Real Estate Radar

TENANCY AGREEMENT by Anthony O. Anyakora “When people are divided, the only solution is agreement”   - John Hume A tenancy agreement is a written document binding landlords and tenants on their contractual obligations towards one another. This document is signed by the tenant and the landlord or his duly appointed agent before they become bound by the terms once the agreement is signed. The purpose of a tenancy agreement is to provide both the landlord and the tenant adequate future security or protection. It would serve as a reference point in the event of a dispute. It is important to note that the terms and conditions of the tenancy agreement need to be within the ambit of the law. If a term in the tenancy agreement is against the statutory rights of either the landlord or tenant, that term cannot be enforced. The tenancy agreement should be in writing and duly signed by the landlord, tenant and their witnesses. Difference between tenancy agreement  and lea...

HOUSING DESIGN by Anthony O. Anyakora “The details are not the details. They make the design.”  - Charles Eames The importance of conceptualization/idealization for any given project cannot be over-emphasized. The same can be said for real estate, as every housing project is usually preceded with a housing design. There are many things to consider when designing a house, such as function, style, comfort and convenience . The dexterity of the Architect is on display when he combines the aforementioned factors to produce a unique housing design. Here are some features a well-designed housing project should adopt: >Flexible space >Good ventilation >Good kitchen layout >Surrounding space >Material quality >Ergonomic interior >Orientation >Storage FLEXIBLE SPACE: In designing a home, you need to do it in a way that satisfies all your current needs howbeit with adequate room for change if priorities change. For example a family of three, living in a...

TITLE DOCUMENTS IN NIGERIA By Anthony O. Anyakora  “Quicquid plantatur solo, solo cedit.”- Latin maxim Title documents are usually documents that confers ownership rights over lands and properties on individuals, corporate bodies or communities. These documents includes: -Certificate of Occupancy (C of O) -Excision & Gazette -Right of Occupancy (R of O) -Deed of Mortgage -Deed of Conveyance -Deed of Assignment -Contract of Sale -Survey plan CERTIFICATE OF OCCUPANCY (C of O): A Certificate of Occupancy is an authorized document issued by the state government. It is issued to individual corporate bodies to confer ownership and right of occupancy in land for all purposes for a term not exceeding 99years subject to renewal. The certificate of occupancy is only issued once; to the first person to own/purchase a “virgin land” and who goes further to perfect their title. EXCISION & GAZETTE: Excision basically means the government releasing a parcel of lan...

LAND TENURE SYSTEM IN NIGERIA by Anthony O. Anyakora “The best investment on earth is earth.” – Louis Glickman We live in a society where emphasis are constantly made on the importance of real estate investment. It is pertinent to understand what one can truly own and the necessary documents that confers ownership rights. Basically, land tenure system in Nigeria is an institution of law that regulates the use, management and transfer of land. The Land Tenure System in Nigeria is the process of granting ownership of land to individuals, legal bodies and corporate bodies based on their use of these lands. The Statutory instrument is used to ensure that human habitats are safe and sustainable.  Before the Land Use Act of 1978, there were three major land tenure systems that coordinated how people owned land.  *The Customary System *The Non-Customary System *The Native Law System The Customary System: Basically, the customs and traditions of the various communities wit...

DISTRESSED SALE  by Anthony O. Anyakora “Real estate investing even on a very small scale, remains a tried and true means of building an  individual’s cash flow and wealth.”   - Robert Kiyosaki A distress sale or distressed sale happens when a property, asset or stock is sold quickly. Distress sale often result in financial loss for the seller who for reasons of economic constraint must accept a lower price. The proceeds from these assets are most often used to settle debts or emergencies. A distress sale may occur due to any of the following: +Bankruptcy +Divorce +Declining real estate value +Medical expenses/ health problems preventing the owner from maintaining paid employment +Business failure +Death of spouse +Unemployment Bankruptcy is a state or condition of one who is unable to pay his debt. This could be caused by unemployment, health challenge or business failure. Divorce could lead to a distressed sale when the property is jointly owned by a ...

ADVANTAGES OF BUYING PROPERTIES ONLINE By Anyakora O. Anthony “ Whoever said money can’t buy happiness simply didn’t know where to go shopping”  – Bo Derek Since the advent of Covid19, lots of activities in the world have evolved as people have now devised various means to carry out their day to day activities. The world is gradually becoming dominated by the presence of the internet and its various activities. The influence of the internet is clearly visible in the personal as well as commercial sphere. Today most Real Estate dealings are carried out with the help of internet, people interested in selling or buying properties provide their details online. Most companies now permit their employees to work from home, they also hold virtual meetings. The same principle applies to most Real Estate companies as virtual tours are being explored for property inspection before prospective clients settle for the actual property they wish to buy and possibly carryout physical in...