In any given sector, there are certain measures and requirements needed to run a business venture. As such, the Real Estate domain requires exhaustive information, smart decision-making and knowledge of the field. Not to mention varied documentation and verification processes. This article contains the vital documents required to perfect your Real Estate investment instrument.
The Real Estate sector continues to grow even in the face of harsh economic conditions. It remains a viable source of finance. For a clearer picture into the sometimes confusing dynamics of the industry, stated here are three major and most important documents in any Real Estate transaction and how they apply to your investment.
Certificate of Occupancy
Possessing a valid C of O is invaluable to both your home ownership and investment journey. A valid C of O is an official title of land issued by the Governor of a state to lease a piece of land to an individual valid for a tenure of 99 years (Land Use Act 1978 of Nigeria). The bearer’s name on the title document is the certified and legally recognized owner of such land.
This title document is distinct from a Right of Occupancy which serves merely as an offer to a parcel of land. This implies that the C of O is a stronger title; R of O holders can perfect their titles into a C of O.
However, despite holding the title of land, the government reserves the right to revoke same if it overrides public interest (Land Use Act of 1978). In this light, it is critical to verify independently or through a trusted agent that your land title and other documents are legitimate and valid. In the event that unfortunately the government repossess your land, you can get compensation either monetarily or relocated to another land. On this note, when buying a piece of real estate, be sure to ascertain that the land carries a valid C of O.
Deed of Assignment
A Deed of Assignment is required only in transactions whereby, the original recipient of an allocated land from the state government wishes to transfer his claim on the said land to another party or where multiple transfer of ownership has occurred. Simply put, it is a document that states the transfer of ownership of land from one individual to another. Also called a Conveyance.
To verify that a Deed of Assignment fulfills all legal requirements, perfection is required at the state Land Registry. A valid Deed of Assignment carries the name of the C of O holder who wishes to transfer ownership and the party who the rights of the assets are to be assigned to.
To avoid swindlers, it is advised that you receive a receipt alongside the Deed of Assignment so you don’t fall a prey to fraud. In a case where more than one Deed of Assignment is issued on a piece of land, in a lawsuit, preference is given to the recipient whose Deed was issued first. Obtaining a valid Deed of Assignment and Survey Plan is vital in the process of receiving the Governor’s consent which is a prerequisite for a C of O.
A land under acquisition is owned by the government and there are plans for it. The essence of surveys is to ascertain if the proposed land is under government acquisition; as it is advised to verify that there is no encumbrance and ascertain if it is available to be allocated. A survey plan is a legal document that contains relevant information about a piece of land such as the land size, measurement, description, owner and so on.
Valid survey plans are usually conducted by surveyors registered under the supervision of Surveyor-General of the state where the land is situated. Despite owning this parcel of land, however, the government may decide to allocate it to private individuals on a needs basis. Allocated lands are those available for purchase by the public. No valid C of O can be issued without a survey plan.
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