POSTED IN SLIDES

1) A genuine real estate transaction must be strictly done with its legality and statutory regulation in order to make the transaction legal in the eyes of the government.

2) An assignor must ensure that land legal instruments are executed, ratified and acknowledged at the appropriate government offices.

3) Deviating from this standard procedure would not reflect the land transaction in the records of the Land Registry, Surveyor-General's office and the Ministry of Land.

4) Verification of the existing land documents of a landed property is recommended in order to check its authenticity before investors' consideration.

5) Hence, the need for investors to have a good understanding of land documents in order to aid their decision making as regards the deal.

6) Tonight, I shall be landing you with the right information that will unravel the puzzle behind land documents complexity and place you on the right side of the divide.

7) Here we go distinguished Ladies and Gentlemen.

The first land document in this lecture series is SURVEY PLAN and it has 3 important purposes that can be used as its definition.

9) Acquisition Status:
It helps you to verify the authenticity of a land details (the real owner) by charting its coordinates to check whether the land is free from government acquisition or not by a registered Surveyor at the Survey-General's office.

10) Zoning Restriction:
It helps you to know if the land has been restricted or zoned for agriculture, industrial, residential or commercial purpose.

11) Boundary & Location: It helps you to know the accurate measurement and location of the land.

12) The second document in this lecture series is EXCISION.

13) Definition:
It is the releasing of a portion of land from a large expanse of land by the state government to the indigenes who originally owned the land before the government acquired it.

14) 2 Major Facts About Excision.

a) An excised land is no longer under government acquisition and you can possibly process a Certificate of Occupancy title on it.

b) In an excision application even with a file number, not total area applied for is released by the state government. For example, if a real estate company bought 100 hectares of un-excised land and file an excision application for all of it, the government may release only 60 hectares.

The remedy for this is that the real estate company if credible will relocate its clients who bought from the un-excised portion of 40 hectares of land to another land with same value and vicinity in line with the indemnity clause ratified in the Contract of Sale.

15) The 3rd document in this lecture series is GAZETTE and it has 3 important purposes.

16) Definition:
A Gazette is an official record book where all special government details are spelt out documented and recorded.

17) A Gazette will show the communities or villages that have been granted excision and the number of acres or hectares of land that the government has released to them.

18) It is within those excised portion of land that the traditional family is entitled and expected to sell their land to the public and not any land outside their excised portion of land.

19) The forth document in this lecture series is CERTIFICATE OF OCCUPANCY.

20) Definition:
A Certificate of Occupancy is a land document issued by the state government to officially lease a portion of land to you as an applicant for 99 years.

21) What happens after 99 years?��‍♂️

The assumption of many is that the holder of the CofO right can apply for renewal after expiration.

Most have adopted a wait-and-see� attitude.

22) The fifth document in this lecture series is CONTRACT OF SALE.

23) Definition:
It is a legal document that establishes a contractual agreement between a landed property seller and buyer, indemnifies, and defines both parties obligations, and entailments of the sales contract, signed by both parties, and registered in a court of law.

24) The sixth document in this lecture series is DEED OF ASSIGNMENT.

25) Definition:
A Deed of Assignment is a legal document, an agreement and evidence that the seller has fully transferred his right, interest and ownership over the land to the buyer.

26) A Deed of Assignment is one of the most important land documents you must have as a land buyer in order for you to be able to process a title over your land.

It contains very pertinent information about the land transaction.

27) A landed property transaction without a Deed of Assignment and no acknowledgement of the land transaction in the records of the state land registry is null and void.

28) The seventh document in this lecture series is GOVERNOR'S CONSENT.

29) Definition:
It is a document indicating the Governor's approval to the change of ownership of landed property with a Certificate of Occupancy title.

30) Subsequent buyers of the land shall obtain a Deed of Assignment then commence the processing of their Governor's Consent title on the land.

31) The eighth document in this lecture series is RECEIPT.

32) It is the least important of all land documents as an acknowledgement by the seller that he has received payment for the landed property to be sold.

33) Land Buyers' Mistake:

��‍♂️��‍♂️��‍♂️
The biggest mistake most land buyers make is thinking that a land payment receipt is the ultimate document that transfers the property ownership to them.

34) A Land Receipt acknowledges the buyer's payment in the seller's cashbook while a Deed of Assignment transfers the property ownership to the buyer and is acknowledged in the records of the state land registry which enables public verification and processing of his land title.

35) A copy of the buyer's land receipt is only requested during the processing of his Governor's consent title to verify the source of ownership whether he bought, inherited or received the land as a gift, as a due diligence before the Governor's approval.

For further details & more information, please contact:

Realtor Michael
�
+234 907 957 2044
�
+234 818 251 5733
☎️
+234 806 229 8875

The land is green for all but fruitful for the few that own a piece of the earth...

Good write up

Very informative...