Buying a property without a title in Lagos state can have serious legal and financial consequences, including:
- Lack of Ownership: Without a title, the buyer does not have proof of ownership, making it difficult to sell or mortgage the property in the future.
- Risk of Eviction: The property may belong to someone else, who could take legal action to reclaim it, resulting in the buyer being evicted from the property.
- Loss of Investment: The buyer could lose their entire investment in the property if the title is found to be fraudulent or if someone else has a valid claim to the property.
- Legal Action: The buyer may be subject to legal action, including a lawsuit, if they are found to be in possession of a property that they do not have a valid title to.
- Reputational Damage: The buyer may face reputational damage if they are found to have knowingly or unknowingly purchased a property without a title.
It is always advisable to thoroughly research a property before making a purchase and to seek legal advice from a real estate lawyer to ensure that the property has a valid title. In Lagos state, it is also important to conduct a thorough title search, which can be done through the Lagos State Lands Bureau or a private title search company.