Buying a property comes with a feeling of pride and accomplishment, but that feeling gets better when the entire transaction is legitimate and secure.
In the quest to own a property, especially in Nigeria, ensure you are extremely aware of the legalities involved to understand ownership rights and the protection of these rights. Here are six Nigerian property laws/legal deeds you should be aware of:
1. Land Use Act of 1978:
This foundational legislation vests all land in each state under the control of the state governor, who holds it in trust for the people. The Act standardizes land administration across Nigeria, replacing the diverse customary laws that previously governed land ownership. Under this Act, individuals and organizations can obtain a Certificate of Occupancy (C of O), granting them the right to use and occupy land for a specified term, typically 99 years.
2. Certificate of Occupancy (C of O):
C of O is a legal document issued by the state government, serving as evidence of a person's right to occupy and use a parcel of land. Obtaining this certificate is crucial, as it provides legal recognition of land ownership and is often required for securing loans or selling the property.
3. Governor's Consent:
Any subsequent transfer, mortgage, or lease of land covered by a C of O requires the consent of the state governor. This provision ensures that all land transactions are transparent and comply with state regulations. Failure to obtain the governor's consent can render a transaction invalid under Nigerian law.
4. Deed of Assignment:
This legal document records the transfer of ownership of land or property from one party to another. It outlines the terms and conditions of the transfer and serves as evidence of the buyer's title to the property. Registering the Deed of Assignment with the appropriate land registry is essential to perfect the buyer's title.
5. Land Registration:
Registering land transactions with the state's land registry is vital for legal recognition and to prevent fraudulent claims. Proper registration provides public notice of ownership and creates a record that can be referenced in case of disputes. It also ensures that the buyer's interest is protected against third-party claims.
6. Tenancy Laws:
Each Nigerian state has specific laws governing the relationship between landlords and tenants. These laws outline the rights and responsibilities of both parties, covering aspects such as rent control, eviction procedures, and dispute resolution mechanisms. Understanding the tenancy laws in the state where you're purchasing property is crucial, especially if you plan to rent out the property.