Types of land Title: Buying land in Nigeria.
There are 5 different titles available when buying land in Nigeria.
Global Acquisition (free or committed)
Excision
Gazette
C of O
Governor's consent
#1: Excision in Process is not a Land Title
Often times I see in some real estate companies advert that a land title is an Excision in process. Well before the Excision title can be granted to land, it must undergo the process but it is not a criteria to give such land the title of an excision. It is in the power of the government to decide if excision will be granted or not to a particular excision application.
Now the implication of these actions for real estate companies that bought land from this community is that the 20 hectares that were not granted will lose their lands. Some real estate companies may compensate their subscribers by relocating them to another location different from the ones they initially subscribed.
One sweet thing about land awaiting excision is that it comes cheap and capital appreciation is certain if excision is fully given.
# 2: Root of title refers to "basic title deed which proves that the vendor has the right to sell the property." Root of title helps an owner of unregistered land to trace his ownership. Root of title should describe the legal and beneficial ownership of a property and help to identify it.
Want to buy or sell?
myResidential Team
+44 203 239 4012
info@myResidential.org