A leading Lagos-based law firm, Tope Adebayo LP, has urged Nigerians to pay attention to the registration of title to land and property across the country.
Mr Tope Adebayo, who is the leading counsel in the law firm, said this has become necessary in view of many cases relating to land ownership in and out of the courts.
He said in a statement issued in Lagos that his law firm considered it imperative to focus on the ownership and transfer of land which drives the real estate sector in Nigeria.
Adebayo noted that the real estate sector in Nigeria is one of the most thriving industries in the country.
He noted that though the circumstances and peculiarity of each land or property transaction vary, “what will be found is that individuals, corporations, and investors tend to acquire land which they hope becomes an invaluable asset, either in the short term or long term. Indeed, owning landed property anywhere in the world is a worthwhile investment.
“In Nigeria, state governments, by the provisions of the Land Use Act 1978, hold all lands within the territory of their states through the governor and on behalf of the people.
“Consequently, for any person to own land in Nigeria, there must be a document that serves as evidence or proof of ownership. This document can be in various forms like a statutory or customary right of occupancy, Deed of Assent (made under a grant of probate or letters of administration over an estate), among others,” the law firm notes in an article titled Procedure for the Registration of Title to Land in Nigeria.”
The statement outlined the necessity of registering title to land/property, and the registration procedure up to the point of obtaining Governor’s Consent, regarded as the first stage of registration of title to land in Nigeria.
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He said it was equally important is the second stage, known as Stamping and governed by the provisions of the Stamp Duties Act 1939, which must be done within 30 days of execution of the Deed of assignment or any other registrable instrument which seeks to transfer title or ownership of land while Registration is the final stage in the perfection or registration of title to land in Nigeria.
“Ultimately, a landowner in Nigeria is required to register or lodge/perfect his interest in the said land at the land bureau or registry in the state.
“This is a statutory requirement as transactions over lands may be rendered inchoate for non-compliance with the statutory provisions for the registration of title to land.
“This process of registering one’s interest in land in Nigeria is commonly referred to as the “perfection process”, and this article seeks to examine the procedure for the perfection of title to land in Nigeria using Lagos State as a case study,” the article states further.
“Perfection of title is fundamental to the title of a purchaser of a property. Consequently, where a purchaser of land refuses and/or neglects to perfect his title to the land, he risks losing the same to another purchaser for value who has taken some positive steps to perfect his title in the same land. “
He further added that it is of great importance to recommend that property owners should diligently ensure that they perfect their titles as it would, in the first instance, confer on them legal interest and, in the second instance, afford them priority against any competing interest, barring any defect in their root of title,” the article submits.