A COMPLETE GUIDE ON HOW TO PERFECT A PROPERTY TITLE DOCUMENT IN NIGERIA
The completion of the acquisition of interest, transfer of title, and ownership vested in the land constitutes perfection of title.
A COMPLETE GUIDE ON HOW TO PERFECT A PROPERTY TITLE DOCUMENT IN NIGERIA
Transferring land from a vendor to a buyer is a component of land sales. Textile industry around the world, nig. Ltd. The court in Aderemi v. Aderemi noted that the necessity to proceed with the acquisition of title won't occur until after a legally binding contract for sale has been reached; at that point, obtaining the required agreement to alienate the property will become a problem for a valid alienation.
The completion of the acquisition of interest, transfer of title, and ownership vested in the land constitutes perfection of title. The parties to the transaction have agreed to finalize the transaction by registering the title document with the relevant state land registry in the area where the land is located. In Nigeria, there are three procedures that must be completed for a title to be perfected. Getting the governor's approval is the first stage, followed by stamping the paperwork and registration with the proper land registry.
GOVERNOR’S CONSENT
Governor’s consent is only required when legal interest is transferred. Documents to be submitted for Governor’s consent are:
1) Application in the prescribed Form 1C (Lagos) obtainable at Land Registry signed by both Assignor and Assignee/letter of application in other parts of the country
2) Covering Letter addressed to the Commissioner of Lands and Housing
3) Evidence of Tax clearance for three years for both parties
4) Evidence of payment of Development fee
5) Evidence of payment of Ground rent (if not developed), Land use charge, other outgoings and Tenement rates (if developed)
6) Deed of assignment copies: Relevant (Lagos state 2 copies) copies of the duly executed deed of Assignment
7) Receipt of payment of consent, charting and endorsement fee
8) Approved building plan: Duly approved building plan for a developed property (in Lagos)
9) Title documents (the Certified True Copy is required)
10) Survey plan: Duly registered Survey Plan for an undeveloped property In a situation where a company is involved, some other documents like Certificate of Incorporation, Annual Returns, and Resolution of the Board of Director authorizing the sale or purchase amongst others will accompany the application.
STAMPING
Under the Stamp Duties Act, stamping of documents must be done within 30 days of execution of the Deed of Assignment. Effects of failure to stamp may include:
1) An unstamped document is not admissible in evidence to prove title 2) Late stamping attracts penalty 3) The document would not be accepted for registration
REGISTRATION
Registration is compulsory for Deed of Assignment. Registration must be done within 60 days of execution of Deed of Assignment. Notably, registration is an indication that the title of the property is encumbered. It gives priority to the instrument registered first in time. Also, it is at the registration stage that the number, page and volume (NPV) is gotten. Invariably, registration also constitutes notice to the whole world. Late registration attracts penalty and adversely, documents may lose priority against subsequent instrument that are registered since registration governs priority.
NB: This article is not a legal advice, and under no circumstance should you take it as such. All information provided are for general purpose only. For information, please contact chamanlawfirm@gmail.com
WRITTEN BY CHAMAN LAW FIRM TEAM
EMAIL: chamanlawfirm@gmail.com
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