Many first-time property buyers in Lagos finalize their purchase and think the process is over. However, legally recognizing that transfer of ownership—a process known as perfection of title—comes with its own set of costs and procedures.
What Does Perfection Involve?
Perfecting a title involves three main steps: obtaining Governor's Consent, stamping the Deed of Assignment, and registering the title at the Land Registry. This ensures the government recognizes you as the new legal owner.
The Costs Involved
The cost typically depends on the assessed value of the property. You must budget for Consent Fees, Capital Gains Tax, Stamp Duty, and Registration Fees. Collectively, these can range from 3% to 15% of the property's value.
Simplifying the Process
When you purchase a home through Pneuma Holdings Ltd., our legal team provides complete transparency on all statutory fees upfront, so you are never caught off guard. We guide you through the perfection process seamlessly.
