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IMPORTANT THINGS YOU SHOULD KNOW BEFORE PURCHASING A LAND IN NIGERIA

So many people have lost a lot of money investing in the wrong property, and this is as a result of their limited knowledge in land documents and it's impact on the said land.

..................Historically, all Lands belong to the indigenous families and communities that are dwelling on that land. But the Land Use Act, enacted in 1978 vested all urban Lands within a state in the state governor to hold on behalf of the people.

The governor is responsible for the allocation of the Lands to individuals or organizations for residential, agricultural or commercial purposes.

Before you acquire any property in Nigeria, it's very important that you verify what title it comes with and its impact on your property.

Lands can be broadly classified into two statuses:
1. Free Land
2. Under Acquisition
(i) Committed Acquisition
(ii) Global Acquisition

FREE LAND
A free land is a land which the government has not indicated any interest in. This land is free from every known government encumbrances.
Also, obtaining a C of O is very easy with a free land.

UNDER ACQUISITION
A land is said to be under acquisition if the government has an interest in the land, either for the purpose of urbanization or industrialization. When a land is under acquisition, it can either be;
(i) Committed Acquisition:
A land with Committed Acquisition means that the government has designated that parcel of land for specific projects and such can never be released to individuals or organizations for development projects.
When you acquire a land that is under Committed Acquisition, get ready, because sooner than later you'll lose that land when the government comes for it.
And guess what? You won't be able to perfect your title and obtain a building plan. Whenever the government comes for such Lands, they'll demolish it without compensation.

(ii) Global Acquisition:
A land under global acquisition does not have a specific government purpose yet, and as such can latter be FREE or COMMITTED as the case may be.

........................There are two processes involved in making a land under Global Acquisition to be FREE.

1. Excision
2. Ratification

To be CONTINUED..........