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The Benefits Of Having A Certificate Of Occupancy For Your Land - Properties - Nairaland

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The Benefits Of Having A Certificate Of Occupancy For Your Land by AmanRoyal(f): 10:15am On Nov 01, 2017
. Means of Collateral:
One of the benefits of having genuine documents on land and the heirs of the owner upon his/her demise. Obtaining a Certificate of Occupancy goes deeper than merely granting you landed properties it is for such documents to be used as a means of collateral to secure a loan from the bank or mortgage institutions whenever the owner of such land and landed property requires some financial aid to execute a particular project. It is not only at the banks or mortgage institutions where genuine documents on land and landed properties can serve as a requirement for loan advancement, but other areas or channels which the owner of the land and landed properties deems it fit to present his/her property documents as a means of collateral.

2. Easy to Transfer ownership/Alienation:
Another benefit of having genuine documents on land and landed properties’ is that it allows for easy transfer of ownership and/or alienation of such land and landed property on the part of the purchaser and seller. This will be made possible after thorough search at the appropriate land registry as to the ownership status of the land and landed properties. Also, it will be very beneficial in the event of transferring or alienating the land and landed properties the land to ownership of.

3. Adequate Compensation:
Whoever has genuine documents on his/her land and landed properties stands a great chance of been adequately compensated in the event of any compulsory acquisition exercise embarked upon by the government (State and Federal) for the overriding benefits and/or interest of the citizens of the state or country. In the event of compulsory acquisition exercise, the appropriate government or agency involved will only compensate those people that have genuine documents on their affected land and landed properties upon presentation and scrutiny of its legitimacy.

4. Established Ownership Status:
This is also one of the greatest benefits of having genuine documents on land and landed properties as it helps the holders of such documents to establish true and ownership status on any matter relating to such claim. Having genuine documents on land and landed properties can help to establish ownership status at the Lands Registry, Court of law during disputes, financial and mortgage institutions, etc

5. Sense of Security:
Another benefit of having genuine documents on land and landed properties’ is the sense of security that comes with it. This is so because whoever has genuine documents on their land and landed properties will greatly be at peace with themselves on all their real estate investment holdings as they are well secured. Genuine land and landed property documents serve as an instrument of security for the guidance and protection of holders of such documents against theft, encroachment or illegal transfer/alienation of their land and landed properties without their prior knowledge or consent.

6. Increase In Value:
Genuine documents on land and landed properties is also of benefit in land and landed property appreciation as it plays a major role or factor in determining land and property values.

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