THE IMPACT OF CORRUPTION ON MORTGAGE DEVELOPMENT IN NIGERIA BACKGROUND TO THE STUDY    Public debates recently in Nigeria have centered on the increasing rate of corruption resulting from inappropriate public finance planning and implementation mostly in some of the developing countries, Nigeria inclusive which in turn reduce the level of growth in every sector of the economy including mortgage development in the country. Corruption made itself visible when the institution of the government was founded due the behaviour of people appoint or elect to manage the government institutions (Anyanwu, 2002; Idomeh, 2006). Corruption has recently become a major issue in foreign aid and Nigeria nation as a whole. Corruption is an ancient practice that has been traced back to pre-biblical time and made itself known in the ancient civilizations of developed and developing countries. Political and social corruption is not a recent phenomenon that pervades the Nigerian state. Corrupt...

THE EFFECT OF LAND USE ACT ON SUSTAINABLE HOUSING DEVELOPMENT IN NIGERIA BACKGROUND TO THE STUDY    Land use regulations and controls are used to restrict the rights of private land holders in the use of land. The regulations are used to protect public interest in the use of private land. The regulations stem from the need to provide public amenities, to increase the efficiency of land-use, to limit urban sprawl and unnecessary encroachment on agricultural land, and to achieve economies of scale and least-cost production of public services (Courtney, 1983).  The regulations are also used to ensure the availability of land to all groups, and to ensure that the benefits of development go to the community as a whole. Today, if you buy land in Nigeria and you do not have the Certificate of Occupancy (C of O) from the government, it is not yours, all you have is a lease, that is, you never have a freehold. You cannot even have access to any loan or do anything tangibl...

REAL ESTATE RISK AND ITS IMPLICATION FOR PROJECT VIABILITY (A CASE STUDY OF EKEDO RESIDENTIAL ESTATE, UYO) BACKGROUND TO THE STUDY Real estate investing involves the purchase, ownership, management, rental and/or sale of real estate for profit. Improvement of realty property as part of a real estate investment strategy is generally considered to be a sub-specialty of real estate investing called real estate development. Real estate is an asset form with limited liquidity relative to other investments, it is also capital intensive (although capital may be gained through mortgage leverage) and is highly cash flow dependent (Syz, 2008). If these factors are not well understood and managed by the investor, real estate becomes a risky investment. The primary cause of investment failure for real estate is that the investor goes into negative cash flow for a period of time that is not sustainable, often forcing them to resell the property at a loss or go into insolvency. A similar pra...

REAL ESTATE INVESTMENT AND ITS ASSOCIATED CHALLENGES IN NIGERIA BACKGROUND TO THE STUDY    Real estate has continued to play a significant role in man’s evolution. It is not a coincidence that food, shelter and clothing believed to be the three essentials that sustain mankind, also have some linkage to land. Food grows out of land while shelter is affixed to it, and man’s clothing is made largely from what grows out of land. Indeed, whether in ancient times or today’s modern system, land constitutes a significant index for man’s wealth, and as economic activities have assumed more sophistication over time, land has continued to play a central role in their development (Lewis , 1994). There is hardly any business venture that does not require to be supported by some form of real estate: from the small business that requires real estate as offices from where its business can be organized, to the major venture that needs it for its factory. Consequently, through some ve...

PROFESSIONALISING REAL ESTATE AGENCY PRACTICE IN NIGERIA: ISSUES AND THE WAY FORWARD BACKGROUND TO THE STUDY    Professionalizing is derived from the term Profession/Professional. A professional connotes a person with a distinct competence for a specified function or discipline (Ojewunmi, 2005). Such a person would have been trained or has acquired the necessary training in that discipline to become a professional in that field. A professional exists within the context of a profession; a distinct discipline or career path with its own training, qualification and membership requirements and standards. It is in the bid to establish such standards that professional bodies exist to ensure that persons within its fold have the requisite training/qualification and also abide by its rules and ethical standards (Kuye, 1998). A professional in any field is a highly regarded person and is deemed to have a certain level of competence expected of a person in that profession. Rea...

LAND REFORMS IN NIGERIA: ISSUES, PROBLEMS, AND SOLUTIONS BACKGROUND TO THE STUDY    Land Reform generally involves the changing of laws, regulations or customs regarding land ownership. It may consist of government initiated or government backed approach to property redistribution of land as in the case of Nigeria, an outright transfer of ownership of land from the citizens to the state. The common characteristic of land reforms is usually the modification or the replacement of existing institutional arrangements governing possession, use and title. Thus, while land reform may be radical in nature such as large scale confiscation and transfers of land from one group to another or from one group to the state, it can also be less drastic and conciliatory in nature such as less painful transfers of land to the state and regulatory reforms aimed at improving land administration (Dale, 2007). Land is perhaps the single most important natural resource in the sense that ...