Samuel Okolie: Certificate of Occupancy – What every land owner needs to know

Let me start this write-up, with the immortal phrases of Norman Schwarzkop who says that: “the reality of the matter is that you just at all times know the suitable factor to do, the onerous half is doing it”.

A variety of landlord or land house owners in Nigeria are nicely conscious of the significance and want to obtain a certificates of occupancy or governors consent , for his or her landed property, however owing to a mix of flamable ignorance and palpable cheese-paring, land house owners in Nigeria will resort to the now ubiquitous colloquial shibboleth, which matches thus: “I don purchase land be say I don purchase land”. They fail to grasp that purchasing a landed property in Nigeria, with out procuring the certificates of occupancy or governor’s consent, is akin to purchasing a automotive with out the requisite title doc, like customized responsibility and automobile particulars. The hazard is that an individual may genuinely personal the automobile, however any conflict with the authorities like say for instance, customs, you may forfeit the automotive to the federal government or made to pay double the quantity of responsibility on the autos, or alternatively if the automotive is stolen it is going to be troublesome to trace and get well as there isn’t a correct documentation.

The raison d’etre for this write-up, is to elucidate on the significance of procuring correct titled doc for a landed property in Nigeria.

Earlier than delving into the croquette of benefits inherent in procuring correct title doc like C of O , and Governors consent for landed correct in Nigeria, I wish to share the encounter I had with a consumer. My consumer, who’s a septuagenarian and a retiree, was boxed right into a trepid and petrifying quagmiretic state of affairs, which requires him promoting at the least considered one of his landed properties.

My consumer had an solely surviving son, who had suffered from kidney failure and wanted to bear an pressing kidney transplant overseas. Resulting from dearth of funds, My consumer needed to put his three properties he acquired whereas nonetheless working on the market, together with the one he was residing. Sadly, he discovered it troublesome getting patrons, even under the worth of the properties. He wanted simply to promote one, however the potential patrons that have been approaching him for the properties have been both demurring or popping out with completely different excuses, and since time was of the essence and the lifetime of his son on the brink, I urged he method the financial institution by the use of mortgage, and even when he was unable to pay again the mortgage, he’ll forfeit the property & save the lifetime of his solely surviving son, he thanked me profusely and approached the financial institution, the financial institution was desperate to problem him the mortgage, because the property he proposed in lieu of the mortgage is in a selection place.

Copa del Rey: Koeman reacts as Barcelona defeat Sevilla, warns against PSG
🎴Also Read ▶️

Nonetheless he met a brick wall, as there was a snag, all his three landed properties solely had household receipt and a deed of task, excluding one, which had a unregistered survey plan, because of him not having a certificates of occupancy or governors consent with respect to the property, the financial institution declined providing him the mortgage, stating that it was a typical banking follow to not settle for landed property as collateral, which didn’t have a certificates of occupancy or governor’s consent. A state of affairs that value him dearly, the truth is to him, his three properties although a worthwhile asset was utterly nugatory to him when he wanted them most.

The above encounter, although may appears apocryphal, nevertheless it has all of the verisimilitude of actuality, and has been the expertise of some Land house owners in Nigeria.

There are variety of innumerable advantages, privileges benefits a land proprietor stands to take pleasure in when she or he procures certificates of occupancy or governor’s consent with respect to his landed property.
A number of the advantages are:

1. QUICK ACCESS TO LOAN: There could also be occasions when a land proprietor may severely want a mortgage from the financial institution or different monetary establishment, to both pursue a enterprise goal, or deal with an underlying terminal sickness or to ship one’s partner or youngsters overseas for research. It is just a landed property with governor’s consent or C of O that can be utilized as collateral in lieu of the mortgage. A land proprietor with out the aforementioned title doc will discover it very troublesome to obtain mortgage for his enterprise or some other challenge the land proprietor intends to pursue.

2. MAKES PROPERTY ATTRACTIVE AND EASY TO SELL: A landed property which have a certificates of occupancy or governor’s consent shall be simple to promote as potential patrons would discover such property engaging. as an illustration, Banks, Church buildings and a few main organizations choose shopping for properties which have a certificates of occupancy.

Ohanaeze chieftain demands immediate inquiry into ownership of oil blocs
🎴Also Read ▶️

3. SHOWS GOOD ROOT OF TITLE: what this imply is {that a} property with certificates of occupancy are largely real. It is because a merely search of the land registry will reveal the historical past of the property together with the names of the current proprietor and former house owners. This additionally ensures that the property is just not inured by the competing curiosity of the natives, colloquially known as the Omo nile, or different land grabbers. The id of the proprietor is lucid and pellucid, with none doubt or ambiguity, and it additionally exhibits good root of title

4. NOT SUBJECT TO GOVERNEMENT ACQUISITION: A property that has certificates of occupancy is just not topic to any authorities acquisition. Thus the property is nice to purchase. That is so as a result of no authorities will problem a certificates of occupancy to a property that’s below authorities acquisition.

5. EASIER TO RECLAIM AND OBTAIN COMPENSATION: whereas that is uncommon, it is very important level out this benefit. Nigeria as it’s presently constituted is at present strife with a variety of ethnic and tribal battle. Thus a land proprietor who buy land in a state or area completely different from his state or area, and within the occasion of ethnic battle, and if push involves shove, which results in a tribal battle, that necessitated within the land proprietor leaving his landed property behind , due to tribal battle, it is going to be simpler for him to reclaim the property after normalcy has returned, or pursue his proper to compensation from the state the place his property is located even when he has no intention of coming again to that state.

Consequently, the benefits inherent in acquiring a certificates of occupancy is in exhaustive, the aforementioned, are just some.

In summation, let me conclude by quoting the inimitable phrases of Charlyn Hunter-Gault, who state that:

“if persons are knowledgeable, they’ll do the suitable factor. It’s when they don’t seem to be knowledgeable that they grow to be hostages to prejudice”.

It is vital for land house owners to take steps to obtain correct title doc for his or her landed properties now that they’re nicely knowledgeable.

Samuel okolie is a lagos-based authorized practitioner. 08066756987, [email protected]

Be the first to comment

Leave a Reply

Your email address will not be published.


*