WHY YOU NEED A CERTIFICATE OF OCCUPANCY IN NIGERIA
The C of O serves as the most important document in any property transaction in Nigeria.
OUR STORY
Quality, not quantity
We have made quality our habit. It’s not something that we just strive for – we live by this principle every day.
WHY YOU NEED A CERTIFICATE OF OCCUPANCY IN NIGERIA
The C of O serves as the most important document in any property transaction in Nigeria. The only authority that can issue the Certificate of Occupancy (C of O) is the state government in Nigeria and its issuance evidences that you own the land or property in question. As such, it is advisable that beforepurchasing a property you should always ask if such property has a certificate of occupancy. Property purchased without certificate of occupancy is an incomplete transaction.
THE FOLLOWINGS ARE THE REASON WHY YOU NEED A Certificate of Occupancy (C OF O)
Having a C of O ascertains one as the owner of a plot of land or property. It prevents the Government from confiscating one’s land or property without compensation. Having a Cof O increases the value of one’s land, particularly in Abuja. It prevents a situation where multiple owners claim a single property. Prevents numerous owners from claiming ownership of the same property.
A Certificate of Occupancy is a legal document issued by the government that proves that a person owns land in Nigeria. The Government reserves the right to seize any plot of land or property without a C of O at any time without any compensation paid.
The purpose of obtaining a certificate of occupancy is to establish that the house or building is in a livable condition according to the law. Such a certificate is usually required to occupy the facility on a daily basis, to sign a contract to sell it and to close a mortgage on the property.
It is frequently used to settle land disputes brought on by ownership conflicts.
It plays a very important role in mortgage transactions.
Then last but not least, Banks and other financial organizations accept Certificates of Occupancy as collateral for loans if you may need one in future.
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
TEL: 08065553671, 08024230080