Types of Document in Real Estate Transaction

When it comes to real estate transactions, understanding the various types of documents involved is crucial. Let's break down the key documents as mentioned by Timi Agbaje:

1.(C of O): Many people don't know this. It means Certificate of Occupancy which confers ownership and right of occupancy to the holder on a land for a term not exceeding 99 years and it is issued to just a person i.e the first person to purchase a particular land and can be renewed after 99years.

2.Excision and Gazette: Excision means government first acquired a place or earmarked it for a project then released it to a community or indigenes or settlers that they can now use it without Encumbrance (Restrictions). The Gazette is an official government publication or record that contains legal notice that has been given to those people with no claim.

3.Probate and Letters of Administration: This situation is when the real owner of the property dies, representatives of the person must have first obtained a grant of Probate and letters of administration from the probate registry of the stare high court before they can deal in that property or transfer the property.”There's nothing like the previous owner was related to the person in charge so the person in charge can do whatever he/she chooses.

4.Governor's Consent: All land in the state are vested in the Governor of the state. Therefore, according to the rule of law section 22 of the land use act; Prohibits the transfer of any statutory right of title in any land in the state without receiving the consent of the governor of the state.Each time a new buyer comes to the picture.They must obtain governer's consent.

Additionally, Title “Deed” is vital.  Deed of assignment and conveyance. Conveyance can transfer the legal title of the property's ownership from one individual to another in the form of a mortgage, gift or other real estate transactions while a Deed of assignment is primarily based on transferring ownership through sales from one person to another.

These documents play essential roles in real estate transactions, ensuring legal compliance and protecting the rights of all parties involved. Each serves a specific purpose in confirming ownership, transferring rights, and maintaining transparency in property dealings.

Last updated on July 16th, 2024 at 12:24 am

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