Property Documents and Land Titles

The importance of property titles cannot be overemphasized. No wonder this was the theme of the very first real estate training I ever attended, on the 10th of July 2021 at Umuahia, Abia State.

In this article, I'd be sharing insights into some of the real estate documentions we have here in Nigeria. They include:

? Certificate of Occupancy (C of O)

This is a document issued by state governments in Nigeria to landowners and property buyers as a legitimate proof of ownership. This document also spells out what the land can be used for; residential, commercial or mixed development.

The government is constitutionally mandated to issue the Certificate of Occupancy because all lands in the state are vested in the Governor of the State. This is clearly spelt out in the Land Use Act 1978.

The government thus officially leases the land to the applicant for a fixed term of 99 years and 25 years for agricultural lands, after which the buyer renews upon expiry.

There are kinds of C of O - Normal C of O and Global C of O ; and also types of C of O - Residential, Industrial, Commercial, Agricultural C of O.

Benefits of C of O

? It makes the person named on the document the exclusive owner of the land.

? It prevents a situation where a single property is claimed by multiple owners.

? It prevents the government from repossessing the land or property, but this is ultimately subject to the overriding control of the state government.

? It is acceptable as a security or collateral for loans from banks and other financial institutions.

? It is a widely used to resolve land disputes that arise from ownership tussle.

? It is a very crucial document during mortgage transactions.

In practice, the C of O is generally regarded as the most suitable document of title.?However, according to Section 9 of the Land Use Act, 1978, the C of O is issued only in evidence of a right of occupancy.

It does not create or confer title on the holder. Neither is it capable of rectifying any defect in the title to land. The C of O cannot be said to be conclusive evidence of any right, interest or valid title to land in favour of the grantee.

It is at best, only a prima facie evidence of such right, interest or title without more; and may in appropriate cases be effectively challenged and rendered invalid and null and void.

This position was reaffirmed by the Supreme Court in the year 2000. It is therefore necessary to investigate the root of title of the land upon which the C of O was premised.

? Survey Plan

This is another important title document that helps to reveal the true ownership status of any land.?It measures?the boundary of a parcel of land to give an exact measurement and description of that land.

It should be noted that the shape of the boundaries are not defined. It could be of any shape which comes with coordinates.

There are two types of survey plans

? Ordinary survey: The blue copy gotten after charting the land. It this means it hasn't gotten to the ministry.

? Registered survey:?The red copy given to show that the land surveyed has gotten to the ministry of environment for approval.

The Survey Plan must contain the following information:

1. The name of the owner of the land surveyed.

2. The Address or description of the land surveyed.

3. The size of the land surveyed.

4. The drawn out portion of the land survey and mapped out on the survey plan document.

5. The beacon numbers.

6. The surveyor who drew up the survey plan and the date it was drawn up.

7. A stamp showing the land is either free from Government acquisition or not.

??Governor's Consent

This is a land document that is obtained whenever one buys a land with C of O, to let the governor and general public know that the land in question has changed hands.

It is the approval that must be given by the governor of a state or his delegate in any transaction that has to do with the transfer of ownership or interest over land or landed property in order to make the transaction valid.

??Excision

This simply means taking part from a whole, that is, some parts are given to the community to sell while government takes some parts.

An excised land is a land that has been released by the government to the indigenes of the area who originally owned the land before the government acquired it.

This means that the land is no longer under the government acquisition and possession of C of O is possible.

? Gazette

This is an official record book where all special government details are spelt out, detailed and recorded.

A Gazette shows the communities and villages that have been granted excision and the number of acres or hectares of land that the government has given to them.

That part that has been excised will be recorded and documented in the official government gazette.

? Deed of Assignment

This is a legal document which states the transfer of ownership from the seller to the buyer. It is an agreement between both parties showing evidence that the seller has transferred all his/her right, titles, interests and ownership of the land to the buyer.

Simply put, the deed of assignment is a document that shows that one is now the new owner of the land.

? Deed of Conveyance

This is a written instrument through which title of a property is passed from the owner of the property to the buyer.

? Contract of Sale

This is a contract between two or more parties in which the seller agrees to sell and the buyer agrees to buy a real property. The contract outlines the terms and conditions for the sale and purchase of the property

? Receipt

This land document is the least of all and it is just for the seller to acknowledge that he/she has received the due money he/she wants to sell the land.

As simple as this receipt may seem, it is still very important for future purposes.

I hope this proves helpful as you go about your real estate investment journey.

I'd keep sharing my findings; I am on a mission to spread the real estate gospel??. How fitting! I was gifted a bluetooth speaker (as seen in the cover image) at my first real estate training in Lagos, on 11th of February 2022.

I'd share this experience in my next article. Stay tuned.?