As a property investor and a real estate enthusiast, getting familiar with the land titles in Nigeria is extremely important. This will inform your choice whether a property is a worthy investment or not, as some land titles reflect the authenticity of the land ownership, and the benefits within. Here are some land titles you should know;
Certificate of Occupancy (C of O): This is the highest form of land title in Nigeria, issued by state governments. It grants the holder the exclusive right to use and develop the land for a specified period, usually 99 years. It serves as a clear evidence of landownership, and is used to verify the authentic owner of a property, during land disputes.
Deed of Assignment: This is a legal document used to transfer ownership interest in land from one party (the assignor) to another (the assignee). It serves as evidence of the transfer of title.
Right of Occupancy (R of O): This is a land title granted by the government for a specified period, typically 99 years, allowing the holder to possess, use, and develop the land for agricultural, residential, or commercial purposes.
Traditional or Customary Right: In some areas of Nigeria, especially in rural communities, land may be held under customary tenure systems governed by traditional leaders. Rights to use and occupy land are based on customary laws and practices.
Statutory Right of Occupancy: This is similar to the Right of Occupancy but is governed by specific legislation or statutes. It grants legal recognition and protection to the holder’s rights to use and develop the land.
Freehold: This type of title grants the holder absolute ownership of the land and the buildings on it, with no time limit. Freehold titles are common in the rural areas of Nigeria, where the government has indicated no interest on the land. These lands are usually inherited and passed along to heirs in a family. The land titles can then be legally perfected.
Getting a property with a good title in Lagos, Nigeria may be sketchy as authenticity of the property may come into question. The best way to be sure that your property has an authentic land title is to buy from a verified developer like Jemras Homes. If you are interested in a property, you can check us out on our home page and chat us via the chat box.