Real estate land terms

Learn All The Common Real Estate Land Terms When Acquiring A Land…

 

LAND DOCUMENTS & LAND TITLE

 

SURVEY PLAN: is a document that measures the boundary of a parcel of land to give an accurate measurement and description of that land. 

 

EXCISION: An excised land is a land that has been released by the government to the indigenes of the area who originally owned the land before the government acquired it. This means that the land is no longer under government acquisition and processing of C of O (Certificate of Occupancy) is possible. 

 

GAZETTE: A gazette is an official record book, where all special government details, are spelt out, detailed and recorded. A gazette will show the communities and villages that have been granted excision and the number of acres or hectares of land that the government has given to them. 

 

CERTIFICATE OF OCCUPANCY (CofO): it’s a land document issued by the state government to officially lease any land under the state to you (the applicant), for 99years. As already indicated above, all lands belong to the government. A CofO however is the officially recognized land document for demonstrating rights to a land. A certificate of occupancy can either be for residential, commercial or agricultural purpose. It is usually granted for a fixed term of 99 years and 25 years for agricultural lands.

 

What happens after 99 years? The reasonable response to this for now, still remains that, the buyer can renew the certificate of occupancy when it expires.

 

GOVERNOR’S CONSENT: It’s a land document that is obtained whenever you buy a land with CofO. It’s the land document that lets the Governor and the general public know that the land in question has changed hands.

 

DEED OF ASSIGNMENT: It’s actually a document that shows that you are now the new owner of the land. It is an agreement between the seller of a land/property and the buyer; showing evidence that the seller has transferred all his/her rights, titles, interests and ownership of the land to the buyer. 

 

RECIEPT: This land document is the least of all and it’s just for the seller to acknowledge that he/she has received the due money he/she wants to sell the land. As simple as this document may seem or appear, it is still very important for future purposes.

 

RATIFICATION: means giving formal consent to a contract or agreement thereby making it validly official.

 

DEED OF RECTIFICATION: as the name connotes is a document executed by parties for the purpose of correcting an error in a previous deed. This only applies to error in a registered deed of assignment. 

 

CONTRACT OF SALE: of Real Property is a contract between two or more parties in which the seller agrees to sell and the buyer agrees to buy a real property. The contract outlines the terms and conditions for the sale and purchase of the property.