How good is the title “Registered Survey and Deed of Assignment?”
If you have been following this blog for a while, you would notice that a constant topic that appears on so many of our blog posts is the topic of “Land titles”.
However one title we have not talked about extensively is the “Registered Survey and Deed of Assignment” land title.
Is is a very common title on lands around Ibeju Lekki but what does it mean?
To answer that question we need to establish a fact: A title is the highest document that shows ownership of a property.
In Nigeria, the best titles a land can have are:
- C of O.
- Governor’s Consent.
Typically, before land can be resold by communities/families to developers and companies, the title must first be processed.
However, with the Lagos State Government putting a pause to the issuance of new title documents to untitled land in Ibeju Lekki for the past few years and with Dangote Refinery and Lekki Free Zone opening which increased the demand for land in that area, developers resorted to purchasing untitled land in that area.
Hence, when a plot of land does not have the 4 popular and safe titles, the developer typically adopts the title of the document that establishes ownership and in the case of untitled land around Ibeju Lekki, the highest document that proves ownership is the Registered Survey and Deed of Assignment.
What is a Deed of Assignment?
A Deed of Assignment is an important legal land document that records a sale of land and transfers interest and title in real property from one party to another starting from the commencement date stipulated in the document.
It is a document usually demanded by the buyer of the real property at the conclusion of a property transaction and for it to be valid and binding on parties to the transaction; it must contain certain information.
A deed of assignment is considered a must for the transaction of ownership in land.
What is a Survey Plan?
A survey plan is a document that measures the boundary of a parcel of land to give an accurate measurement and description of that land. According to Black’s Law Dictionary (Black’s Law Dictionary, 9th edition), a survey plan is referred to a map indicating the measurement of a tract of land, its boundaries and its contents
Pros and Cons of Land with a Registered Survey and Deed of assignment title?
- Affordable: As the process of obtaining a land title is capital intensive, an untitled land is more likely to be cheaper than a same size of land in that same vicinity with a government title. So, if you want to own real estate in Lagos and dont have a massive budget, this is the land category that you should be looking at.
- Higher returns: When you decide to sell your land after the area has been developed and the title has been processed, you are likely to get a very high return on your investment.
- Longer waiting time to build or sell: Since parcels of land with this title are mostly located in undeveloped areas in Lagos, to get maximum ROI on your land, you will have to wait longer till development comes in.
- Risky: You could be buying a committed land without knowing and in 5-10 years time when the area is fully developed, the government can swoop in and collect your land. To protect yourself, ONLY buy untitled land from real estate companies that can show you proof of steps they have taken to secure the land from Government Encumbrance.
If you are an investor looking to acquire affordable property for less than N2 million, your best chance is cheap, untitled land that will take a few years to develop but will offer you ROI more than 500% when developed, then Avalanche Park Estate is your best bet.
Avalanche Park Estate is a completely dry land estate located within ten minutes from La Campagne Tropicanna.
Windspring Estate is your best choice if you want a ready-to-build estate with a government excised title.
CONTACT US TODAY TO SECURE YOUR PLOT