There is no doubting the reality that land is a primary asset in Lagos. Therefore, competitors amongst folks and corporate organizations to get it is incredibly rigid. This situation that has persisted in excess of time has given space for unscrupulous people today to get benefit of unsuspecting users of the general public when it will come to True Estate transactions.
Nevertheless, the Lagos Point out Governing administration through its Lands Bureau has been producing renewed efforts to improve the method of getting Governor’s Consent and issuance of Certification of Occupancy (C of O) an acceptance and document that prove that an person or firm has title to a piece of land they have obtained. Underneath the aged ‘regime’ for acquiring Governor’s Consent, it made use of to be that Lagos Point out Government officials would have-out web-site inspection of the assets to allow them evaluate its current market value ahead of the applicant would be asked to fork out the following as requisite service fees:
• 10% Consent charge.
• 10% Capital Gains Tax
• 5% Stamp Obligations and
• 5% Registration rate.
These costs have been charged on the industry price of the property in question. Now, there are new rates applicable which are:
• 8% Consent payment.
• 2% Money Gains Tax.
• 2% Stamp Duties and
• 3% Registration rate.
Lagos State Govt is also is preparing to start e-Certificates of Occupancy this is envisioned to greatly minimize the incidence of falsified C of Os which are at the moment staying circulated by some fraudsters and touts. In addition, the Lands Bureau has mounted a front desk at the entrance of its premises to give information and facts and aid services for individuals making use of for Governor’s consent and C of Os to make the method faster, far more transparent and efficient.
