's Consent.
o Once the deed of assignment is executed by the par es, their designa on changes from
vendor and purchaser to Assignor and Assignee.
6. PERFECTION OF TITLE
This is the ﬁnal stage to the acquisi on of land in Nigeria and it is done to perfect the assignee's tle to the
land through the approval of the Governor in line with the Land Use Act.
Essen ally, the procedure for the perfec on of tle includes three major stages to wit:
1. Governors Consent.
2. Stamping
3. Registra on
In conclusion, land acquisi on in Nigeria requires a lot of a en veness as purchasing a land does not come
at a small cost. Hence a solicitor must exercise due diligence from the enquiry stage down to the perfec on
stage ensuring that his or her client is informed of the progress of the transac on and give cau ons and
warnings where necessary.
33

Mortgage
Doyouqualifyforhomeownershipschemes?
Home ownership schemes like the Na onal Housing
Fundaregovernment-sponsoredschemesthatcanhelp
you buy a house via mortgage at an affordable interest
rate. It also allows you purchase a house that is
commensurate with your income. Based on this, many
'middle class' earners don't find this op on very
a rac ve because the home you probably buy is in the
outskirts of Lagos or in some remote area. If you would
rather live in Surulere instead of Mowe then you are
probably be er off paying rent ll you can earn enough
salary to get you a house in your preferred
neighborhood.
Doyouhaveequitytodeposit?
Before you take out a mortgage it is very likely that you
will be asked to deposit some equity. Equity deposits in
mortgages can range from 20percent to 40 percent.
AssumingthehousecostN15millionandweusethetop
percen le, you get to deposit N6million. Not many earn
enough legi mately to enable them save this kind of
money.Ifyouaretorelyonyourlegi mateincomethen
this may just take you years of painstaking savings to
achieve. If this is your situa on, then ren ng an
apartment is the logical op on un l you get an
alterna ve and legi mate source of income that can
augment.
Canyourincomepayoffyourmortgage?
Whilst obtaining a mortgage is one thing, paying it off is
another ke le of fish. Using the example above, a er
contribu ng N6million in equity you will s ll need to
borrow N9million as loan. Applying an average lending
rate of 16 percent per annum for 20 years gives you a
monthly repayment of N125, 213. A rule of thumb
suggest your mortgage should be no more than 20% of
your take home pay at the most. Based on that your
monthly take home pay should probably be about
N626, 065. This is by no means an easy structural
adjustment for you and your family as you have just
over N500, 000 to cater for feeding, school fees,
clothing, savings etc. Surely, you do not expect to
remain in this income bracket for long so my
expecta onisthatyoushouldearnmorewith me.
So, if you check that your income can in no way pay off
your mortgage for the kind of home you desire, then
you are be er of ren ng an apartment ll you are
capableoftakingouttheidealmortgage.
Whatisyourinterestrate?
Except you are borrowing through the NHF, interest
rates on mortgages o en come in double digits. Before
you commit to borrowing, you should ask your bank for
One ques on you have to face several mes in your life provided you live in a rented apartment. In an economy
like Nigeria, owning a home is difficult. This makes owning a home versus paying a rent argument very dicey. Do
you con nue to pay rent or do you take out a mortgage?

an amor za on schedule where you should input your
interest rates and work out the best rates that should
suit your income profile. Banks are hardly flexible with
rates; however understanding the rates that suits you
should help in selec ng the ideal bank. If double-digit
rates are too puni ve for you, then I suggest you seek
forcheapergovernmentsponsoredmortgages.
Howquicklycanyoupayoffyourmortgage?
Some people like to obtain the mortgage first and then
figure out an exit plan later. This is a good plan provided
you actually do figure out that exit plan or you face the
consequences that arise from a default. An exit plan
begins with iden fying when you actually want the
mortgage paid off, if you do not want to wait out the
en re dura on of the loan. For example, rather than
wait for 20yrs to pay off the N9million loan you can
actually pay it off within 10 years or shorter by crashing
the loan through bulk payments at regular intervals.
Just make sure there is no penalty for early repayment
whensigningtheloanagreement.
Finally
Whilstmostunderstandthedifferencebetweenren ng
an apartment and ge ng mortgage, the similari es are
not usually bu ressed. For example, whether you pay
rent or get a mortgage you s ll end up paying money to
someone. Its either you pay a landlord or you pay a
bank. Another is that you get kicked out of the house if
youdon'tmeetyourobliga ons.

Beginner's Guide
TO BEING A REAL ESTATE AGENT
There are many different players in the residen al
real estate industry—property managers,
publishers, builders, banks, and government
agencies, to say nothing of buyers, sellers, and renters.
Nevertheless, the real movers and shakers are the
intermediaries, the people constantly moving between
and communica ng with these players: agents and
brokers.
The real estate agent is the workhorse of the industry.
He's a salesman one moment, a buyer's advocate the
next; he's an analyst, an auc oneer, a consultant, a
nego ator, and a marketer; he occasionally performs
the services of an appraiser, a clerk, and a loan officer;
he accommodates his clients on nights and weekends,
ando enworkswellbeyondfortyhoursaweek.
Basically, a real estate agent does a li le of
everything. Forthat,amodestrealestatecommissionis
paid (provided, of course, that the deal is closed). It's no
wonder, then, that so many agents cycle in and out of
the industry. It's also no wonder that demand for their
servicesremainshigheveninaslowmarket.
Overwhelmed? Don't be: this guide will tell you
everything you need to know about the challenges and
essen als of being real estate agent, as well as
important pstohelpyougetofftoastrongstart.
In recent years we've seen some new trends when it
comes to the consumer's rela onship with the real
estate industry. More than ever before, the average
person has access to the kinds of sta s cs, market
analyses, technology, and expert opinions that were
previously reserved for people who ac vely made their
livingasarealestateagentorbroker.
Consider, for instance, the guide you're reading.
Before the Internet, much of this informa on would
only exist in the mouths of working agents or in agent
licensure textbooks. Consumers had li le need for this
informa on because they trusted their real estate
professionaltoknowit.
It'sabusiness,notahobby
Today, Realtors are blabbing all over the blogosphere,
evenmakingabuckbytellingconsumershowtodotheir
jobs. “How to Make Money in Real Estate: Five Easy
Steps.” “Flipping Homes for Fun and Profit.”
Consequently, some seem to think of becoming a real
estateagentliketakingupahobby,somethingtooccupy
your down me and earn you quick cash at the same
me.
But most hobbies are cheap, and even the expensive
onesareaboutthesheerenjoymentoftheac vity.With
a hobby, you're allowed to be careless because you
don't have anything to lose. Neglect your herb garden
for a few days? No big deal. Don't play your guitar for a
month?It'lls llbetherewhenyourfingersgettheitch.
Realestate,ontheotherhand,isabusiness.It'sabout

money, and as the market has shown in the last few
years, when you get careless in real estate, you stand to
lose a lot of it. As an agent, you're an independent
contractor, which means it's up to you to manage your
own business. Any agent who picks up your slack isn't
handingitbacktoyou.
Finally, hobbies are personal, while real estate is
professional. Typically, only the people with whom you
choose to share your hobbies know about them, which
means they don't have a huge impact on your public
image. (Unless, of course, you're s ll collec ng Beanie
Babies).
But since your conduct as a real estate agent takes
place in the professional world, it has much a longer
papertrail.Pre ymuchanyonecanfindoutaboutit.Fail
to sa sfy a client, and you're telling her and everyone
she knows that you're unreliable—which can have
seriousramifica onsforotherareasofyourlife.
None of this means you shouldn't enjoy working as a
Realtor. On the contrary, you're not likely to be
successful if you don't. But the best agents are those
who marry the pleasure they get from their work to an
understandingthatit's,well,work.
Noma erwhatbusinessyou'rein,sellingishard.Asa
real estate agent, however, the challenge is even greater
becauserepeatcustomersarefewandfarinbetween.
Homes, a er all, are not electronics or fashion items.
They're not designed to be replaced a er a year, nor do
they become obsolete. People buy homes with the
inten on of staying put. In a perfect world, your clients
won'tneedyouagainforalong me.
Thesalesmachine:leads&lis ngs
True, unforeseen circumstances require people to
move, which means more than two-thirds of movers
could be returning to the same Realtor. Nevertheless,
altogether only 12.5 percent of the U.S. popula on
changed residences in 2010. That's a slight increase
since 2008, but in general, this share has decreased by
abouthalfsincethelate1940s.
Furthermore, these sta s cs vary widely depending
on where you live. About 14.7 percent of Westerners
moved in 2010, but that does you no good if you work in
theNortheast,whereonly8.3percentdidthesame.
So how do you grow your business when demand for
your services is limited? By working both sides of the
real estate equa on. In the old days, agents worked
exclusively with sellers, lis ng their proper es for sale
and rent. Back then, your job was to get the word out
about a seller's property and a ract buyers. The more
lis ngsyouhad,thebe eroffyouwere.
Today, however, it's also common to work with the
buyer. In this scenario, success is all about leads, people
whoareinterestedinbuyingahome.Onceyou'vefound
a lead, your job is to turn him from a prospect to a
customer by helping him secure the home he'd like to
rentorpurchase.
This usually means you're a matchmaker, connec ng
buyers with lis ngs your agency already has. You could
also be an advocate, helping them browse someone
else's lis ngs. In either case, the arrangement is
basically the same: agents use their experience to
ensure that buyers don't get screwed. Instead of selling
aproperty,you'resellingyourexper se.
So which is more important, leads or lis ngs? That
depends on your loca on. But regardless of the figures,
it's crucial to keep a close eye on both. In a difficult
market and a changingindustry,thebest path to success
for an agent is to be adaptable and willing to work with
sellers and buyers. Concentrate solely on one, and you'll
findyourselfstrugglingkeepyourbusinessafloat.
Every agent is glued to his iPhone or laptop screen
these days. However, it's important to remember on the
other side of all those zeroes and ones are real people,
andthey'retheoneswhokeepyourbusinessgoing.
Rela onships are your bread and bu er—and when
we say that, we're not talking the li le dinner rolls you
filluponbeforeyourmealarrives.
Rela onshipsaregold
To understand how to maximize your rela onships as
a real estate agent, start by asking the basic ques ons:
whodoyouknow,andwhoknowsyou?Theanswerswill
gofarinrevealingtheextentofyoursphereofinfluence,
thecollec onofpeopleforwhomyouandyourbusiness
have weight. The greater your sphere of influence, the
more of a magnet you become for prospects—and the
be eryourchancesofturningthemintocustomers.
The cliché goes that real estate is all about loca on,
loca on, loca on. This isn't just about inventory: it's
about involvement. To maximize your business, you
need to par cipate in your community. Join your local
Realtor's associa on. Coach a li le league team. A end
town government mee ngs. Get exposure in the flesh,
andmakesurepeopleknowwhatyoudo.
By showing you're interested in the life of your
community, you demonstrate that you have a personal
stakeinallthebusinessyoudoasarealestateagent.You
should also treat everyone you meet with the same
courtesy and a en on, no ma er who they are or what
they can do for you—a er all, you never know who may
becomeacustomer.
Knowing and being known by as many people as
possible is crucial, especially when there aren't a lot of
prospects to go around. But while quan ty is good,
quality is even be er. Visibility is great, but if your only
goal is to get everyone and anyone on the hook,
knowing everybody in town will actually work against
you. Your reputa on in your community greatly
influences your trade. People obviously want to work
withagentstheytrust.
The most sustainable business model is one in which
37

your transac ons with others are always mutually
beneficial. Real estate, is about making money; but
focus too much on your profit margins, and you'll find
you have fewer and fewer customers looking to hand
theirsover.
Finally, once you've established your rela onships,
it's vital to keep them up, whether or not they're making
you money right now. Follow up with recent customers
to see how they're se ling in. Distribute an email
newsle er to all your clients. Send personalized notes
and birthday cards. Use social media and maintain a
presence online. If you feel like you haven't spoken to an
old customer in a while, send them an email to ask how
they're doing. The gesture only takes a minute or two,
anditcanpayhugedividendsinthelongrun.
Each contact you make has a value, and each
customer has a life me value. Lose contact with your
prospects, leads and customers, and you'll be
squanderingyourgreatestasset.
Youareabrand
It's o en said that as a salesman, you're not just
selling your product: you're selling yourself. That's why
as a real estate agent, it's important to develop a
personality.
We're not saying you don't have one: we're just
sugges ng that you lean into it. Whether you're a pet
lover, a motorcycle enthusiast, a foodie or an online
gamer, don't hide your personality: embrace it. You're in
real estate—so, for God's sake, be real. Your personality
fosters rela onships, which builds your reputa on,
whichgeneratesleads.Yougetthepicture.
Ge ng involved in the life of a community helpsbuild
your rela onship, but it's important that your
involvementbeconsistentwithwhoyouareasaperson.
Enthusiasm is difficult to fake, so if something you say or
dodoesn'tringtruetoyou,peoplewillpickuponit.
If you're an avid carnivore, for instance, looking for
leads at an ASPCA mee ng probably isn't a good
idea—and in fact, it may cause both the people you
meetandthepeopleyoualreadyknowtothinkofyouas
ahypocrite.
Instead, you're be er off finding opportuni es to
broadcast yourself to people with whom you have
common ground. As far as those opportuni es go, some
say it's be er to keep poli cs and religion out of
business, and in many cases those people are right. But
poli cs and religion build strong communi es, and
depending on where you are, ge ng involved can have
hugebenefits.Atthesame me,it'simportantforyouto
decidewhatyou'recomfortablewearingonyoursleeve.
Finally, we're talking about work here, so it's
importanttoseepersonalityinaprofessionalcontext.In
general, modera on and a sense of boundaries are keys
to success. Come on too strong or get too personal in
your dealings with clients, and you may end up
aliena ngmorepeoplethanyouconnectwith.
Instead, let customers be the ones to open up to you,
and they'll o en be happier for it—a er all, many
people enjoy talking about themselves more than
anythingelse.
Workitlikeyouwantit
The fact of the ma er is, things have changed, and as
a new agent, you'll have to accept that more than
anyone. The days of plenty are over, and that means the
onlywaytobeasuccessfulagentistohavehustle.
Talk to any top producing agent about their work
habits, and you'll find he or she is an incredibly hard
worker. Successful businesses don't create themselves,
and being a Realtor is no excep on. There's a direct
correla on between how hard you work and how
successfulyouwillbe.
S ll, having hustle doesn't simply mean working
twelve-hour days from Monday to Friday. A er all,
working in real estate isn't just about pu ng in a lot of
me—it's about pu ng in the right me and doing
what'snecessarytoclosethedeal.
Becauseof this,hustleisalsoabout beingpreparedto
work at a moment's no ce. It's about ge ng a phone
call from a poten al buyer at eight o'clock on a Friday
night, when you're sprawled out on the couch watching
a movie, and not thinking twice about contac ng your
clienttosetupamee ng.
Are we saying you should neglect your responsibility
to your family or your spouse for the sake of work? Of
course not. But if the benefits of working outweigh the
benefits of whatever you happen to be doing when an
opportunity presents itself, you need to be prepared to
suckitup.
If this all sounds incredibly difficult, here's a bit of
encouragement: most people, and in par cular most
agents, don't work hard enough. If they did, they'd all be
top producers. So don't worry about compe ng with
every agent on the planet. If you work hard enough,
you'llbeinaclassofyourown.
Measure,analyze,andevaluate
We've discussed the importance of hustle in
becoming a successful agent. But no ma er how hard
you work, if you don't measure your performance, you
won't know whether that labor is yielding results. This is
notjustafactofrealestate:it'safactoflife.
When I first started studying mar al arts, I was
interested in being as strong as possible. Like any seven-
year-old, I figured strength equated to ability. As me
passed, however, I began to observe moments where
my movements were effortless and had nothing to do
withstrength.
...TO BE CONTINUED
This ar cle is wri en by Seth Price, and Culled from placester.com

Financing Aﬀordable
Homes for Nigerians
www.fhﬂ.com.ng
for more information, visit:

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