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Nairaland Forum / Nairaland / General / Properties / Land Taxes That Could Bankrupt You If Your Not Aware Of Them (10793 Views)
Going Bankrupt Because You Are Building Your Home? / How To Buy A Land In Lagos On A Budget And Not Bankrupt Yourself / Property Taxes In Nigeria (2) (3) (4)
Re: Land Taxes That Could Bankrupt You If Your Not Aware Of Them by kayLion(m): 7:06pm On Dec 20, 2013 |
Thx for the enlightenment OP, I have a question, I know of a Microfinance bank where clients/people use their Survey and Land Agreement or C of O (depending on d loan amount) as collateral, I want to know how easy it will be for d bank to take charge of the land or house if a client defaults... I hope am not derailing the thread.. |
Re: Land Taxes That Could Bankrupt You If Your Not Aware Of Them by Nobody: 10:55pm On Dec 26, 2013 |
lawyer: 4. Another silent but deadly Land tax is the SERVICE CHARGE that private real estate developers levy on their prospective subscribers who buy into their Estates. Because of the scourge of Omoniles, alot of people are running to private real estate developers estates to escape that mad world of Omonile fees and their attendant wahala. These estates offer them the serenity and peace of mind that is non existent when buying a family or Omonile land but there is a catch. Hey bro, please i need some advice from you..there is 1 storey building (four 3 bedroom flats on it) been offered by its owner for sale, in the heart of benin city my home state..what kind of documents should i ask and what kind of verification papers should i ask from the owner of this property..i am a first time home owner or potential home owner (am a Novice as regard this issue)...any advice and input will be greatly appreciated.thanks |
Re: Land Taxes That Could Bankrupt You If Your Not Aware Of Them by Nobody: 10:56pm On Dec 26, 2013 |
lawyer: 3. Another sneaky land tax that doesn't go into the Government coffers is the Omonile Signing Fee. This money reeks of fraud, corruption, wickedness etc but it must be paid no matter how loathsome and repugnant the who thing seems. A lot of people just rush into buying a land without knowing the attendant costs involved in buying a land from Omoniles. This signing fees can range between N50,000 to N1Million Depending on how developed and posh the area is. Apart from paying the Omonile signing fees, You would pay for Foundation fees, Community development fees and Youth Fees etc. These are compulsory fees you must pay before they will agree to sign your documents. Hey bro, please i need some advice from you..there is 1 storey building (four 3 bedroom flats on it) been offered by its owner for sale, in the heart of benin city my home state..what kind of document should i ask and what kind of verification papers should i ask from the owner of this property..i am a first time home owner or potential home owner (am a Novice as regard this issue)...any advice and input will be greatly appreciated.thanks |
Re: Land Taxes That Could Bankrupt You If Your Not Aware Of Them by waleadex(m): 11:08pm On Dec 26, 2013 |
Land and wahala sha! |
Re: Land Taxes That Could Bankrupt You If Your Not Aware Of Them by iNee: 10:34pm On Jun 30, 2014 |
Wow. This is so helpful. ![]() Many regards. |
Re: Land Taxes That Could Bankrupt You If Your Not Aware Of Them by bubsykay: 10:35am On Jul 07, 2014 |
@Lawyer! I will like to know if this trend is fully back after the crash before asking my question. Thank you |
Re: Land Taxes That Could Bankrupt You If Your Not Aware Of Them by Dimatelli(m): 10:02pm On Jul 07, 2014 |
Thanks for the very enlghteneing write up. Now, I am much more aware of the issues around land purchase especially as it concerns Lagos. |
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