Bank Owned Properties Lagos Nigeria - Bank Owned Property For Sale. Mortgage Option Available.

bank owned properties lagos nigeria africa

Bank owned properties in Lagos Nigeria present a fine opportunity for investing in Nigeria real estate. This bank properties guide provides some insight into the worth of bank owned property for sale and access to a list of some bank properties for sale.

Let's deal with the first part of this discussion . . . the worth of properties or Nigeria real estate owned by banks. The question is pretty simple . . . "Why is investing in properties owned by banks a worthwhile investment?"

The first key advantage is that banks have a habit of doing due diligence before investing in Nigeria real estate.

This means that when you buy bank owned properties you are sure that you won't suddenly be hit with issues like . . .

  • "sorry, this land falls into the area acquired by the Lagos state government" or
  • "sorry, we cannot process your documents because this land is on the path of oil pipeline"

    In simple words . . . investing in bank owned properties gives you peace of mind. You won't have to worry whether the land violates any existing land act. This means your investment is secure.

    The second advantage of buying a home owned by banks is this . . . you avoid the risk of buying properties being sold by real estate fraudsters or thugs popularly referred to as Omoniles in Lagos Nigeria.

    These fraudsters can sell the same property to multiple buyers and then disappear into thin air. What happens thereafter?

    Well, when each buyer tries to take possession of the property supposedly bought by him, they all discovered that they have all been sold the same property by these heartless fraudsters. Then what?

    The fight starts. And oh! what a passionate and costly fight!

    Investing in bank properties will save you that trouble.

    A third advantage of investing in bank property is this . . . government dues or land charges (tenement rate and other charges) are promptly paid by banks and their agencies. What is the advantage of this?

    It simply means that when you buy a property from a bank, you will not have to face the burden of suddenly receiving a huge bill from unpaid land charges incurred by the previous owner of the property.

    Remember that when you buy a property, you buy the existing title, the assets and liabilities of the property. So if the previous owner has a huge unsettled bill on the property, then you inherit that bill. Not a pleasant inheritance, right?

    Here's another advantage of buying a bank owned property.

    You get a clean title . . . a certificate of occupancy.

    Actually, the entire estate built by the bank often has a global c of O. So when you buy a bank property, the bank issues you a letter of allocation, if you bought an apartment or a flat. If you buy a whole building, you're likely to get a deed of assignment assigning a section of the global title (the title for the entire land) to you.

    In the Nigeria real estate world, a title without encumbrances is called . . . clean title.

    Ready to invest in properties owned by banks?

    Use the links below to access bank properties for sale.

    Property For Sale Links

    Bank Properties For Sale - Mainland Areas

    Bank Homes For Sale - Island Areas

    Related Content:

    Apartment Guide

    Buying A House

    How To Build A House

    How To Sell Your House

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