In this series you will learn about things you should know before or while acquiring a property in Nigeria.
Acquiring a property in the country requires some procedures and this guideline will inform and anchor you on how to acquire a property or properties the legal way saving you from possible issues.
First, the land use act of 1978 abolished the existing free hold system. It was meant to homogenize land administration across the country. It gave all urban land within a state to the state governor, and all non-urban land to the local government at which they are found. As a result, sales of landed properties does not really involves buying and selling of the property in question but the transfer of rights of the property. This transaction is called Assignment. The seller of the property also known as the assigner assigns the right to use and occupy the property to the buyer also known as the assignee. Currently there are 36 states and 774 local government in Nigeria and these authorities are empowered by the act to grant Statutory Rights of occupancy.
It is very important for anyone wanting to acquire a property in the country or anywhere to know the documents associated with landed properties. However many people are unaware and therefore encounter issues when dealing with landed properties. When making a claim on a landed property, one must possess Title documents recognized by the government. There are several Title documents involved when it comes to landed properties in Nigeria. Some of these documents are:
- Certificate Of Occupancy
- Deed Of Lease
- Purchase Receipt
- Deed Of Sub-Lease
- Deed Of Assignment/Conveyance
- Land Certificate
- Deed Of Mortgage
- Survey Plan
This series will discuss on a weekly basis the documents listed above. So next week we’ll focus on the first, Certificate of occupancy. Stay tuned.