Investment Advisory

Looking to buy a land or a house? Beta realtors will be glad to be your guide. Here are some real estate information that are very key to making a good buy.

Take investment advisory shown in this video below: (the video you have).

The Budget: Can you afford the land and development cost? Knowing other add-on charges after the payment for the plots of land is needful before taking such an investment decision. At this point, you will know very well that there is a point you can't go beyond.

Land Ownership Setting: Is land owned by individual, community or a private real estate coy? Buying from the wrong setting can become a horrible experience. It's advisable to deal with a reputable real estate coy that has done due diligence of eliminating the land owner hoodlums.

The Land Title: What are the land titles or documents that come with buying the land, and are they genuine?

Landmarks: Look out for present landmarks in the location of the property. Landmarks such as schools, hospitals, business hub, neighborhood views and the planned developments in some years to come.

The Seasons: Consider the available seasons in the locations. Ask questions about how the location looks when it is rainy (wet) season. Don't rely only on information you have gathered in the dry season alone.

Land Measurements in Meters/Feet!

A plot of land is rectangular at an angle of 90 degrees. The area of a plot of land is determined by the length multiplied by the width as well as the angle of intersection of the sides which is 90 degrees.

An acre of land is 6 plots of land which is equivalent to a standard football pitch.

A hectare is two and half acres which is 15 plots.

Some of the regular land measurements both in meters/feet are:

• 600Sqm/6700Sft – 30m(100ft) x 20m(67ft)

• 500Sqm/5600Sft – 30m(100ft) x 16.7m(56ft) or 25m(83ft) x 20m(67ft)

• 450Sqm/4980Sft – 25m(83ft) x 18m(60ft)

• 400Sqm/4399Sft – 25m(83ft) x 16m(53ft)

• 350Sqm/3901Sft – 25m(83ft) x 14m(47ft)

• 300Sqm/3359Sft – 20m(67ft) x 15m(50ft)

Understanding Land Titles in Nigeria!

Gazette and Excision

A Gazette is an official record book where all special government details are spelt out, detailed and recorded.

A Gazette will shows the communities or villages that have been granted Excision and the number of acres or hectares of land that the government has given to them. It is within those excised acres or hectares that the traditional families is entitled to sell its lands to the public and not anything outside those acres or hectares of land given or excised to them.

Questions

• Is excision as good as obtaining Certificate of Occupancy(C of O)?

• Is a person having Excision still mandated to obtain Certificate of Occupancy(C of O)?

• How long does it take on average for a land to be fully excised?

• Does it mean that lands has to at least be excised before it can be sold or transferred to someone else?

Answers

• After a land has been excised and gazetted, then you can either process Certificate of Occupancy or Governor’s consent.

• Excision does not expire while C of O expires after 99 years. The only advantage of C of O over Excision is that, it can be used as collateral for getting loan in the bank.

• Excision is given by the Governor of the state and there is no specific time for issuance of Excision. Sometimes, Excision can be delayed due to political reasons.

• You become rightful owner of the land once the government release it to you via excision.

Deed of Conveyance or Registered Conveyance

This was the authentic evidence of ownership until 1978 Land Use Act that introduced Certificate of Occupancy. It was the old legal document used in transferring the interest of the owner of landed property interest to the person whom it is assigned, the assignee. When ownership is transferred, the new legal document in use now is called deed of assignment.

Deed of Assignment

Most people have the title documents drawn up by a real estate attorney between the current title holder for a particular property and the new buyer. In real property transactions, a deed of assignment is a legal document that transfers the interest of the owner of that interest to the person to whom it is assigned, the assignee. When ownership is transferred, the deed of assignment shows the new legal owner of the property. The deed contains very pertinent information for a real estate transaction. It spells out the date when the ownership of the property transfers from one owner to the other. The deed also gives a specific description of the property that is included in the transfer of ownership. It is very compulsory and mandatory for a deed of assignment document to be recorded at the appropriate land registry to show legal evidence as to the exchange of ownership in any land/landed property transaction in order to make the general public and government aware of such exchange or transaction.

Certificate of Occupancy

C of O issued by the Lagos state government or any other state government officially leases their land to you, the applicant, for 99 years. All lands belong to the government. Once a C of O had been issued on a particular land, it takes 99 years before it expires after which it can be renewed. You cannot process C of O on land that already has C of O. C of O is C of O everywhere. When they say Global, it means the C of O in question covers a large expanse of land.

Governor’s Consent

This can only be processed on a land with either Gazette or an existing C of O. If a person with land of C of O decides to sell his land, the only document that can give the new buyer the right of occupancy or ownership is a Governor’s consent. The powers of the Governor to consent to such transactions can be found in Section 22 of 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 of 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 C of O, he/she shouldn’t stop there. He/she 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/her land is safe.