STAMP DUTY ON RENT AND C OF O.

The Federal Inland Revenue Service (FIRS) has said that stamp duty will now be paid on house rent and certificate of occupancy (C of O) in Nigeria.

The revenue service also urged residents to ensure that rent or lease documents and C of O are subject to authentication with the new FIRS adhesive stamp duty.

Abdullahi Ahmad, director of FIRS communications and liaison department, said this is necessary to give the instruments the force of law and make them legally binding on all parties involved in the transactions.

Mr Ahmad said the new FIRS adhesive stamp was introduced at the official inauguration of the inter-ministerial committee on audit and recovery of back years stamp duties.

The FIRS spokesperson quoted Muhammad Nami, the FIRS executive chairman, as saying that the chargeable transactions under the stamp duties act as amended in the Finance Act 2019 are in two categories – fixed duty instruments and ad-valorem instruments”.

He said: “The following are the chargeable transactions in the fixed duty instruments category, power of attorney (PoA), certificate of occupancy (C of O), proxy form; appointment of receiver, memorandum of understanding (MoU), joint venture agreements (JVA), guarantor’s form, and ordinary agreements receipts.

“While ad-valorem instruments chargeable under the stamp duties act are deed of assignment, sales agreement, legal mortgage or debentures, tenancy or lease agreement, insurance policies, contract agreements, vending agreement, promissory notes, charter-party and contract notes.

“Stamp duty is basically charged in two forms, either ad valorem where duty payable is a percentage of the consideration on an instrument or a fixed sum irrespective of the consideration on dutiable instrument or document.”

The FIRS advised Nigerians to ensure that all the listed instruments contain the new FIRS adhesive stamp affixed or stamped on them as this would legalise such instruments.

PREMIUM TIMES reported how the revenue agency said it generated the sum of N66 billion from stamp duties between January and May.

READ ALSO: NIGERIAN GOVT SETS N1 TRILLION STAMP DUTY TARGET

Mr Nami said the money realised in the first five months of the year from stamp duties represented about 1,000 per cent increase.

He stated that the increment was unprecedented when compared to six billion naira collected from January to May 2019.

The FIRS boss attributed this increase to the dynamism triggered by Finance Act 2019, sums warehoused by the CBN in respect of prior years and the deployment of technology as well as stakeholders’ collaboration.

Your right as a Landlord

YOUR RIGHTS AS A LANDLORD.

A landlord is the owner of a premises or the holder of the reversionary interest in the property. This means that at the expiration of every tenancy, the right to possession and ownership of the said premises goes back to the landlord. Individuals own property for a number of reasons one of which is for passive income or as an investment as such, they let such properties out to tenants in exchange of rent. The rights a landlord has include:

1. Right to receive rent: A landlord has the right to receive regular and periodic rent form the tenant for the use and occupation of his premises. Rents can be collected weekly, monthly, quarterly, half-yearly and annually as agreed by the landlord and tenant. However, the manner by which the rent is collected determines the period of notice to which the tenant is entitled to.

2. Right to reasonable periodic inspection of the demised premises: The landlord is permitted by law to enter into the demised premises to carry out routine checks on the manner in which the demised premises is being used. However, before such checks, sufficient notice has to be given to the tenant in the manner stipulated in the tenancy agreement.

3.  Right to lawfully eject a tenant: A landlord has the right to lawfully eject a tenant whose tenancy has been determined in accordance to the Tenancy Agreement or by operation of law. To lawfully eject a tenant, the appropriate notices has to be given in accordance to the law before proceeding to the law court. It is illegal to use self-help by inviting thugs or “Area-boys” to assist in ejecting a tenant. One can be liable for the crime disruption of public peace and criminal assault among others.

4. Right to review rent: A landlord has the right to review his rent upward (and sometimes, in the face of economic realities like economic meltdown, downwards). Such rent reviews have to take cognizance of the prevailing rate in the area and the special circumstances of the property so that they are not viewed as arbitrary or unreasonable.

5.  Right to compensation from compulsory acquisition: The governor of the state by virtue of the Land Use Act has the right to compulsorily acquire properties within the state for “overriding public purposes”. However, whenever such occurs, the landlord has the right to be given compensation by the state government for the unexhausted improvements he has made on the land.
#theoverflowproperties #abdulazeezoenilari

7#abdulazeezenilari #realestateagent #yourrightasalandloard #realestateadvisory #realestateacquisition #propertyacquisition

Secure the future of you children

*Damn! It sent some shivers down my spine.*

Zig Ziglar once said, "People often say motivation doesn't last, that's why I recommend a daily dose of it."

In like manner, a consistent dose of real estate investment is recommended if you want to be free from financial pressure. 

*Something happened today.*

And I will share it with you soon.

Today, someone posted on Twitter celebrating her parents for buying their 7th home.

She then went on to boast that her parents are just another home away from being able to leave her and her siblings their individual rental properties. 

*Damn! It sent some shivers down my spine.*

*Do you know what that means?*

It shows that her parents truly care about their future.

It tells that they are willing to go that far in ensuring that their today and tomorrow is fully secured. 

It also means that they want their children to never have to run to any uncle or family member while they are gone.

*THAT'S SERIOUS WISDOM* right there!!

I began to ask myself, Am I doing enough for my unborn kids?

Am I spending and investing money the right way?

Will my kids boast of me a few years from now that the choice to invest in real estate and own properties helped secure their future?

It'd be selfish of me to call myself successful if that's not passed on to my kids and if their future is not secured today.

THE NOOKS ESTATE EPE

Biodun has been my friend for the past 10years now, and I must say she's a woman of great quality and taste.

She's the kind of woman any man would want to keep forever.

*But guess what?*

She's married to Kola, a true definition of an OLIVER TWIST.

He's the kind of man that would request for stew on top of his jollof rice.

*Can you imagine?*

Who does that in this time and age?

Like seriously, who?

But to be honest, he still has his good sides.

Last week, I spoke with Biodun about our new property which we recently launched at EPE, known as *THE NOOK*.

She was like

What about the other land we purchased at THE ENCLAVE EPE.

But I told her she won't lose anything if she acquires more lands. Owning more lands would be to her benefit.

So, we scheduled an inspection to site and of course, her husband came with her.

When we got to *THE NOOK*.

Imagine what happened next?

That OLIVER TWIST nature of asking for more came out of him from nowhere.

Their initial plan was to buy 2 plots but on getting to site, Kola found out that the land was not just in a serene environment but that we are offering
a 20% discount on every plot which is *₦2million.*

As we already know Kola's nature, He decided to buy more.

*THE NOOK* is an affordable piece of luxury located in Epe.

A place that will turn out to be the next destination of the elites in Lagos.

That you will call Home.

It is covered with a *Gazzette* as the root title.

A plot of land measuring *600sqm* sells at *₦2million* and you can also get *300sqm* plot for *₦1million*.

People are already positioning themselves in Epe and 5years from now you will find yourself in Epe because that's where you will find your target clients.

Don't wait to be told what will happen in the next 24 months.

If I were you, I'll call 08165456551/08054051344 to schedule a free site inspection.
#lagosproperties #theoverflowproperties #abdulazeezoenilari #abdulazeezenilari #thenooks

A 9.5M car will turn to 950k car real quick but a 9.5M land will 120M property in few years down the line, INVEST WISELY.
To invest in land and other landed properties call/what's app : 08165456551/08054051344
#theoverflowproperties #wiseinvestment #propertymanagement #nijarealtors #lagos #realestateinvestmentslagos #bestinvention #landinvestment #investmentopportunities

Lagos State Govt. vows to tackle unauthorised real estate practitioners

Special Adviser Toke Benson Awoyinka

The Lagos State Government says it will tackle the menace of unauthorised real estate practitioners across the state.

The Special Adviser (SA) to the Governor on Housing, Mrs. Toke Benson-Awoyinka, said this in a statement in Lagos on Monday.

Benson-Awoyinka said that the state government had planned a stakeholders forum for real estate practitioners, aimed at tackling the menace. She said that the one-day stakeholder’s engagement slated for Wednesday had as its theme ”Lagos Real Estate: Achieving 21st Century Compliance”.

The Special Adviser said that the theme of the forum showed that the state government was making frantic efforts to eradicate the dubious practices of some real estate practitioners in the state.

According to her, the forum will help restore sanity and orderliness to the housing sector.


in Metro4 days ago

Lagos State Govt. vows to tackle unauthorised real estate practitioners

Special Adviser Toke Benson Awoyinka

The Lagos State Government says it will tackle the menace of unauthorised real estate practitioners across the state.

The Special Adviser (SA) to the Governor on Housing, Mrs. Toke Benson-Awoyinka, said this in a statement in Lagos on Monday.

Benson-Awoyinka said that the state government had planned a stakeholders forum for real estate practitioners, aimed at tackling the menace. She said that the one-day stakeholder’s engagement slated for Wednesday had as its theme ”Lagos Real Estate: Achieving 21st Century Compliance”.

The Special Adviser said that the theme of the forum showed that the state government was making frantic efforts to eradicate the dubious practices of some real estate practitioners in the state.

According to her, the forum will help restore sanity and orderliness to the housing sector.

Benson-Awoyinka said that a legal approach alone might not be enough to solve the problem of fraud in the real estate business in the state, without the commitment of all the stakeholders.

She, however, said that the present administration was determined to ensure a conducive environment for seamless operation within the sector.

”I implore the real estate/agency businesses to cooperate with the state government so that the state as a smart city would be made investors’ haven, not only in Africa but the world at large,” she said.
The Overflow Properties was in attendance, the occasion was truelly an engagement of all stakeholders.

RISING RENTS

Rising Rents, Now Might Be the Time to Buy an Investment Property

This growing imbalance between the increasing population and demand for housing in Nigeria will continue to exert an upward increase in rental values. The Increasing rental prices are plaguing tenants in Nigeria, with political and economic worries keeping them from making smart financial decisions. Even so, smart investors are getting into the landlord game themselves, snapping up properties to rent out. Thereby providing affordable housing to accommodate the needs of Nigeria’s growing middle class.

You may be looking to wait out the market for a lower price or keep their money to invest elsewhere, not considering Real estate as a potential multiplier of money. Waiting out, to get a better deal, can prove too long and one might miss the opportunity to make a profit. What should you look out for? Places with high rates of development like the Ibeju Lekki axis in Lagos which is gaining increased interest from Nigerians to live close to such a budding area. What does this mean for potential buyers like you, who plan to “buy to rent” their properties; getting in now means they can take advantage of high rents.

In Lagos, rents are up across the board. Demand is high for apartments, partially because people are renting instead of buying. So, for those interested in buying a property, but don’t need cash right away, buying to rent out a property now might mean getting the cash you might need in the future, it might make sense to rent it out. So, instead of investing your assets in the stock market, why not purchase homes to rent, and for parents’ homes for children. Foregoing a luxury for two or more properties you can easily rent out to the middle class, would prove a way better investment deal in the nearest future than a buying a Rolls-Royce.

There’s a clique, who can be considered “smart Nigerians”; They have a home and they are staying there and they make money without lifting a finger by buying properties to rent out. Have you gotten into the game yet? the game of “buying to rent”? the one that secures your future and that of your family. Well, you should, let THE OVERFLOW PROPERTIES show you how