Land Use Act of March, 1978 vested all lands in every state of the Federation under the control of the State Governments. The Land Use Act and other laws enables the State Governments who now has ownership of all lands to acquire more lands compulsorily for its own public purpose and for providing amenities for the citizens of the state.
The Act, however recognizes the citizen's right to ownership of lands, it therefore makes provision for the State Government to release the areas it is has no use of to the natives of the locality through a process known as Excision.
Once a parcel of land is excised, the natives now have the right to sell that land to a willing buyer who can then process the necessary documents on the property.
A C of O issued by the Lagos State Government(as regards to Lagos land matters) officially leases Lagos land to you, the applicant, for 99 yrs. As already indicated above, all lands belong to the Government.
So, what benefits comes with obtaining a C of O;
-It is the only Government recognized Document for demonstrating right to a parcel of land.
-It can be used as collateral for obtaining loans.
-It shows ownership of land and will serve as a strong defense in case of a land dispute.
-It is a globally recognized title which makes it easy for you to sell your property.
-Otaining a C of O increases property value
-It eliminates the problem of multiple ownership. This happens a lot because unscrupulous land owners, popularly known as "Omonile" sell the same land to different people.
-Unlike other titles, the government is mandated to compensate you if it needs to acquire your land for public purposes because of your C of O.
However, in a case whereby the vendor of a land has a C of O title, buying such a property still doesn't put you on the safe side where the Government is concerned.
As mandated by the Land Use Act of march 1978, "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"
Get a property with C of O title today, it guarantees peace of mind..
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Pinnakle Realty is an innovative
real estate marketing company that
engages in the marketing and sales
of legitimate properties for corporations, Individuals and estate developers.
☎️ 07010816900
📷 @pinnakle_realty
📧 pinnaklerealtors@gmail.com
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