Land titles that will secure your investment
A land title is a formal document outlining the rights a person or people hold on a piece of property.
Although, it is commonly used to confirm ownership of the property. However, it can also a help you as a prospective buyer run a search to find out more about existing acquisition, previous owners and other rights.
You may only know C of O as it is the most common land title. However, you should also be aware of other land titles that will ensure a risk-free investment and avoid costly mistake.
Number One – EXCISION
The Land Use Decree of Nigeria (now Act) on the 28th of March 1978 vested all lands in every state of the Federation under the control of the State Governors.
For instance, Land Use Act made it possible for the Governor to acquire more lands either compulsorily for its own public purpose or to provide amenities for the greater good of the citizens.
Fortunately, the government still recognizes that indigenes of different sections of the country have a right to their birth land. So the state government gives a portion of the land to the original owners in each area.
This act of giving a piece of land from the whole is hereby known as government excision.
So, any land without excision can be seized by the government without notice. It does not matter if you buy from the village head, the family or the community.
Number Two – GAZETTE
A Gazette is an Official record book where all special government details are spelt out, detailed and recorded. A Gazette will show the communities or villages that have been granted excision. It will also show the number of acres or hectares of land that the government has given to them.
Therefore, it is within those excised acres or hectares that the traditional family is entitled to sell its lands to the public. Anything outside those hectares of land given or excised to them is off limits.
A Gazette is a very powerful instrument the community owns and can replace a Certificate of Occupancy to grant title to the Villagers.
A community owning a gazette as a land document can only sell lands to an individual within those lands that have been excised to them.
Importantly, the community or family head of that land can sign your documents, as long as you purchase lands within those excised acres or hectares of land.
Therefore, if the government based on reasons best known to them decides to acquire your land, you will be entitled to compensation.
Number Three – CERTIFICATE OF OCCUPANCY
This is the most popular of all land titles.
It is a Document issued by the State Government to officially lease any land under the state to you (the applicant), for 99 years.
A C of O, however is the officially recognized Land Document for demonstrating Right to a Land. What happens after 99 years? That question is still a subject of debate among experts.
Most have adopted a wait-and-see attitude. Others postulate that as the new owner of the land, you the buyer can renew the certificate of occupancy when it expires.
Number Four – GOVERNOR’S CONSENT
According to Section 22 of the LAND USE ACT 1978 as amended, this states thus:
“It shall not be lawful for the holder of a statutory right of occupancy granted by the Governor to alienate his right of occupancy or any part thereof by assignment, mortgage, transfer of possession, sublease or otherwise howsoever without the consent of the Governor first had and obtained”
It is very important for a purchaser of land to perfect his or her document. This can be done by obtaining Governors consent so as to have a complete rest of mind.
An advantage of having a Governor’s consent is that you can transfer your land to another person without going back to the Omoniles or Family Baale.
In conclusion, you can safely invest in a landed property that possesses any of these four land titles.
For a free consultation or additional benefits relating to Land titles, please call or WhatsApp FarrProperties on 08121277765. Thanks