Speak Property Like A Pro

Whether you are buying your first home in Lekki or selling an investment in Ikeja, understanding real estate jargon is key to making smart decisions.
Today, we’re breaking down the most important terms you’ll encounter in Lagos property transactions.

Real Estate Terms and their meanings.

C of O (Certificate of Occupancy): Official proof that the Lagos State Government recognizes your ownership of the land.
Governor’s Consent: Mandatory approval for any property transfer. Without it, ownership isn’t perfected.
Deed of Assignment: Legal document transferring ownership from seller to buyer.
Survey Plan: A map showing the exact boundaries and size of a property.
Title Search: Legal check to confirm ownership and ensure no disputes or encumbrances.
Encumbrance: Any legal claim or liability on a property, like unpaid taxes or disputes.
Land Use Allocation:  Specifies how land can be used (residential, commercial, agricultural, etc.).
ROI (Return on Investment): Profit earned relative to the cost of the property.
Cap Rate: Ratio of rental income to property value, used to assess investment potential.
Off-Plan Property:  Buying a property before it’s built, often cheaper but riskier.
Real Estate Portfolio: A collection of property investments owned by an individual or company.
Tenure: The legal basis of ownership, freehold, leasehold, or government allocation.

Kindly note, before signing any property deal, ask for the title documents and verify them at the Land Registry.

It’s the fastest way to avoid fraud and secure your investment.