Good day Nairalanders,

Please i need the help of experienced people and lawyers in the house for purchasing a property in Lagos.
So recently i decided to purchase a property in Lagos at Agbara area, after negotiating the price with the seller i asked for the land documents, the documents which were handed over to me were the Receipt from Original family owner of the land, Survey plan and the deed of assignment,
what i am worried about now is that in the deed of assignment, there is a clause that states that the original family leased the land for 70 years to the person who wants to sell the property to me now, though currently there are flats with tenants on the said land. attached is the image of the deed of assignment.

So please experienced Nairalanders, i need to know if that 70 years clause will affect me in the future before i can decide to proceed with the purchase.

Thanks

Go with caution.
I see from the document the words "lessor" and "lesee" used to address both parties. This clearly shows that the land is under a lease title, and not outright purchase.
Get a good property lawyer to handle this for you, to see if these terms can be amended. Otherwise, avoid it and look elsewhere.
My deeds of assignments usually have the words "donor" and "donee" to refer to the seller and buyer respectively.

Modified: I had to add this to my post.

What is it with guys quoting me since this thread got to front page? I've had so much people quoting me, even cussing me, obviously mistaking me for the OP.
Please stop this nonsense. I don't even see how you guys keep making that error.

whirlwind7:
Go with caution.
I see from the document the words "lessor" and "lesee" used to address both parties. This clearly shows that the land is under a lease title, and not outright purchase.
Get a good property lawyer to handle this for you, to see if these terms can be amended. Otherwise, avoid it and look elsewhere.
My deeds of assignments usually have the words "donor" and "donee" to refer to the seller and buyer respectively.

Please always employ the services of a competent lawyer before purchasing any land or property.It could save you a lot of distreess in the future.

carboblanko:
Please always employ the services of a competent lawyer before purchasing any land or property.It could save you a lot of distreess in the future.

And what makes you think I don't?

is the land is owned by Govt? if yes, it means is transfer of ownership but still under lease arrangement

U are not buying.

U are renting.


To make it very clear to u.

When buying a land, once there is a chance of at least 0.5% doubt and complications, run for your life

You deserve to be flogged with wet koboko

whirlwind7:


And what makes you think I don't?

Hey relax bruv he was just offering you advise..

be careful of the omo onileee make sure your lawyer is involve gbam

Get a lawyer...safest!

whirlwind7:


And what makes you think I don't?

Simple cos U are here asking this questions. A property lawyer would know what to do straightaway.

So you have no experience in buying landed properties and you decided to go all by yourself like commando to buy land in Lagos. Now you are looking for advice on nairaland when you have already collected some form of document. Does it mean that you couldn't find a good lawyer whom you will pay commission of maybe 50K to carry out a thorough investigation and save you any future headache?
My friend run o; the fear of omonile is the beginning of wisdom.

run

Please you need the help of a competent lawyer before you can go for the land.

According to land use act of 1978, there is no freehold interest in land, which means all land belongs to the Government, buyers only have leasehold interest for 99 years. That's one of the reasons you pay ground rent annually. In essence, WE ARE ALL LESSEES, some third parties are SUB-LESSES. Government is the actual LESSOR/ OUTRIGHT OWNER.

whirlwind7:
Go with caution.
I see from the document the words "lessor" and "lesee" used to address both parties. This clearly shows that the land is under a lease title, and not outright purchase.
Get a good property lawyer to handle this for you, to see if these terms can be amended. Otherwise, avoid it and look elsewhere.
My deeds of assignments usually have the words "donor" and "donee" to refer to the seller and buyer respectively.

Let them prepare another agreement papper for you simple.

Yes it will

It's a no go area to me

bro get a lawyer and stop running in circles,no amount of advice here can help you,ok

run. that's the simple advice for simple people. (John ploughman)

beesammy:
According to land use act of 1978, there is no freehold interest in land, which means all land belongs to the Government, buyers only have leasehold interest for 99 years. That's one of the reasons you pay ground rent annually. In essence, WE ARE ALL LESSEES, some third parties are SUB-LESSES. Government is the actual LESSOR/ OUTRIGHT OWNER.

Correctly n succinctly explained

becareful kidnappers everywhere

Op,please don't disturb yourself.forget about the land.you can't go through the stress,I bet.a lawyer won't/cant save you.#simpleadvice#

Op you are a sub lessee of the remainder of the 70 years! You are certainly NOT buying.

And yes, when the 70 years is up, the property will go back to those who leased it. ie the original lessor.

erico2k2:

Simple cos U are here asking this questions. A property lawyer would know what to do straightaway.

And where did I ask any question? Are you confusing me for the OP?

That property is a long lease to the purported person you want to buy from. The reversionary interest vests on the head lessor or his successors in title, so the interest you will probably get is 70 years minus 1977 minus the date of you acquiring that that interest. So 70 years from 1977, you relinquish title. Meanwhile you are also gonna be paying ground rent.

If this is the title deed that you are deriving your authority to ownership from, i suggest you drop the property like it is hot because it fvckin is.

coolsalm:

You can as well go to Land registry to do a proper search, with that you will save yourself of all the irregularities involved in this type of transaction.

If you did, then why seek Nairalanders' opinion?

whirlwind7:


And what makes you think I don't?

whirlwind7:

And what makes you think I don't?

So y do u still need people's advise .. ?

Please you need the help of a competent lawyer before you can go for the land.......

You are entitled to the unexpired term of the lease. If for instance the lease was granted in 1970, there is only 24 years left. The reversionary interest is with the original lessor. In fact, the person selling to you can only grant you a term less one day. That is your lease must terminate at most one day before his expires. I am assuming that this is not from the government. A C of O or R of O usually grants a number of years which are automatically renewed. This is not the case with individuals.
If the number of years left are enough for your need, go ahead. Otherwise, it is a bad buy.

Uchihaitaci:

Hey relax bruv he was just offering you advise..

Everyone of you seem to confuse me for the OP. Same as most responses here, I merely gave him a simple tip on what to do.