Statutory fee in real estate are the major fee real estate investors are mandated to pay after purchasing a particular property.
Statutory payment are not to be hidden. Investors must be aware of the statutory fee they need to pay when they buy a land from a company.
WHAT IS HIDDEN CHARGES?
There is nothing like hidden charges as used by prospects. It is called statutory fees and these fees are customary when land is purchased.
Deed of Assignment Fee For transfer ownership from estate developer to subscribers
Survey Fee This is use for mapping out the portion of land paid for. This goes to the Govt and it’s fixed for different locations. Ibeju Lekki is 500k while Eti Osa is N1m per per 1000sqm but most companies collect 250-350k for Ibeju Lekki & 800k for Eti Osa.
Development fees This fee is meant for development of infrastructure within the estate.
Statutory fees are not hidden as they are clearly stated in the forms and FAQ/Terms & Conditions of your client interested property.
Take a look at this
When you buy land directly from Omonile/indigenous land owners, you pay for survey, engage the service of a lawyer to draft an agreement, you pay omonile fees (which is unpredictable, owo foundation, owo decking, owo roofing, owo fencing and even bore hole and Youth will still come over to collect money, which can range from 200k to N3m total package.
Also before you can get electricity you have to pay money to the CDA to connect light into your house, you will do your drainage and also buy an SUV to ply the road to your house because there is no good street roads.
And sometimes if you do not develop your land under six months Omonile can sell your land to someone else and relocate you to the next available swamp.
What Statutory Fee Will Do For You
👉🏿 Saved you from the stress of Omonile wahala and unnecessary fees like owo foundation, owo decking, owo roofing, owo fencing, owo bore hole and owo youths.
👉🏿 You get an Interlocked street and well layout estate.
👉🏿 Good Drainage system
👉🏿 Electricity & Street lighting
👉🏿 Secure gatehouse and perimeter fence.
👉🏿 Save you excessive documentation fee. Most lawyer’s ask for 5% of the cost of land)
👉🏿 You get your land survey done at a discounted fee.
As a real estate consultant for more than five (5) years, my duty is to educate you on land statutory fee.
Hope you found this interesting?This statutory fee can be spread even after buying your property.
Statutory payment are explain in details below:
▪︎ Survey fees: is for the cost of govenment approval and registration of the survey that the land/property is free from government acquisition.
▪︎ Deed of Assignment fees: is for the cost of legal transfer of the land/property’s right, interest, title and ownership from the seller to the buyer.
Our legal team ensure that the Deed of Assignment is duly registered at the Lagos State Land Bureau.
▪︎ Infrastructure/Developmental fees: is the cost of infrastructures placed in the estate in form of earth/ paved/ interlocked roads, perimeter fence, gate house, security system, street lights, pipe borne water, drainage system, street cleaners, green areas etc other than the cost of the land/property.
Seven Estate features: