Your search results

HOW TO TRANSFER LAND OWNERSHIP IN NIGERIA

Posted by DanbelPro@InvLtd on May 22, 2021
0

The process of transferring land ownership in Nigeria entails the actual transfer of legal rights to land from one individual to the next.

While property ownership can be transferred in Nigeria using a variety of methods, sale, gift, and assent are the most popular of these methods.

The transfer of property in Nigeria, especially in Lagos State, is governed by a number of laws. The following are a few of these laws:

— Land Use Act of 1978

— Administration of Estate Law of Lagos State 2015

— Land Registration Law of Lagos State 2015

— Stamp Duties Law of Lagos State 2015

SALE OF LAND

The outright transfer of an interest in land from one individual to the next is what selling landed properties entails. There are statutory and common provisions that must be met when a property is sold or when a legitimate and family title in the property is passed. The following are a few of these conditions:

— When land is owned by a family or a community, it can not be properly transferred unless the consent of the family’s or community’s principal members and head is obtained.

— Regulations and town planning laws must be taken into account when buying a house, as the government determines the types of structures that may be built in a given location.

— When a property is the subject of ongoing litigation, it cannot be legally sold to another buyer.

— The sale of land often involved two main stages, which are actually the contract stage as well as the conveyancing stage.

— When land or a property is sold, all parties must draft and sign the required agreement transferring the land’s title as well as a contract of sale stating some of the transaction’s terms.

— Any property must be perfected prior to the signing of any deed of assignment or conveyance. The governor’s approval, stamping, and registration are the three stages of excellence, also known as property registration.

GIFT OF PROPERTY

Another way to pass land ownership is by a gift. A gift of land, unlike a sale, does not entail any registration fees. All that is required is the donor’s desire to make the gift, the act of delivery to the recipient, and the recipient’s acceptance. When a person receives a gift, he or she must ensure that there is evidence that the land was given to them. A Deed of Gift, which can be registered with a land bureau, is a suitable document to use with a gift.

PROBATE

Probate is the legal mechanism through which a deceased person’s properties pass to other people by a legitimate Will or other means.

When an individual dies with a valid Will, the executors named in the Will will seek to prove it and receive probate, which allows them to inherit all of the deceased’s estate. They are now the legal owners of the land. Furthermore, if a person dies intestate, the deceased’s property will be distributed according to the applicable legal provisions. Personal relatives of the deceased would be able to apply to be administrators of the estate and receive a letter of administration, making them legal owners.

Next, we will talk extensively about the required documentation when selling land.

Culled from Monaq

Want to buy land and need FREE expert guidance? Click HERE to book a session with one of our experts

Leave a Reply

Your email address will not be published.

Compare Listings