LAND DOCUMENTS AND LAND TITLES YOU SHOULD KNOW BEFORE BUYING LANDED PROPERTIES.
The first significant thing to note is that every land is controlled by the state government. This is in agreement with the Land Use Act 1978. The government leases any land bought for a period of 99 years after which such title can be renewed by the owner. A land can either be free or under government accession. A land free from government encumbrances makes it easy to obtain a certificate of occupancy or any type of good land title.
It is significant for anyone seeking to purchase real estate to dig through the title of such property at the appropriate land registry. Each state maintains a land registry where a title to property can be searched. The land title in Lagos State can be searched through the land bureau at Alausa, Ikeja, Lagos. A diligent search for the land title can also involve a search at a court registry where the title to land involves court judgement or probate registry in case of property of a deceased person.
LAND DOCUMENTS AND LAND TITLES YOU SHOULD KNOW.
This is a document that measures the boundary of a parcel of land to give an accurate measurement and description of the land.
DEED OF ASSIGNMENT.
It’s actually a document that shows that you are now the new owner of the land. It is an agreement between the seller of a land/property and the buyer, showing evidence that the seller has transferred all his rights, titles, interest and ownership of the land to the buyer.
CERTIFICATE OF OCCUPANCY (C of O)
It’s a land document issued by the state government to officially lease any land under the state to you (the applicant), for 99years.
As already indicated above, all lands belong to the government. A C of O however is the officially recognized land document for demonstrating land rights. A certificate of occupancy can either be for residential, commercial or agricultural purposes It is usually granted for a fixed term of 99yrs and 25years for agricultural lands.
What happens after 99years?
The response to this, for now, remains that the buyer can renew the certificate of occupancy when it expires.
*Please note*: there are “kinds” of C of O, there is a *normal* C of O and there is *a Global* C of O and also we have types i.e. Residential, Industrial, Commercial, Agricultural C of O.
It’s a land document that is obtained whenever you buy land with C of O. It’s the land document that lets the Governor and the general public know that the Land in question has changed hands.
CONTRACT OF SALE.
This is a contract between two or more parties in which the seller agrees to sell and the buyer agrees to buy a real estate property. The contract outlines the terms and conditions for the sale and purchase of the property.
An excised land has been released by the government to the indigenes of the area who originally owned the land before the government acquired it. This means that the land is no longer under government acquisition and processing the C of O is possible.
A gazette is an official record book, where all special government details are spelt out, detailed and recorded. A gazette will show the communities and villages that have been granted excision and the number of acres or hectares of land that the government has given to them.
This land document is the least of all and it’s just for the seller to acknowledge that he/she has received the due money he/she wants to sell the land. As simple as this document may seem or appear like, it is still very important for future purposes.
In conclusion, when someone wants to buy a landed property or perhaps carry out any bargain on a property in Nigeria, it is important to carry out due industriousness first to confirm the genuineness or correctness of the property documents presented by the vendor.
I hope this article”10LAND DOCUMENTS AND LAND TITLES YOU SHOULD KNOW BEFORE BUYING LANDED PROPERTIES..” has helped you lean the essential land documents and land titles for your landed properties. You can also read about 7 Ways To Minimize Risk in A Real Estate Investment( Number 5 will help you gain higher return).