Real estate transactions can be complicated and involve many important documents that must be carefully reviewed and signed by all parties involved. These documents are legally binding and serve to protect the interests of both the buyer and the seller.
In this article, we will discuss the most important real estate documents that are typically involved in a real estate transaction, their definition, and their significance.
C of O: Certificate of Occupancy (C of O): A Certificate of Occupancy (C of O) is a document that serves as evidence of ownership of a piece of land or property. It is issued by the state government, and indicates that the government recognizes the holder of the certificate as the lawful owner of the property. It also specifies the permitted use of the land or property and any conditions or restrictions on its use.
Excision: An excision is a process whereby the government officially releases a portion of land from government acquisition and designates it as private property. This is usually done in cases where the land had previously been designated for public use or development, but is now being released for private ownership and development.
Governor’s Consent: Governor’s Consent is a document issued by the state government to transfer ownership of land from one party to another. It is required for all land transactions in Nigeria, and serves as proof of ownership and legal title.
Registered Survey: A registered survey is a document that contains an accurate and detailed description of a piece of land, including its size, shape, and boundaries. It is usually conducted by a licensed surveyor and registered with the relevant government authority.
Deed of Assignment: A deed of assignment is typically used when a property owner wants to transfer their ownership rights to another person or entity. For example, if a homeowner wants to sell their property to someone else, they would prepare a deed of assignment to transfer ownership of the property to the new buyer. It is a legally binding agreement that transfers ownership from the assignor to the assignee.
Free Hold: property ownership where the owner has full and exclusive ownership of the property, including the land it sits on.
In a freehold property, the owner has the right to make changes to the property as they see fit, subject to any zoning or land-use regulations. They can also sell, rent out, or transfer ownership of the property without the need for approval from a landlord or other party.
