Granted, buying a property (in Lagos State) can be very exciting and fulfilling at the same time, especially when it is your first time investing in the real estate industry. But there are pitfalls and loopholes in this endeavour if you are not properly guided.
One of these issues is knowing what documentation or title the property you are buying holds, and what implications each of these titles may pose.
So today, we shall be briefly considering the above subject to incite adequate understanding on the different documentation and titles that are gettable when buying a property, especially a land.
Though this knowledge may be applicable in some states across the Nigerian Federation, be aware that it is specifically written for clients and investors seeking to invest in properties in Lagos State, Nigeria. So it is advisable that you check with the state’s Land Use and Housing Act to know what is attainable before proceeding.
So if you are ready, let us begin.
At the time of this post, five titles are derivable when buying lands in Lagos, while six are documentation you will see. What this means is that when you buy a land in Lagos, you can either be given one or more of five titles and then what is publicly accessible are six documents.
Still don’t get it? Do not worry, you will understand in a short while. In no particular order, here they are:
- Certificate of Occupancy (C of O): Let us start with this very popular one. You must have heard of (C of O) one way or another. Here, the current government issues a certificate to occupy a land you have bought or invested in, for a period; mostly within ninety to a hundred years. Implying that when the time allotted expires, the land certificate can either be renewed or revoked and thus remitted to the new state government. So, in most cases, certificate renewal is always the go-to and advisable option, except the investor thinks otherwise.
- Governor’s Consent: This is an approved piece of land in a particular community by a sitting or current Governor. The Governor signs and endorses this title himself, making it feel safer and more sort after when buying a land. Though you are expected to have an exciting professional title before a Governor can consent to your land. But this could change when the Governor’s tenure expires, leaving the investor at the mercy of the coming Governor.
- Excision: This is a very popular title that is available in the industry today. Here, the government of the state partakes in a parcel of virgin lands and then issues a document on the remaining land belonging to a community stating the condition of the remaining parcels. This statement may be available but not published. Which brings us to the next point.
- Gazetted Land: This title or document means an excision that has been published or made public. Like all public instruments, this publication will show important detail about the excised community land; including the landowners, the size and the location. Due to its efficiency and trustworthiness, a gazetted land is currently seen as one of the most compelling and persuasive titles that landlords and realtors can use to effectively market and make good sales in the real estate industry, not undermining any of the aforementioned.
- Survey Plan/Land Layout: This document spells out the perimeter scope of the land you are buying. It implies the terrestrial dimension of the land in different square meters; which can either be 600sqm (120 x 60 sqm) or 300sqm (60 x 30 sqm) as obtainable in Lagos State. Most times the document shows the four pillar-point that encloses your allocation(s), to make it easy for you to know your boundaries. Note that for a Survey Plan or Layout to be acceptable by the state, it has to be conducted by a registered Surveyor who will be required to further register such plan in the office of the Surveyor-General of the state for it to be easily looked up and charted.
- Deed of Assignment: This is just a common legal document or agreement that is reached between the seller and the buyer. All the terms of sales and purchase are in the document and are binding in the law court once signed by both parties, including their witnesses. A very key thing to note here is; this document must be drafted by a good and professional Solicitor (who is a lawyer).
Our intention is never to endorse any title over others, nor did we intend to diminish the weight of any of them. Instead, we want to enlighten our visitors and prospects, ensuring they are properly guided when it comes to matters arising in the real estate industry.
In summary, the five titles issued when you invest or purchase lands in Lagos State are; certificate of occupancy, governor’s consent, excision, survey plan and deed of assignment. While a gazette holds public information for an excision issued by the state government. Now you see why we say, there are five titles but 6 documents.
That was something, wasn’t it? So now that we have fortified you with this information, won’t you rather invest in Vopnu City!!!
Thank you for stopping by. Please don’t forget to share this post with your friends. See you in our next post.