KNOW YOUR REAL ESTATE DOCUMENTS

So many Academicians, Lawyers and Intellectuals have tried to define some documents involved in real estate but sometimes, they end up confusing simple-minded men like you and I with their ‘’big big’’ grammar, so I am going to attempt to do the impossible by breaking its meaning down and how it operates under the law. Below are a few of them:

• CERTIFICATE OF OCCUPANCY: This is a certificate that the Government gives you confirming that the land belongs to you for some years (usually 99) and then reverts back to the Government. It also states that all conditions are to be met by you while being a tenant of the Government. A simple formula to follow is this; the first person on a virgin land that has neither been occupied by another person nor under acquisition by the government is entitled to get a CERTIFICATE OF OCCUPANCY [C of O] on that land and this is valid for 99 years after which it may be repurchased from the government

• GOVERNOR’S CONSENT: Unlike the C of O, the Governor’s Deed/Consent is a legal document that gives you the peace of mind that once the Governor has put his signature on the agreement, then you are allowed to assign the land to someone. If that person with the C of O decides to sell his land to another person after so many years, that person must now obtain the CONSENT OF THE GOVERNOR before that transaction can be deemed legal in the eyes of the Government. If a new buyer now decides to sell the land again to a third owner in the future, that Third owner must also obtain a new Consent of the Governor before that transaction can be deemed legal in the eyes of the Government and the process continues every time the property changes hands to a new buyer.

In other words, the first person on a land is the only person or group of persons entitled to a Certificate of Occupancy. Every subsequent buyer of that land must get a Governor’s Consent. There can only be one owner of the Certificate of Occupancy on that Land and it will not be replicated for another person once the land has been sold or transferred to another person.

The Powers of the Governor to consent to such transactions can be found in Section 22 of THE LAND USE ACT 1978 as amended which states thus:

‘’it shall not be lawful for the holder of a statutory right

of occupancy granted by the Governor to alienate his

right of occupancy or any part thereof by assignment,

mortgage, transfer of possession, sublease or otherwise

howsoever without the consent of the Governor first had

and obtained.’’

With this power, the Governor has the right to grant consent to any transaction which it thinks has not contravened any Law of the Land and if the consent has been obtained fraudulently, the Governor is entitled to revoke such consent immediately. I strongly encourage people who want to invest in real estate to process the obtaining of Governor’s Consent after they have bought a land or a house and a DEED OF ASSIGNMENT has been drawn up.

• DEED OF ASSIGNMENT: In real estate property transactions, a Deed of Assignment is a legal document that transfers the interest of the owner of that interest of the person to whom it is assigned, the assignee. When ownership is transferred, the deed of assignment shows the new legal owner of the property. A Deed of Assignment would consist of the parties to the transaction, the cost of the property, the size and description, copy of survey attached to it and signature of all the parties and witnesses to the transaction.

Getting these terms and documents right is very crucial to owning a property and investing in real estate, delay has been shown to be fatal and we should learn from the past experiences of others who have fallen victim of this situation by claiming ignorance. Always contact your Property Lawyer experienced in Property Law to guide you on these documents and make sure to always invest your monies on the right estates and properties.

#Documents #CofO #Legal #RealEstate