GET YOUR TITLES RIGHT
The importance of getting your land documents and titles in order cannot be stressed enough, especially with the Landgrabbers scourge commonly known as “omo-onile”. It is pertinent that you acquire the right legal documents that can be recognized by government statutes to avoid any legal issues. The presentation of any of these title documents will help make such ownership claim or transaction become legitimate after proper verification from the appropriate government agencies in charge of all land and landed properties’ matters in Nigeria.
Below are some of the title documents in real estate transactions:
Certificate of Occupancy
It is a legal document that gives landowners and property buyers legitimate proof of ownership. It is issued by the government and can be of two types which are the statutory right of occupancy issued by the executive governor of the state where the land situates and a customary right of occupancy which is issued by the local government chairman if the land is in a rural (non-urban) area.
Deed of Assignment/Conveyance
This is a legal document signed, sealed and delivered to effect a transfer of property and to show the legal right to possess it.
Right of Occupancy (R of O)
It is the right granted to an individual or corporate organization over a plot or parcel of land in an approved government layout. Right of occupancy is completely different from ownership of land known under both customary and common laws which exists before the promulgation of the Land Use Act. A certificate of occupancy is, therefore, the evidence of the right of occupancy.
Survey Plan
This is another important title document that helps to reveal the true ownership status in any land and landed properties’ transactions. It also helps to reveal if such land is not under any government acquired or committed lands/area.
Deed of Mortgage
This is a type of mortgage in which a borrower transfers (conveys) his or her right to the ownership (title) in a property to a lender as security for a loan. Also called mortgage deed or deed given to secure a debt.
