Land titles recognized at Lagos Land Registry
Before making the decision to buy land or making that first deposit, you need to understand all the valid land titles acceptable in Nigeria. While most people leave all the paperwork to their lawyers, its important to know the different types of land titles and how they affect your return on investment. Here are the various land titles recognised in Nigeria:
A Certificate Of Occupancy(C of O)
A certificate of occupancy is a document issued by the state governor or a local government chairperson certifying ownership of landed property. This document proves ownership of a property for a period of time, usually 99 years. A C of O guarantees the highest level of land security in Nigeria.
Benefits of a Certificate of Occupancy
- It serves as indisputable evidence to prove ownership of land and serves as a strong defence in land disputes.
- Increases property value.
- Prevents unwarranted land disputes and eliminates the problem of multiple ownership.
- In the event where the government demands the acquisition of your land for public purposes, you will be well compensated because you have a C of O.
- It is recognized by financial institutions and can be used as collateral for obtaining loans.
- It can be used when securing a mortgage plan.
- It makes it easy to resell your property.
Clearly, the importance of a valid C of O can’t be overstated. Unfortunately, it is common practice to see land for sale without a C of O.
Read more: The ultimate land buyers’ checklist
Excision in process
Excision is a process that is an appeal to the government to release a portion of a vast portion of land that is committed. The released portion of land is called excised land and considered free. The land then earns a gazette title. A gazette title is considered relatively safe because a C of O can be easily processed once a land has been gazetted.
Buying lands with an ‘excision in process’ title is 50/50 ownership deal. In the event where the land is excised, you can proceed to apply to obtain a C of O otherwise, the land still belongs to the government and can be taken at any moment. If you insist on buying land with an Excision in Process title then, basically accepting the full risk of the possibility of losing your real estate investment. Note that although lands with excision in process land titles are relatively cheap, most real estate companies ask for certain developmental fees once the land is excised to recoup.
Gazette land title
A Gazette is an official record book where all special government details are written in detail and recorded. A Gazette details the number of acres of land retained by the government for public use and the number given to the local communities or real estate company. A gazette bears substantial weight and used by communities as legit land documents. If you’re going to buy a plot of land that claims to have been covered by a Gazette, get a surveyor to chart the site and take it to the Surveyor General Office at Alausa, Ikeja to verify and ensure the land actually falls within the stipulated coordinates in the Gazette.
There are cases the government based on certain reasons decides to revoke or re-acquire gazetted land. However, in a case like this, the landowner is entitled to some compensation. The risk here is the rigorous verification process required to ensure the land for sale falls within the stipulated gazetted land.
A Governor’s consent is a document that allows a person with a C of O to transfer ownership to a third party. In other words, if you acquire land with a C of O document, you must get a Governor’s consent before you sell or transfer ownership to another party. The third owner must also obtain a new Consent from the Governor before the transaction is deemed legal in the eyes of the Government and the process applies every time the property changes hands to a new owner.
The Governor asserts the right to either grant or revokes consent to any transaction. Obtaining a Governor’s Consent isn’t the easiest process but it can be processed in 30 days. Unfortunately, 30 days could easily extend to 6 months or even a year due to unforeseen inconsistencies.
Having a Governor’s Consent is the best assurance against Omonile wahala.
Buy land with a C of O title. It saves you the stress of having to deal with any form of litigation or intrusion by Omoniles. LekkiVale Estate located at Ibeju Lekki offers you a stress-free acquisition process. Lekkivale has a valid C of O. Call in today on 09081234564, 09095757575 or send us an email at firstname.lastname@example.org for more information.