Real Estate Dictionary Lagos Nigeria - Free Property Dictionary
Real estate dictionary Lagos Nigeria - This is a free real estate dictionary or property dictionary that explains real estate terminology in Lagos.
Well, the reason is simple. As they say, "knowledge is power." The more you know, the more opportunities you have at your figure tips. And someday, that knowledge can translate into a wonderful investment opportunity . . . the opportunity of a lifetime.
Back to the real estate dictionary.
The following explains common real estate terminology or real estate terms used in Lagos Nigeria real estate.
The Property Dictionary
1. Self contain apartment
Self contain apartment refers to a one bedroom flat with its own kitchen, toilet, and bathroom
This kind of BQs are usually occupied by drivers, cooks etc
4. Full plot of land
A full plot of land in Lagos Nigeria is 120ft by 60ft or 668 square metres.
However, in some estates like Omole estate, a full plot of land is 1000 square metres.
5. Master Bedroom
A master bedroom is the only bedroom with its own dedicated bathroom and toilet in a flat where all the rooms are not ensuit
6. Good Title
The title on a property is said to be a good title if the number of years left on the certificate of occupancy or C of O is still high. That is, the C of O is not more than ten years old.
7. Fully serviced apartment
An apartment is said to be a fully serviced apartment if it has . . .
. . . and more
The luxury apartment section explains this in detail.
8. Fitted Kitchen
A fitted kitchen is one that has all of the facilities a kitchen requires . . . or at least most of them.
A fitted kitchen usually has . . .
. . . and more
9. Short let or Vacation rental
A short let is a furnished apartment that accepts rent in days. That is, you can rent from a few days to a month or as long as you wish.
Landlords in Lagos Nigeria usually accept rental tenure of two years paid in advance. That means, when you have to rent an apartment in Lagos Nigeria, you have to pay two years rent in advance.
A short let saves you that trouble because the two year tenure requirement does not apply. You simply pay in advance for the number of days you wish to stay. This is suitable for tourists of visitors to Lagos who want to stay a few days or months.
The above is a short introduction to the Nigeria real estate dictionary. Post your definitions using the form below.
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