22/09/2022
WHAT YOU NEED TO KNOW ABOUT LAND TITLES IN NIGERIA AND HOW THEY IMPACT YOUR PROPERTY.
Before you acquire any property, it is pertinent that you ask, know and verify what title comes with the property. It is always best to investigate before you invest.
However, even when you have verified what kind of title comes with your acquired property, you also need to know how that title impacts your property.
Historically, all lands belong to the indigenous families dwelling on such lands but the Land Use Act, enacted in 1978 vested all urban land within a state in the state governor to hold on behalf of the people, and as such the governor is therefore responsible for allocation of land in all urban areas to individuals resident in the state or to organizations for residential, agricultural, commercial, and other purposes.
Specifically, there are different types of land titles a land may have, and consequently different impacts on the said land.
1. FREE OR UNDER ACQUISITION
A free land is that which the government has not indicated any interest in, while a land is said to be under government acquisition if the government has an interest in the area for the purpose of urban development or industrialization projects.
2. GLOBAL ACQUISITION OR COMMITTED ACQUISITION
The land under government acquisition can either be global acquisition or committed acquisition. The land with committed acquisition means the government has designated that parcel for a specific project as such those parcels of land can never be released to individuals or organizations for development projects. Acquiring lands that are under committed acquisition will eventually lead to the loss of such investments when government moves to take full possession of such a parcel of land.(Stay connected for more on Land titles).
YOUR PURCHASE, MANAGEMENT AND RENTALS OF LANDS AND PROPERTIES (HOUSES), CONTACT ME@PEARLSKYE REAL ESTATE AND CONSTRUCTION COMPANY, OR CALL 09073591548.