INTRODUCTION OF LAND PURCHASE IN NIGERIA.

Before a successful land purchase in Nigeria, there are certain documents that should be in the possession of a potential buyer. These documents determine the transfer or acquisition of land title and legal interest in a property.

Nowadays, buying authentic properties are the most secure and principal investment; better accomplished in the early stages of one’s life.

A huge return on an investment of a property has a lot to do with the location or nature of the said property. Moreover, acquiring a property with the intention of permanent residence depends on the area.

Note that properties in urban areas are costlier than those in rural areas. Also, a property with a good title document tends to cost more than a property with no title.

WHAT DOCUMENTS DO I NEED FOR A LAND PURCHASE?

Acquiring a landed property in the Nigeria market can be quite delicate, therefore we would be sharing with you five (5) important documents you must look out for when acquiring a property. Depending on the land, you don’t need all of the documents listed here; but in most cases, you will need to have more than one to be called the rightful owner of the property.

1. CERTIFICATE OF OCCUPANCY(C of O)

This is typically given by the state government. It certifies ownership of a piece of land or other properties. The State Government also gives it to to the allotters of the Government’s land.
A person who later purchases land through a sale doesn’t need a new Certificate of Occupancy; instead, they just need a deed of assignment with the Governor’s approval.

2. APPROVED SURVEY PLAN

A survey plan is needed to show the location and dimensions of the landed property. According to the descriptions and locations on the survey record, it is easier to check or search from the office of the Surveyor-General; if the land is actually subject to any Government purchase or not.

3. DEED OF ASSIGNMENT

In sales transaction, a Deed of Assignment or Deed of Conveyance is used to legally transfer ownership of Real Estate from the seller (also known as the assignor) to the purchaser (also referred to as assignee). The assignor might write it, and the assignee might examine it, or vice versa. Both the buyer and seller need to have a mutual agreement.

4. GOVERNOR’S CONSENT

When a land with Certificate of Occupancy is sold to another person it is required that such a person must now obtain the “consent of the Governor” before that transaction can be deemed legal in the eyes of the Government.

5. LAND PURCHASE RECEIPT

A land purchase receipt is a normal receipt or document reflecting the receipt of payment for a particular property or land. This is usually issued by the seller to the purchaser. A land purchase receipt is usually mandatory with any other document on the land.

BENEFITS OF HAVING THESE DOCUMENTS

• Easy transferability of the land.
• It provides a sense of security.
• Furthermore, it increases the value of the land.
• Also, establishes the status of ownership.

At Catalyst Properties; We Purchase/Sell landed properties, Consult and Construct. We’ll be pleased to do business with you.

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