LAND MATTERS 16.0.
THE LAND USE CHARGE AND ITS IMPLICATIONS FOR LAND OWNERSHIP
Recently, the Lagos State Government implemented a new Land Use Charge Law (LUCL), 2018. The LUCL repealed the Land Use Charge Law, 2001 and provided for a standardised and regulated system, much clarity in the formulae for calculating the charge as well as possibility of self-assessment.
The Law with 27 sections harmonised pre-existing land charges and attempts to increase the revenue base of the State by capturing more payers.
Opinions are widely divided as to the (un)fairness of the Law, and these have been expressed in several critical reviews.The concern here is not a reproduction of these reservations or of the provisions of the Law itself. We seek to draw inferences of the perceived implications of the Law for land ownership.
At first glance, it is the concern that the burden of payment of the charge can easily be pushed to tenants. Unlike the repealed 2001 Law, the new Law identifies 'owners or occupiers' of a lease as having the obligation of payment. It is true that the government has insisted that property owners are the one to pay, but such inelegant drafting can be exploited by unconscionable landowners. Given the housing deficits problems of Lagos State, tenants would have no choice but swallow the bitter pill. This reinforces the street slogan that: only the poor pay taxes!
Perhaps more compelling is the ripple effects of the Law on the property market. To maintain their rent profits, landowners will increase rents to meet up with the new reassessment. Although this will increase the value of properties generally, it will also invariably result in increased cost of living. In this condition, only tenants get to suffer the consequences. Isn't it time you also become a landowner?
POST SCRIPT:
We have some "own-your-own-house project" that you can key into-
1. WEALTHLAND GREEN ESTATE, Oribanwa, Lekki Peninsula, Lagos
3 Bedroom Flat with C of O: N10.95M
2 Bedroom Terrace Duplex with C of O: N13.8M
3 Bedroom Terrace Duplex with C of O: N16.675M
4 Bedroom Terrace Duplex with C of O: N18.975M
2. FLOURISH RESIDENCE, Monastery Road, Sangotedo, Ajah
3 bedroom luxury flat with service quarters: N28M
3. FLOURISH RESIDENCE, Eluju, Bojige, Ibeju Lekki
2 bedroom semidetached bungalow: N14M
3 bedroom semidetached bungalow: N16M
4 bedroom terrace: N28M
Instalment payment plan available. Land also available at different locations.
For further information, contact: 08034334692 (WhatsApp enabled)
Visit: www.qlhomes.blogspot.com.
Sunday, 15 April 2018
Sunday, 11 March 2018
LAND MATTERS 15.0
*LAND MATTERS 15.0*
“He is not a full man who does not own a piece of land”- Hebrew Proverb.
*'3Ps' of LAND TRANSACTION*
Land, by nature, is sui generis- unlike other products, land is not an off-the-shelf commodity. One cannot walk into a 'land mart' pick what land one desires, make payment and walk away.
Due to this fact, certain cautionary measures must be taken for proper land transaction. Three of these would be given here. These are dubbed the '3Ps'.
1. *Proper Payment:*
The regime of cashless policy has whittle down the impact of this, nevertheless it is important to stress it: Never make cash payment for land! Land transaction should be routed through a financial institution for evidential purposes. When an online payment platform is utilized, successful transaction details should be printed and safely kept.
2. *Proper Parties:*
It is instructive that where a person wants to reserve the spouse's name to reflect in the land purchase agreement, such name must be written out in full.
To illustrate, the proper parties are, "Mr. Edward Owolabi and Mrs. Ronke Owolabi" and not "Mr. and Mrs. Owolabi." Using the latter is vague and can result in needless controversy in future. In the event that the man has or marries other wives, it becomes contentious which "Mrs. Owolabi" has an interest in the property. Moreover, the man's siblings also have "Owolabi" as their surnames and can as well lay claim to the land in future.
3. *Proper Vendor:*
The interest one has in a land is as good as that possessed by one's predecessor-in-title. The effect of this is that a vendor cannot give a better title than what he himself possess. Simply put, where one buys land from a person who by right has no title to such property, one has only succeeded in buying nothing.
Unlike other products, proof of payment does not ipso facto amount to proof of title to land. Buying land from unscrupulous and fraudulent elements, who are unfortunately increasing in this clime and are lying in wait to pry on innocent people, will amount to buying a law suit.
Don't buy a Law Suit! Talk to us for hassle and worry-free land in our various estates at Lekki, Ajah, Ibeju Lekki, Magodo, Mowe, Ikorodu, Shimawa, Arepo, Ibadan, Abuja, Amambra, etc. We have some amazing discounts for you this Easter Period.
Contact: 08034334692
Visit: www.qlhomes.blogspot.com
www.facebook.com/qlhomes
Your interest is paramount to us!
“He is not a full man who does not own a piece of land”- Hebrew Proverb.
*'3Ps' of LAND TRANSACTION*
Land, by nature, is sui generis- unlike other products, land is not an off-the-shelf commodity. One cannot walk into a 'land mart' pick what land one desires, make payment and walk away.
Due to this fact, certain cautionary measures must be taken for proper land transaction. Three of these would be given here. These are dubbed the '3Ps'.
1. *Proper Payment:*
The regime of cashless policy has whittle down the impact of this, nevertheless it is important to stress it: Never make cash payment for land! Land transaction should be routed through a financial institution for evidential purposes. When an online payment platform is utilized, successful transaction details should be printed and safely kept.
2. *Proper Parties:*
It is instructive that where a person wants to reserve the spouse's name to reflect in the land purchase agreement, such name must be written out in full.
To illustrate, the proper parties are, "Mr. Edward Owolabi and Mrs. Ronke Owolabi" and not "Mr. and Mrs. Owolabi." Using the latter is vague and can result in needless controversy in future. In the event that the man has or marries other wives, it becomes contentious which "Mrs. Owolabi" has an interest in the property. Moreover, the man's siblings also have "Owolabi" as their surnames and can as well lay claim to the land in future.
3. *Proper Vendor:*
The interest one has in a land is as good as that possessed by one's predecessor-in-title. The effect of this is that a vendor cannot give a better title than what he himself possess. Simply put, where one buys land from a person who by right has no title to such property, one has only succeeded in buying nothing.
Unlike other products, proof of payment does not ipso facto amount to proof of title to land. Buying land from unscrupulous and fraudulent elements, who are unfortunately increasing in this clime and are lying in wait to pry on innocent people, will amount to buying a law suit.
Don't buy a Law Suit! Talk to us for hassle and worry-free land in our various estates at Lekki, Ajah, Ibeju Lekki, Magodo, Mowe, Ikorodu, Shimawa, Arepo, Ibadan, Abuja, Amambra, etc. We have some amazing discounts for you this Easter Period.
Contact: 08034334692
Visit: www.qlhomes.blogspot.com
www.facebook.com/qlhomes
Your interest is paramount to us!
Sunday, 11 February 2018
LAND MATTERS 14.0
*A DEED OF GIFT*
Jude and Wole are office pals. They keep confidence of each other and have become inseparable. It was few days to Valentine. Wole was lost in thought and he didn't see Jude enter his office.
*Jude:* (slaps him playfully on his back) O'boy, why you dey look dejected? They don give you query?
*Wole:* (smiles) Query? Not again. After that last one, I don behave myself. I've just been thinking of how to delight my family this season.
*Jude:* (shrug) That one no hard na. Just do something unique.
*Wole:* That's the point. I can't seem to think of anything outstanding. Last year, we went on a weekend get-away to Obudu Cattle Ranch. Two years ago, I bought a brand new saloon car for my wife and an SUV for the family. Three, years, I changed the children's wardrobe, and bought different sets of gowns, shoes and jewelry for my wife. I seem to have exhausted all available options.
By the way, wetin you get for mind to do?
*Jude:* (philosophically) I'll be spending to get more riches and not to get poor.
*Wole:* (confused) And, what do you mean by that?
*Jude:* (sat more comfortably and adjusted his tie) There's a certain gift which is tangible, permanent and a fixed store of value.
*Wole:* (drew closer to listen with rapt attention)
*Jude:* It is the rich man's bank, it never depreciates, always outlive the purchaser and get passed down from generation to generation.
*Wole:* (his face becomes brighter) Wait...Wait...
*Jude:* I'm talking about Real Estate- Land.
*Wole:* Eureka! I gorrit!! You just made my day. This is surely the best gift anyone can desire.
*POST SCRIPT:*
Love is better expressed by giving. Give your loved ones a deed of gift, and your love will forever be etched in their hearts.
Here are our valentine promo offer, specially for you:
✅Royalty Garden, Idasho, Ibeju Lekki
*Promo Price:* N750,000 per plot (Buy 5 get 1 free)
✅Lekki Sunrise Garden, Lepia Town, Ibeju Lekki
*Promo Price:*N1.5 m per plot (Buy 5 get 1 free)
✅BridgeVille Courts, Magodo, Phase 2
*Promo Price:* N 39,000 per sqm ( N23, 400,000 per plot)
✅Flourish Residence, Monastery Road, Behind Novare Lekki Mall, Ajah.
*Promo Price:* N17.1 m per plot.
*NB:* Land available in other parts of Lagos and outside Lagos at Ibadan, Abuja, Anambra, etc.
*Contact:* 08034334692 (WhatsApp enabled)
*Visit:* www.qlhomes.blogspot.com
www.facebook.com/qlhomes
*Remember, always discuss land matters because, Land Matters!*
We love you!
Sunday, 7 January 2018
LAND MATTERS 13.0.
WHAT ARE YOU COOKING?
Yet again, the earth has completed its orbit round the sun. Another revolution has been achieved. A new dawn has begun. Welcome to a new year.
The country underwent a chain of economic debilitation last year with far reaching effects: recession, inflation, currency fluctuations, volatile financial markets, low liquidity, salary cuts and retrenchments, poor standards of living, to mention but a few. Right, it was a tough 2017.
But interestingly, one variable remained constant: the boom and continuous appreciation of the value of Real Estate. It has always been the case that economic unpredictability and instability serve as a booster for the Property sector. And, 2017 was particularly explosive. Properties doubled and tripled in value within that period. For instance, Lekki Royal Gardens which was selling for N2.5 million as at December 2016, jumped to N6 million by September 2017. Flourish Royal Garden whose phase 1 was sold for N700,000 before it was sold out, had it phase 2 at a selling price of N2.5 million within 3 months. The same with Westwood Park Estate which rose from N5 million to N14 million.
Again, in the coming days, expect an upward review of your house and offices rents. It is just how it is! The world of Real Estate is ever booming; Landlords are constantly smiling to the Banks; the surest investment on earth is Earth! The question then is: What can you do about this? Not sure? Properly put, what investment plans are you cooking this year to key into the booming sector?
Since inflation will always be on an upward spiral and population is ever increasing, the surest way to preserve the value of one's money is Real Estate. It is the only sector that never recedes.
Be wiser this year: Avoid unplanned spendings, be prudent with your scarce resources and be deliberate in your choices. Make property-investments a top priority!
Talk to us TODAY for the best, affordable properties tailored to meet your budget and needs. There are lands in our Estate portfolio across the federation with ranging prices. There will always be one you can afford!
Wishing you quantum leap (QL) in 2018.
Remember, always discuss land matters because, Land Matters!
We love you dearly!
Adebayo Olusegun (Esq.)
+2348034334692 (WhatsApp enabled)
www.qlhomes.blogspot.com
www.facebook.com/qlhomes
IG: @qlhomes
Email: qlhomes3@gmail.com
Yet again, the earth has completed its orbit round the sun. Another revolution has been achieved. A new dawn has begun. Welcome to a new year.
The country underwent a chain of economic debilitation last year with far reaching effects: recession, inflation, currency fluctuations, volatile financial markets, low liquidity, salary cuts and retrenchments, poor standards of living, to mention but a few. Right, it was a tough 2017.
But interestingly, one variable remained constant: the boom and continuous appreciation of the value of Real Estate. It has always been the case that economic unpredictability and instability serve as a booster for the Property sector. And, 2017 was particularly explosive. Properties doubled and tripled in value within that period. For instance, Lekki Royal Gardens which was selling for N2.5 million as at December 2016, jumped to N6 million by September 2017. Flourish Royal Garden whose phase 1 was sold for N700,000 before it was sold out, had it phase 2 at a selling price of N2.5 million within 3 months. The same with Westwood Park Estate which rose from N5 million to N14 million.
Again, in the coming days, expect an upward review of your house and offices rents. It is just how it is! The world of Real Estate is ever booming; Landlords are constantly smiling to the Banks; the surest investment on earth is Earth! The question then is: What can you do about this? Not sure? Properly put, what investment plans are you cooking this year to key into the booming sector?
Since inflation will always be on an upward spiral and population is ever increasing, the surest way to preserve the value of one's money is Real Estate. It is the only sector that never recedes.
Be wiser this year: Avoid unplanned spendings, be prudent with your scarce resources and be deliberate in your choices. Make property-investments a top priority!
Talk to us TODAY for the best, affordable properties tailored to meet your budget and needs. There are lands in our Estate portfolio across the federation with ranging prices. There will always be one you can afford!
Wishing you quantum leap (QL) in 2018.
Remember, always discuss land matters because, Land Matters!
We love you dearly!
Adebayo Olusegun (Esq.)
+2348034334692 (WhatsApp enabled)
www.qlhomes.blogspot.com
www.facebook.com/qlhomes
IG: @qlhomes
Email: qlhomes3@gmail.com
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