If this article I read in the Punch Newspaper is true then the cost of registering land transactions may just drop drastically. The article reports that Lagos State Lands Bureau had proposed that the cost of perfecting title documents for land transactions in Lagos from 13% to 2%.
“If the proposal of the Lands Bureau is endorsed by the state Executive Council led by Governor Babatunde Fashola, anybody who buys a landed property in the state will only need to pay to the government between two per cent and five per cent of the assessed value of the property instead of the current 13 per cent to register it in his/her name”.
It is important to note though, that with the reduction in fess will come a higher but more standardized valuation of landed properties in Lagos, which all in all is still a good move.
Currently the breakdown for calculating consent fees (follow link for breakdown) in Lagos is 13% having being slashed twice by Fashola (from 15%) and Tinubu from 30% in the past. Interesting to note is that the Lagos State Lands Bureau collected N10.28billion in fees in 2012, 6% drop from N11billion collected in 2011.