← Konnected Minds Podcast with Derrick Abaitey
Konnected Minds Podcast with Derrick Abaitey
Segment- Don't Buy Land Without This: The Site Plan, Indenture & Title Secrets That Protect Your Investment.
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Transcript44 lines
- [00:00]
A
It takes like sometimes the place can be vacant for like two years, right? Struggling to get somebody in there. Not a lot of people in Ghana can afford to pay $5,000 a month, $4,000 a month. So you're going to have those people, most of those people own their homes.
- [00:11]
B
In very simple terms, if I'm listening to you right now, what's the smartest move for me to do? A land or a luxury investment home.
- [00:19]
A
If you are just starting out, you can easily afford the land. So I say go for the land. Do your homework, find the right people to buy the land from and start from there.
- [00:26]
C
You have to start small if you're starting out. Look for people you can trust. You go through a trusted agency, brokerage company and buy yourself an investment property and use your passive income from that investment property to build your portfolio from there.
- [00:42]
B
So you've heard it. Rash is saying that the best way is to get a land and then build slowly. COD is saying that the best way is to, you know, get a few friends together and then buy an investment property. The choice is yours. What decision are you going to make? Drop it in the comments and let's see what the best idea is for young people now. What's the future of real estate in Ghana?
- [01:01]
A
I believe they have to streamline the process. You know, it's too complicated. So hopefully we get to Rwanda level and things are more clerical, black and white. I've always wondered that they should probably punish people who do all these Takashi things on site. And it's in the, you know, the land act that you're supposed to serve five years in jail but it's not being enforced. I think they need to enforce that and penalize people who go around scamming people and do a whole bunch of stuff to make this industry a bit scary. Once they, once that's sorted out, so much money will flow to Ghana, man, a lot of money. Because there are a lot of people who are scared of investing in Ghana because of all these things. And once the land situation is sorted out, think Ghana. We already see all these high rises coming as Dubai.
- [01:47]
B
The future of real estate in Ghana.
- [01:49]
C
The future of real estate in Ghana. I'm excited about it because just like he landed, you can tell from the off plan projects coming up that in the next four or five years we're going to have a lot of beautiful structures coming, whether affordable, affordable, luxury or luxury. We're going to have a lot of properties in the market, enforcing the laws, making sure that all the bills that have Been passed, are being well enforced is a good one to start from. Also what people are yearning for. Like he said, friends in Cantonment have houses, apartments and they charging 5,000, $4,000 because how many apartments like where's the competition? But when all these other units come, there's going to be competition. So I tell people, people say the market is going to crash and everything I'm saying hey we are far from it. Where we're going to get to is to here equilibrium where supply, demand curve, that's it. So if we have more apartments coming up, I'm always excited to see new projects. I'm always excited to see new real estate companies following the laws and doing the right things because once we have a lot more of this ones, that's family the guys who consulted to they were able to go in and buy that two bedroom apartment with a fifteen thousand dollar discount because the competition is so much so that now if you go sit down with the developers, which I am like best at doing for my clients, I tell them hey if you're not doing it, I have already sent them an email with 1, 2, 3, 4 in the same area, good quality and everything. And so if you're going to give me a 25 discount then I'm going to go with you. If not, I'm going to call this guy, phone him and put him on a call and I'm going to try and get a 25% discount with them. And so the competition will be more and that's how the future is looking. So the reduction in price we are all looking for the opportunity and the dream of living in continent will become more real for people like me and my friends. And so I'm excited to see what the future holds. But the future is very beautiful. It's not crushing, it's a beautiful future.
- [03:42]
A
So through the big Push Muhammad initiative they are doing a lot of roles. So I think that will also expand people out. So he was mentioning the traffic and all that stuff, people driving, you know, a lot of commute time will be reduced with all this road infrastructure executed and that will expand the real estate market. Instead of a lot of people, everybody.
- [04:00]
C
Want to be centralized.
- [04:01]
A
Yes, it will expand the market a little bit and you know people will start to see appreciation on their land value. If you bought land the past, you get to benefit.
- [04:09]
B
Yeah. So yes, if people wanted to buy land today, where is the best place to look at affordable low, low cost for people right now?
- [04:17]
A
Right now. So if you're buying land, let's look at your construction phase, going to take like two, three years. Even if you work at an airport, right now you must be looking at Fiena. They are doing that road there. So your commute that might take you right now it takes about 15 minutes, 1, 1 hour and 20 minutes depending on the traffic. Sometimes it can even take you two hours. The traffic can be really bad. Busy, busy hours. Once that road is done, 25 minutes, 30 minutes, you are at airport easily. So you should be looking at places like that. They, you know, they say the Dodua, they do the Dodo road. So Odua side you can be looking at it that pulling the road is horrible. But that side they are doing the road as well. So you should be looking at where they are doing the roads so that you know once you buy it, by the time the roads are done, your commute time will be shortened.
- [04:56]
B
If someone is looking for a luxury real estate investment today, where should they be looking at?
- [05:00]
C
Oyafa Oyebi. So I'm talking affordable luxury. Oyarfa Oyebi Mensa. I'll give you places like Promprom because road construction is currently going on the whole motorway, I think five lanes on each side all the way to Adan. If you want top luxury Chado South Labadi. You look at places like Jolu Abelingpe, you can start off from there. There are a lot of real estate players in the market today. You just haven't chanced on them. Like I mentioned, a $55,000 deal in Chado and Rash was amazed. He hasn't heard about it. These are deals that are there that we need to introduce people to. And so these are locations that you can start from.
- [05:40]
B
Rush, I see you have some documents can for people that have not seen, especially people in the diaspora that have not seen how each of these documents look. Can you take us through them, what they look like and then show you to the camera?
- [05:51]
A
Sure. So this is my personal line title for the kids that I want to call it. So if you are buying land, they're going to give you a site plan. That's the most important thing. This type plan is basically going to state the coordinates of the land right in. The surveyor can take you to the land with this, the exact land with the boundaries and everything with this you need that.
- [06:13]
B
Okay.
- [06:14]
A
So the site plan. Right. So this is.
- [06:17]
B
Why is this an important document?
- [06:18]
A
This is the identity of your land. Like this is like the. You will say your fingerprint. Yeah. That this is literally it shows gps. Right, right, right. So GPS takes this Kind of coordinates as well. That's the satellite. So it shows you the position of the land. Right.
- [06:34]
B
So this is just for the positioning of the land.
- [06:36]
A
That's just for the position of the land. Right.
- [06:38]
B
So it doesn't legitimize the land.
- [06:40]
A
No, it doesn't. This is the position of the land. Now why this is embedded in this is because this is an indenture. Now indenture is going to tell you, you have done that. We have the list, you know, the leasehold system. So it's going to tell you Whether you have 75 years, 99 years old.
- [06:55]
C
The kind of, the kind of deed of assignments you have.
- [06:57]
A
Yes. So that's, that's your indenture. So if you buy land from someone, you're going to have the site plan and the indenture. Each indenture will be different based on whatever stipulations that person has in there.
- [07:07]
B
Who, who gets this document done? Who is it the buyer or the seller?
- [07:11]
A
It depends. Okay, it depends. So for if you're buying from a company like mine, we will handle it for you.
- [07:17]
B
Okay.
- [07:17]
A
Again, we try to reduce the stress from people. So if you go to like an established company. Yeah. They are going to do the nature for you for the most part.
- [07:24]
B
Okay.
- [07:25]
A
If you go to buy from an individual, like I did, I prepared this with my lawyer. Right. Because the individual, I mean they're not going to go and pay. They don't. That's not it. That's that, that's operation. So you get this done before I was buying the land. They have to show you somebody. If you, if you own the land, what do you, what do you own the land based on? Like, like you have to tell me something. Oh, there's a court judgment. There is this, there's that. You have to show me something. So some, when I went, they had a title. Now I've transferred it to my name. So I have my title here. Now you have to use this because they had a title. I knew I'm, I'm only transferring the land to my name if they didn't have a title. And I understand the history of it. Okay. Again, this comes to the knowledge it's a bit complicated. So if I know, okay, there's a judgment. They're giving them the right. They've been acknowledged as the, you know, Dilodo owners. They should repossess all the land there. Then I know, okay, I have to do first time registration. So you have title transfer and you have first time registration. So they might not have A title. They are land where there is no title. But they have strong documents. Sometimes they have made some declaration, they haven't even been to court. But they've been acknowledged by the land commission that they are the owners. It's been plotted. You have to have first time registration. But I had a. If I had a title. If I'm to sell this land to you, all you have to do is transfer. So I'll have to give you this document. Plus this. I have to surrender this to you as well. But this is of no use to you. You're just gonna keep it. Like when I bought it, there was a title for future reference. And then you go through the process to obtain your own title.
- [08:43]
B
Every buyer needs to get their own title.
- [08:44]
A
That's correct.
- [08:45]
B
But once I get my title, your title becomes obsolete.
- [08:49]
A
Yes, null and void. But if you do a search, you will see the history that I own it before you. Now, the reason why you want to take it from me is because I can now take that title. Unless it's big, right? If I have like 70, you can't come and take my. It doesn't work that way because I only sold you a piece. But if I have single one plot and I sold it to you and I'm still holding it, if I'm a crook, I can use the same thing to go fetch three, four more people. So that's why it's a cod. Yeah, that's the issues you found on the ground. So if you are buying it, then why do you need this? That was. It's no longer yours. And I mean you need it, right? So you don't need it anymore, so you take it, right? So when I bought this land, that was the, the title that he had was covering just that land. And since I bought it, you don't need it. I mean, if you need it, you have to tell me why you need it.
- [09:38]
C
Why you need it.
- [09:38]
A
Then maybe I'm gonna have to take my money because you don't need it anymore. But if you're buying a piece of land from somebody that has like 70 acres, they have a title. Of course you're not gonna get. You're not gonna get that. Right?
- [09:48]
B
And the judgment, how does it look like the judgment?
- [09:51]
A
Unfortunately I don't have here. But it's usually a court document. It's a court document. Depending on how long the case went off, or some cases have gone on 20 years. That case best believe it. Telling you and you read it. My judgment was basically I had a judgment aside from This I actually have a personally have a judgment. If, if you've been to court, what you get at the end of the court case is the judgment and in that judgment says who won the case on what basis they won the case on, and what right do they have based on this judgment?
- [10:17]
B
When, if you're selling your land, are you going to give the title and also the judgment to the new owner?
- [10:23]
A
It depends. It depends. So there are places where there is only a judgment on the land so far. Of course, again, what I say when you are selling land is based on what are you selling on. So if I'm selling each land I'm selling, I give people there's annex where if it's a land title, I have to give it to you. You get a copy of it. You get it so you can read it for you to know, okay, it's level 73 years. If there's a judgment on it. Let me see the judgment again. The judgment should persist. The land commission, that's where a lot of people get wrong. So if somebody got a judgment, they just got it freshly and hasn't made its way to the land commission. Because going through the process, they need to sort out the system because the land commission follows what the court says. If not, then we will not even go to court.
- [11:03]
C
Connected Minds Podcast.