01/02/2022
7 IMPORTANT LAND DOCUMENTS YOU MUST KNOW BEFORE INVESTING IN REAL ESTATE IN NIGERIA.
Land documents are vital things that anyone who wants to invest his or her money in landed property must know and understand very well.
It’s a pity that only 4 out of every 10 land buyers know and understand what this land documents really mean and the purpose which they serve.
A lot of people think that the C of O is the only land document they must have or ask for before they buy any land, this is very wrong.
Apart from the C of O there are other vital land documents you must ask for before you buy any land.
For example, many people make this mistake when they buy land and won’t ask for a Deed Of Assignment forgetting that this land document is one of the important land documents you must have when buying land because without this, it means that there was no transaction at all, no proof to show you are now the new owner of the land.
My late dad made this mistake too😢
THE 7 LAND DOCUMENTS ARE:
1. SURVEY PLAN:
This is the land document that shows the boundary measurements of a parcel of land to give an accurate measurement and description of that land.
Surveyors are the people who handle survey issues and they are being regulated by the office of the Surveyor General of the state.
A SURVEY PLAN is a very important land document you must ask for whenever you are trying to buy a land. In fact it is the most important because it is with this document that you will be able to know everything about the land.
A SURVEY PLAN helps you to know if the land is for Agricultural, Residential, Industrial or a Commercial Purpose.
2. EXCISION:
The Land Use Act coupled with other laws made it possible for the Governor who is now the owner of all lands in the State to actually have the power to acquire more lands compulsorily for its own public purpose 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 existence, a right to the land of their birth. Hence, it is customary for State Government to cede a portion of land to the original owners (natives) of each area.
So an EXCISION simply means, taking a part from a whole and that part that has been excised, will be recorded and documented in the official government gazette of that state.
In other words, not having an EXCISION means the land could be seized by the Government anytime without compensating you even if you bought it “legitimately” from the Baale or the original dwellers on the land.
Hope you understand why this land document is very important before you buy any land, because it is with this land document that you know if the land is FREE or Under Government Acquisition.
3. GAZETTE:
According to the Land Use Act, all land belongs to the Government.
The Governor is the owner of all land even the one in your village, and he alone will determine what to do with the land not even your Igwe, Oba or Emir.
So it is only when the Governor has taken the land he wants to use that he gives the remaining to the traditional family to do whatever they want to do with it.
A GAZZETE is an official record book, where all special Government details are spelt out, detailed and recorded.
A GAZZETE will show the communities or villages that have been granted Excision and the number of acres or hectares of land that the Government has given to them.
It is within those Excised acres or hectares that the traditional family is entitled to sell its lands to the public and not anything outside those hectares of land given or Excised to them.
A GAZZETE 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 and the community or family head of that land has the right to sign your documents for you if you purchase lands within those Excised acres or hectares of land.
***If the Government, based on some reasons best known to them decides to revoke or acquire your land, you will be entitled to compensation as long as it’s within the EXCISED lands given to that community.
4.CERTIFICATE OF OCCUPANCY:
A CERTIFICATE OF OCCUPANCY (C of O) is a land document issued by the State Government to officially lease any land under the state to you (the applicant), for 99 yrs. As already indicated above, all lands belong to the Government.
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.
5. DEED OF ASSIGNMENTS:
A Deed of Assignment is one of the most important documents YOU MUST HAVE when you conclude a land transaction.
A DEED OF ASSIGNMENT is an Agreement between the Seller of a land or property and a buyer of that land or property showing evidence that the Seller has transferred all his rights, his title, his interest and ownership of that land to that the Seller that has just bought land.
The DEED OF ASSIGNMENT contains very pertinent information for a Real Estate transaction.
For one, it spells out the date when the ownership of the property transfers from one owner to the other. The deed also gives a specific description of the property that is included in the transfer of ownership.
6. GOVERNOR'S CONSENT:
GOVERNOR'S CONSENT is a land document that is obtained whenever you buy a land with C of O.
It’s the land document that lets the Governor and the general public know that the land in question has changed hands.
7. RECEIPT:
This land document is the least of all these documents and is just for the seller to acknowledge that he/she has received the due money he/she wants to sell the land.
The mistake most people make is to think the a RECEIPT is the same thing with A DEED OF ASSIGNMENT.
No it's not!
My late dad made the mistake of collecting only receipt and 32 years later, 3 months after his demise, we had to pay 450,000 Naira(for land he bought at 10,000 Naira) to get a Deed Of Assignment from the family, else they threatened to recover the land or we pay the current value price of the land.
(Please don't make the same mistake)🙏
Now you know the documents to look out for before investing your hard earned money in REAL ESTATE in Nigeria.
Don't be in a hurry to buy land or house, always do your due diligence and if you need professional guidance, call me. I will guide you to make the best choice.
You have questions? Ask me!
You need professional guidance? Call me for a Free Consultation Session!
☎️08129029787
Irene Molokwu-Emmanuel
Nicaav homes and Properties
