GUIDE FOR TRANSFER OF LAND OWNERSHIP AND LAND DOCUMENTS IN NIGERIA
There are several ways to transfer property in Nigeria. By Sale, Gift, and Assent are the three most widely used types.
GUIDE FOR TRANSFER OF LAND OWNERSHIP AND LAND DOCUMENTS IN NIGERIA
In Nigeria, the process by which the legal ownership of property is actually transferred from one person to the next is known as the transfer of land ownership.
There are several ways to transfer property in Nigeria. By Sale, Gift, and Assent are the three most widely used types.
In Nigeria, particularly in Lagos State, a variety of regulations regulate the transfer of property. They include, among others:
Land Use Act of 1978 Administration of Estate Law of Lagos State 2015 Land Registration Law of Lagos State 2015 Stamp Duties Law of Lagos State 2015
SALE OF LAND
Selling landed properties entails the direct transfer of a land interest from one party to another.
Upon the sale of a property or in order to transfer a legitimate and genuine title in the property, there are legal and customary requirements that must be met. These are only a few of these ailments:
When land is a family or perhaps community-owned land, it may not be appropriately transferred unless the approval of the principal members and head of the family or community is secured.
Regulations and town planning laws must be considered in purchasing a property, as the government decides the type of buildings that can be erected in a particular area.
Where litigation is pending in respect of a property, such a property may not be legitimately transferred to another buyer.
The sale of land often involved two main stages, which are actually the contract stage as well as the conveyancing stage.
When land or a property has been sold, the appropriate document transferring the title of the land and contract of sale stipulating some terms of the transactions must be drafted and signed by both parties.
Upon signing of any deed of assignment or conveyance, such property must be perfected. The perfection, also known as registration of property, involves three stages, namely, the governor's consent, stamping, and registration.
GIFT OF PROPERTY
Gifting is another another way to transfer land ownership. A gift of land is exempt from registration fees, unlike a sale. The donor's intention to give the gift, the recipient's completion of the delivery act, and the beneficiary's acceptance are all that are required. When someone receives a gift, they must make sure there is documentation proving they were given the land. A Deed of Gift, which can be recorded with a land bureau, is the proper document to utilise for a gift.
PROBATE
In reality, probate is the procedure by which the assets of a deceased person pass to other people in accordance with a valid Will or another arrangement.
When a person passes away with a legal will, the executors named in the will may attempt to demonstrate it and gain probate, which transfers all of the decedent's assets to them. They acquire ownership rights to the property in law.
LAND TRANSFER DOCUMENTS IN NIGERIA
In Nigeria, there are numerous papers that relate to landed properties. A quick explanation of a few of these documents is provided below.
LAND PURCHASE RECEIPT
Normally, when land is sold, vendors provide the buyer a receipt. However, where the receipt clause is present in the land transfer contract, the receipt may be avoided.
CONTRACT OF SALE OF LAND
Prior to the transaction's completion, the parties negotiate certain stipulations in the land sale contract. It is important whenever somebody plans to buy a piece of property. It must be followed by another document conveying title to the relevant property because it is not a registrable instrument.
SURVEY PLAN
The extent and dimensions of landed property are displayed on a survey plan. With the descriptions and coordinates on the survey record, it is simpler to check or search from the office of the Surveyor-General whether the area is genuinely under any government acquisition or not.
DEED OF ASSIGNMENT
Some states utilise the Deed of Assignment, also known as the Deed of Conveyance, in sales transactions to formally transfer ownership of real estate from the seller (also known as the assignor) to the purchaser (also refers to as assignee). It must be polished before being signed.CERTIFICATE OF OCCUPANCY (C of O)
CERTIFICATE OF OCCUPANCY (C of O)
A C of O, typically granted by the state government, certifies that a person is now the legal owner of a piece of land. People who owned property before 1979 are eligible to receive it. The owners of public lands are also granted it by state governments. Instead of a fresh certificate of occupation, an individual who later purchases land through a sale needs only a deed of assignment with the governor's approval.
DEED OF MORTGAGE
In mortgage transactions, a deed of mortgage is really used to demonstrate the transfer of real estate from the mortgagor (borrower) to the mortgagee (lender). It is a temporary transfer because the mortgagor will have the right to reclaim the property from the lender after the entire loan balance and accrued interest have been paid.
DEED OF GIFT
This paper serves as evidence that a donor gave another individual real estate (donee). Such a document is used to permanently transfer ownership of landed property.
PROBATE
A grant of probate is a document derived after proving the will of a deceased person through inheritance. The document vests all the assets contained in the will into the executors of the estate, who now recognized legal owners in law. After the owner of any property has become late, all the property's documents of such person are no longer valid to transfer any interest in the assets left behind by the deceased. The Probate or Letter of Administration will now be the only recognized legal documents to effect a transfer of any interest in the property of the deceased.
LETTER OF ADMINISTRATION
The administrators of a particular estate are also given ownership of the assets that a deceased individual left behind by virtue of the letter of administration. When a person dies without leaving a will or when a will becomes invalid for any reason, it is typically granted to the deceased person's personal representatives.
ASSENT
A legal document known as assent is used by the executors or administrators of an estate to transfer ownership of a specific estate to the beneficiaries or any other buyer. It is always included with the letter of administrators or the grant of probate.
JUDGEMENT OF COURT
An interest in a particular piece of land may change or be transferred from one person to the next depending on the terms of a court's judgement, which is another crucial document. A number of Nigerian courts' rulings have allowed for the transfer of ownership interests in certain properties from one person to another. Examining the entire court decision about a particular piece of property is essential for determining property ownership or when any piece of property has been the subject of a lawsuit.
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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