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3 Ways To Become A Land Owner

3 Ways To Become A Land Owner

3 Ways To Become A Land Owner

Land is a natural asset consisting of all physical elements bestowed by nature to a specific area or property. Many think acquiring land is expensive, complicated, stressful, and takes time. They feel instead of acquiring land, they should rather buy a house. Some even ask questions like: why should I buy land? How do I purchase land? How do I go about it? How much do I need to save? etc. In this article, we highlight 3 Ways To Become A Land Owner.

However, being a landowner in Nigeria comes with a lot of benefits. Aside from the fact that land does not depreciate, you tend to generate more income. Most importantly, being a land owner in Nigeria gives you this exceptional peace of mind and satisfaction. No matter your occupation or livelihood, the one indicator that points you out as successful is the land ownership in your name.

We can’t talk about land ownership in Nigeria without discussing the land tenure system. This will help you determine the land tenure system you wish to stick with as a land owner. A land tenure system grants land ownership to individuals and legal and corporate bodies based on their use of land.

Nigeria has seven (7) land tenure systems: the freehold tenure system, the inheritance tenure system, the communal land tenure system, the leasehold tenure system, the gift tenure system, the rent tenure system, and tenants at the government will. You can become a land owner by inheritance or by any other existing type of land tenure system.

The following are tips on how to become a land owner in Nigeria:

1. Know the Land You Are Interested In        

First, you must be confident that the property’s seller is entitled to sell it. That means you have to insist that the seller proves that his title to the land is good and that he can pass you the land he is trying to sell. Also, you have to consider some factors such as the size of the land, soil type, location of the land, purpose which the land will be used for, price of the land, legal papers, and also the environment, as well as the security conditions of the area.

It is advisable to involve an expert with the background, requisite knowledge, and skills in this area of property acquisition. In addition to these, valid information needs to be gotten from the buyer concerning the boundaries of the property, disputes over the property, guarantees regarding the property, services supplied on the property, planning schemes of the property, insurance provisions and policies, and reversionary title or interest.

2. Get the Necessary Documents

Some documents are crucial to validate the transaction with the seller effectively. These are the evidence of title that the buyer possesses concerning the land. These documents include the following:

. Approved Survey Plan

It helps to reveal the actual ownership status in any land transactions. It also helps to show if such land is not under government-acquired or committed land or area.

· Approved Layout 

This is a plan which has been approved by the local government, which shows the location of the land

· Deed of Assignment 

It is a crucial document that must be demanded and given to a buyer after the conclusion of any land/property transaction between such purchaser/buyer and the owner/seller of the land/landed property in question.

· Purchase Receipt 

This is the evidence of due payment of the purchase of the land. It is usually required when registering the land.

· Certificate of Occupancy

It is a legal land document used to certify the legal ownership status of any land in Nigeria, irrespective of its usage. It is usually delivered to the government-owned land, attesting to the owner’s interest in the land where such a claim follows the applicable laws.

· Power of Attorney 

This is usually required when acting for another person, individual, or company as his agent. It is a document that authorizes such a person to act on their behalf.

3. Acquire a Land Agreement 

A land purchase agreement in Nigeria is a formal contract by which a vendor agrees to sell, and the purchaser agrees to buy a piece of land under specific terms and conditions spelled out in writing in the agreement signed by both parties. It is also referred to as a “contract of sale” or “sale agreement.” A land purchase agreement must contain the following terms:

· Parties Clause

Here, there is a minimum of two different parties involved: the vendor (seller) and the purchaser (buyer). The land agreement must contain the full details of the vendor and the purchaser (names and addresses).

· Recital Clause

This states the brief details about the land and how it is derived. It explains how the vendor became the owner of the land he is about to dispose of.

· The Purchase Price/Consideration Clause

The price and payment method should be clearly stated in the contract.

· Covenant/Indemnity Clause 

Here, the vendor must agree to indemnify the purchaser against all claims, demands, and disturbances that may arise from any defect in the buyer’s right/title to the land.

· Termination Clause

It states the mode of termination of the agreement when one of the parties defaults under any terms agreed upon in the contract.

Following the above, you can have an excellent land purchase with little or no stress.

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