24/02/2024
WHAT ARE STATUTORY CHARGES?
There is nothing like hidden charges as used by a lot of prospects. It is called statutory charges and these fees are customary when land is purchased.
DOCUMENTATION FEE:
This fee is paid to process documentation of the property bought. The client will be handed the documents of the land after payment is completed. Documentation fee varies depending on the location and the type of document on the land.
SURVEY/ ALLOCATION FEE:
This is used for mapping out the portion of land paid for. This goes to the government and it's fixed for different locations. Allocation fee for some locations is ₦50,000 per plot of land purchased by client. Others are 100,000.
DEVELOPMENT FEE:
This fee is meant for development of infrastructures within the estate such as roads, electricity, drainage, security and so on. Development fee varies from estate to estate depending on the area.
WHAT STATUTORY CHARGES WILL DO FOR YOU:
✔️Save 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 laid out estate.
✔️Good Drainage system
✔️Electricity & Street lighting
✔️Secure gatehouse and perimeter fence.
✔️You get your land survey done at a discounted fee.
When you buy a new car, it's not yours in the eye of the government till you pay custom duties, do vehicle particulars, insurance and other papers.
I hope this has helped you understand better what statutory fees is and why they are necessary when purchasing a landed property
