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|Understanding Land Documents And Titles by lawrenceo7(m): 2:33pm On Oct 12, 2017
I have decided to be sharing my knowledge in real estate with individual who cares to know about real estate and people generally.
I have come to understand that in the pursuit of anything in life, one guarantee you need in being successful in that endeavor is to have a deep understanding of it.
It's only deep knowledge of what we do that can boost our self confidence, convince clients and help us close mega deals. Knowledge is indeed power and it's the key to unlock wealth and success for all of us in this real estate industry.
Let's have the thirst to drink from the endless ocean of knowledge and our success and riches is a guarantee.
CERTIFICATE OF OCCUPANCY
A Certificate of Occupancy ( C of O) is an official document issued by the government to a particular person, stating that the said person has been given a Statutory right to occupy that particular parcel of land. It's given to a person on a *virgin land* (virgin land simply means a parcel of land with no previous person being given a statutory right of occupancy on that land). A Certificate of Occupancy can only be issued to only one person (two people can't have Certificate of Occupancy on the same land).
A Certificate of Occupancy issued by the Lagos State Government officially leases Lagos land to you, the applicant, for 99 yrs. Why 99years?? That's the number of years specified in the Land Use Act. What happens after 99years? That has been a nagging question for real estate experts. Some just have this 'Wait and see attitude', though its very unlikely they will be alive to confirm what will happen after 99years.� Others however postulate that the descendants of a person with a Certificate of Occupancy might probably be allowed to renew the Certificate of Occupancy by paying another sum of money for renewal.That makes more sense. Global Certificate of Occupancy applies to a large expanse of land, while an individual Certificate of Occupancy applies to a single plot.
One pertinent thing to note when purchasing land with a Certificate of Occupancy is to do a due diligence to find out The Unexpired residue of the term*. What does this mean?
Under the Land Use Act of 1978, when parties involved in a real estate transaction exchange documents of sale (deed of assignment), what is being sold by the seller is the amount of time unexpired (or left) from the 99years of Occupancy. This is what is known as *The Unexpired residue of the term*. Therefore in simple terms, it means that if it's just 20years that's the unexpired residue of the term from the 99years, that's the time left for the new buyer to use the land before the land resorts back to the government.
What exactly is a Governor's consent? How is it different from a Certificate of Occupancy?? The difference between Certificate of Occupancy and Governor's consent seems to actually confuse lots of people, even people who have been in the real estate industry for years, so I will like to break it down to be easily understood in this article...
A simple formula to follow is this... The first person on a Virgin Land that has neither been occupied by another person nor under acquisition by the Government is entitled to get a Certificate of Occupancy (C of O) on that land.
If that person with the C of O decides to sell his land to another person after some months or years, the new buyer must now obtain Consent from the Governor before that transaction can be deemed legal in the eyes of the Government. If the new buyer now also decides to sell the land again to a third owner in future, that third owner must also obtain a new Consent from the Governor before that transaction can be deemed legal in the eyes of the Government and the process continues every time the property changes hands to a new buyer. In other words,the first person on a land is the only person entitled to obtain a Certificate of Occupancy. Every subsequent buyer of that land must get a Governor's consent to make the transaction legal in the eyes of the law. The powers of the Governor to consent to such transactions can be found in *Section 22 of the Land Use Act of 1978* which states thus *'It shall not be lawful for the holder of a statutory right of occupancy granted by the governor to alienate his right of occupancy or any part thereof by assignment, mortgage, transfer of possession, sublease or otherwise howsoever without the consent of the Governor first had and obtained''* This simply means therefore that even when a buyer has secured a land with a Certificate of Occupancy, he shouldn't stop there. He needs to begin the process of obtaining a Governor's consent to make that purchase legal in the eyes of the government and be rest assured his land is safe. It's because of this flaw that many 'Omo onile' end up selling the same piece of land to different people, based on their knowledge that it's only the buyer who successfully obtains a Governor's consent first that can claim rightful ownership of the land.
DR. B.A. OYENEYIN M.B.CH.B., A.C.S., A.C.S.I.(UK)
Medical Doctor, Associate Chartered Stockbroker, Certified Financial and Investment analyst.
To be continue
Should incase you need genuine land for residential, commercial or both
Kindly reply to this post or call Lawrence on 08033446245
|Re: Understanding Land Documents And Titles by GallantGalaxy: 4:23pm On Nov 12, 2017
His real name is Biliaminu or Boonyamin Ayotunde Oyeneyin. Tenant who absconded owing 6 months rent and over a year's service charge total 344k.
|Re: Understanding Land Documents And Titles by uboma(m): 7:09pm On Nov 12, 2017
Do you have proof to back up your claims?
|Re: Understanding Land Documents And Titles by GallantGalaxy: 12:20am On Nov 13, 2017
You can read up on nairaland. When tenant wants to kill and evict landlord
|Re: Understanding Land Documents And Titles by gabbytabby: 1:17pm On Dec 01, 2017
He has several usernames on Nairaland
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