From setting your brief to collecting your keys — the definitive guide to navigating a Lagos property purchase without losing money or months of your life.
Buying property in Lagos is one of the most significant financial decisions you will make — and one of the most complex. Unlike mature markets such as the UK or US, Lagos operates without a centralised multiple listing service, with contested title chains, and with agents who typically work for the seller, not for you. This guide walks you through every stage of a Lagos property purchase.
Step 1 — Define Your Brief
Before you contact a single agent or view a single property, you need a written brief. This should cover your target locations, your budget including transaction costs, your timeline, property type and minimum specifications, and — critically — whether you require title security suitable for mortgage purposes.
Step 2 — Arrange Your Finances
In Lagos, sellers expect proof of funds or a credible mortgage pre-approval before granting viewings for premium properties. Determine whether you are purchasing with cash, via a local Nigerian bank mortgage, or with remittance from abroad. Most Nigerian mortgages require a valid C of O in the borrower's name as collateral.
Step 3 — Search the Market (On and Off Market)
The Lagos property market is heavily fragmented. Online portals carry a fraction of active listings. The majority of transactions — particularly in Ikoyi, VI, and Banana Island — occur off-market through agent and developer networks. A buyer's advisory firm with established developer relationships will access inventory that never appears publicly.
Step 4 — Conduct Independent Due Diligence
This is the step most buyers shortcut — and the source of most costly mistakes. Due diligence in Lagos includes: title verification at the Land Registry, a structural survey by an independent engineer, a landlord or vendor background check, confirmation of approved building plans, and review of service charge accounts for apartments.
Critical warning: Never rely solely on the documents provided by the seller. All title documents must be independently verified at the Lagos State Land Registry before you exchange contracts or pay any deposit.
Step 5 — Negotiate Price
Most asking prices in Lagos carry a 5–20% negotiation margin. The key variables affecting seller motivation are: how long the property has been listed, whether the seller is under financial pressure, and whether you are purchasing with cleared funds. A buyer's agent with recent comparable transaction data will negotiate from a position of evidence, not guesswork.
Step 6 — Exchange Contracts and Complete
Once terms are agreed, your solicitor will prepare or review the Sale and Purchase Agreement. At exchange, a deposit — typically 10–30% — is paid. The balance is paid at completion, when title is transferred and keys are handed over. The exchange-to-completion period varies from 4 to 12 weeks depending on the complexity of the title chain.
Step 7 — Register the Transfer
Following completion, the Deed of Assignment must be stamped with stamp duty and presented to the Governor's office for consent. Governor's Consent is legally required for the transfer of a leasehold title and is frequently overlooked or delayed by buyers without professional guidance. Without it, your ownership is not fully perfected.
How Terralume helps: Our Project Managers handle every step in this guide on your behalf — from brief to key handover. We work exclusively for you, never the seller or agent.
