WHY TITLE DOCUMENTS TO YOUR PROPERTY ARE IMPORTANT @UbosiChudi @NIESVlagos @NiesvNational
Our firm @ubosieleh_co sponsored a real estate radio talk on @LagosTalks913 in 2020.The last subject dealt with was "Title Documents to property&why it’s important that everyone obtains one"
Our firm @ubosieleh_co sponsored a real estate radio talk on @LagosTalks913 in 2020.The last subject dealt with was "Title Documents to property&why it’s important that everyone obtains one"
It generated a lot of feedbacks afterwards, so it is essential do a short thread to educate people more. The key thing is that without registered title, one basically has only an equitable interest that can be challenged.
A registered title with the Land Registry means that “all things being equal” the Govt recognizes your ownership of the property.I have put “all things being equal”in quote because the Govt recognizes your title based on the information supplied & their own confirmation of same.
If at anytime the information on which your title has been issued is found to be false, the title is immediately voided. What is a title to property? Based on the Land Use Act of 1979, title can be any of the but not limited to the following.
1. A Certificate of Occupancy
2.Statutory Right of Occupancy
3.Power of Attorney
4.Deed of Assignment
5.Freehold (contracted pre Land Use Act).
Title comes in many other forms but ☝️are the most common ones.
2.Statutory Right of Occupancy
3.Power of Attorney
4.Deed of Assignment
5.Freehold (contracted pre Land Use Act).
Title comes in many other forms but ☝️are the most common ones.
Why does anyone need a title document? There are many reasons why we must all obtain title to our properties.
1. To ward off adverse claims from 3rd parties.
2. To confirm your right to sell & also to ease the sale or purchase of your property.
3. To realize its true value.
1. To ward off adverse claims from 3rd parties.
2. To confirm your right to sell & also to ease the sale or purchase of your property.
3. To realize its true value.
A property with title documents will attract higher value (sometimes by as much as 50% over and above that without one)
4. To free dead capital. Many Nigerians own land but are walking the streets living in poverty. It is because they dont understand that if they had title to
4. To free dead capital. Many Nigerians own land but are walking the streets living in poverty. It is because they dont understand that if they had title to
their real estate they could sell, mortgage or enter into transaction with same that could free capital & change their lives completely
5. To leave less problems for our heirs etc.
Why is there apathy towards obtaining registered titles to property?
5. To leave less problems for our heirs etc.
Why is there apathy towards obtaining registered titles to property?
Interestingly with our land mass of over 920,000 sq kms in Nigeria, the country has less than 300,000 registered titles - C of O, SRO, Deeds of Assignment etc nationwide. Easily we can approximate that less than 10% of Nigeria’s land mass is titled
The reason is not far fetched.
Governments have made titling more a source of immediate revenue generation instead of looking at the larger long term picture of increased economic activities through freed otherwise dead capital.
Governments have made titling more a source of immediate revenue generation instead of looking at the larger long term picture of increased economic activities through freed otherwise dead capital.
The Nigerian citizens are mostly unaware of the significance of registered title documents to property & many times believe that possession, purchase receipt & survey plan are enough. (Not true).The average Nigerian citizen is also suspicious of government&anything that comes out
of same. Title for many would be seen more as a means of Govt levying more taxes on the landowners.
How does one obtain registered title to their property? For most State Governments the procedure is uniform. There is a Land Use & allocation Department.
How does one obtain registered title to their property? For most State Governments the procedure is uniform. There is a Land Use & allocation Department.
They handle all issues related to land and titling in the State. The documents needed are usually but not limited to
1. Application form purchased from the State Government Lands Department
2. Survey plan
3. Purchase receipt evidencing how one acquired the property
1. Application form purchased from the State Government Lands Department
2. Survey plan
3. Purchase receipt evidencing how one acquired the property
4. Tax clearance certificate
5. Passport photographs
6. Payment of processing fees - varies from State to State.
Once the application form is filled out & submitted with the attached documents the rest of it is basically to follow up with the relevant authorities.
5. Passport photographs
6. Payment of processing fees - varies from State to State.
Once the application form is filled out & submitted with the attached documents the rest of it is basically to follow up with the relevant authorities.
My advice is to hand over the processing of same to a qualified Estate Surveyor or Lawyer. A professional in one of these fields is best suited to see this through for you with minimal stress.
Thank you
#RealEstatetips
#realestateinvestment
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Thank you
#RealEstatetips
#realestateinvestment
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