The basic needs of man are:food,shelter(REAL ESTATE),textile and health.Real estate is one of the most relevant industry in the world,man cannot function without Shelter,in this edition we will be highlighting the relevant documents that will make you a property owner in Nigeria.
- REGISTERED SURVEY PLAN
- .FAMILY RECEIPT
- DEED OF CONVEYANCE
- DEED OF ASSIGNMENT
- IRREVOCABLE POWER OF ATTORNEY
- DEED OF RELEASE
- CERTIFICATE OF OCCUPANCY.
in Nigeria laws,all lands belong to the Governor of the state,the right,buyers and owners of the land enjoy is right of occupancy,ownership of all lands belongs to each state Governor,who has the right to revoke the leasehold interest of a person,community or family,for “overriding public interests”.
The owner of a property of a land in Nigeria,enjoys 99 years from the Governor of the state,after the expiration of 99 years,he/she shall apply to renew,there are arguments to the contrary about Nationalization of lands in Nigeria.the contrary view is that the state governor shall not hold such power,as there are lands owned by people/community even before the commencement of the LAND USE ACT.,Does the Land USE ACT operate to take away the ownership of such lands away from the owners to the Executive Governor of the state? There have been calls to amend the land use Act,however we are yet to witness any amendment.
The certificate of occupancy has been the most sought after documents in property transaction in Nigeria,however if the root of obtaining such document was defective,then it is as good as a worthless document.
In Nigeria,some family have the ownership of properties.if you are purchasing property from the family,request for the family head to issue you the receipt of purchase from the family,the agreement(deed of conveyance/irrevocable power of attorney/deed of assignment must be signed by the family head,and family representatives).
The survey plan issued by surveyor must be duly registered, stamped,and with red seal,your name must be there as the new owner of the property. the land measurement must be there,etc. if you are purchasing property in Nigeria,duly conduct search at the lands registry,village chiefs,nearby compounds etc to avoid buying litigation.
we shall keep updating this to keep you updated.