07/08/2021
*LAND AND IT'S CLASSIFICATION*
*Definition*:
Land can be simply defined as *part of the earth's surface that is not covered by water.*
From time immemorial, land has been seen as the basis of wealth, and many of the wealthiest people in any society are usually people who have vast investments and income in land.
This land could later be used for several purposes such as farming, poultry, real estate development, etc.
There are two main classifications of land:
*CLASSIFICATION*
Land can be classified as either *free* or *acquired*. Land is said to be free if government has not indicated any form of interest in that land. These types of land are considered safe to buy because subsequently, the title on these land can be perfected without any issues. These land will have titles such as *Gazette*, *Certificate of Occupancy*, or *Governor's consent*.
It should however be noted that all land that fall within areas that have been designated as *'urban areas'* are actually under government acquisition until these land are either deemed as being committed or free.
*Types of Acquisition*
1) Committed Acquisition
2) General / Global Acquisition
*Committed Acquisition*
Land is classified as being under committed acquisition when government has indicated their interest or intention to use that parcel of land for a specific purpose. These could include provision of amenities such as schools, government hospitals, provision of housing, etc. These types of land can never be available for use to individuals. It is noteworthy that individuals who don't bother to verify if land is under committed acquisition are taking a huge risk if it is, as the government can take possession of the land even if the individual has built a property on the land. These types of land are impossible to perfect titles on it & the individual wont be compensated if he is evicted from the land.
Land which is therefore under committed acquisition should never be purchased at all.
*GENERAL/GLOBAL AC
