Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,189,569 members, 7,937,597 topics. Date: Monday, 02 September 2024 at 08:40 AM

Land Documents And Land Titles You Should Know Before Buying Landed Properties - Investment - Nairaland

Nairaland Forum / Nairaland / General / Investment / Land Documents And Land Titles You Should Know Before Buying Landed Properties (308 Views)

Things To Know Before Investing Or Buying Landed Properties. / Things To Know Before Buying Landed Property In Nigeria / Reason For Legal Search Before Buying Landed Property (2) (3) (4)

(1) (Reply)

Land Documents And Land Titles You Should Know Before Buying Landed Properties by Johneroh1: 3:48pm On Feb 23, 2022
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.

SURVEY.

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.

Continue reading...
https://extquest.home.blog/2022/02/23/land-documents-and-land-titles-you-should-know-before-buying-landed-properties/
Re: Land Documents And Land Titles You Should Know Before Buying Landed Properties by Kazeem47(m): 3:59pm On Feb 23, 2022
Very informative. Very few knew this.
Re: Land Documents And Land Titles You Should Know Before Buying Landed Properties by Johneroh1: 8:31pm On Feb 23, 2022
Many have fall victims for the ignorance

(1) (Reply)

Join If N500 To N5000 Daily Is Not Too Small For You / Start Sporttrading Business It’s Very Lucrative / How To Buy International Stocks In Nigeria

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 9
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.