RELEVANT TITLES TO KNOW AS A REAL ESTATE INVESTOR IN IBEJU LEKKI LAGOS STATE.
As an investor, it is necessary and a major duty on your part to ensure that any purchase you make is done the right way. To that end, it is necessary to know the titles you will hear about in the course of your purchases.
The Titles include:
Statutory Land Titles
These are obtained under the powers of the Land Use Act and the Lagos Land Instrument Registration Law. They include the Statutory Right of Occupancy as well as the term Governor’s Consent (in simple terms, a Deed of Assignment registered in the Land Registry referencing the sale/purchase of a property).
Customary Land Title:
These are obtained under the powers of the Laws that existed before the advent of the Land Use Act. They include the Customary Right of Occupancy issued by the relevant Local Governments as well as the Deemed Grant recognized under the Land Use Act that applies to Native Communities.
These are the titles that predates the Land Use Act. For example, Registered Conveyance.
These are titles that are expected to cover landed properties in developing areas. Such titles gives investors substantial information on the history of a property. These include information such as rightful owners, history, boundaries and features to ascertain authenticity of a property and to guide decision making. Despite all landed property in Lagos ,and Nigeria in general, being under the care of the State Government, not all areas yet have statutory titles. “Government Gazette” and “Government or Village Excision” can be categorized as Applicable title.
These are what may be described as preliminary documents that cover a virgin land in a developing part of Lagos and it must show at least supposed owners, land size, boundaries, location, features and topography. This is usually in the form of Perimeter Survey or Provisional Survey.
Any parcel of land that is in Ibeju Lekki area of Lagos have at least one of the above described category of titles. It is worthy of note that the title document available on a plot of land determines to a great extent it’s selling price. Conducting a due diligence on a property with a document that falls under each category now depends on the professional saddled with such responsibility.
Best practice is to employ the service of an experienced property company and a registered Surveyor. This might cost some money. However, the result helps to prevent losses and also helps you not to miss out on the numerous investment opportunities in Ibeju-Lekki, Lagos.
We wish you a profitable and secured investing. You can follow us on all social media pages and online to see our available properties in Ibeju-Lekki Lagos.