Understanding various types of land titles is essential for you as a real estate investor, as it directly impacts the quality and security of the land you intend to purchase.
Many individuals lack awareness about this topic, prompting me to shed light on it to equip you with the knowledge necessary to discern the right land to invest in.
Before purchasing land, it is crucial to acquaint yourself with the following types of titles:
COMMITTED LAND: This refers to land designated by the government for specific projects such as public health centers or schools. Out of ignorance, the so-called omo onile will sell this kind of land to you, and you are also oblivious of its original title. Any committed land is not for you to buy. Stay away from it.
NOT COMMITTED LAND/FREEHOLD: These lands grant the owner complete and unrestricted rights of ownership without government or other bodies’ constraints, making them safe to purchase. When you see a land with freehold title, you can buy them without fear.
ACQUISITION LAND: These kinds of lands are already acquired by the government for reasons not known yet, but they know it will be useful for the public in the future. Even if you build mansions on this type of land, the government will collect it from you when they are ready.
COMMITTED ACQUISITION LAND: These lands are acquired by the government and subsequently committed for a specific purpose. An example is the newly proposed airports in Epe, Lagos. Initially acquired by the government, when there arises a need for another airport in Lagos, the acquisition land is then designated for airport construction, thus altering its title to committed acquisition. Such lands should not be mistakenly purchased.
PURPOSE LAND: These lands are designated for specific purposes by the government. While their ownership doesn’t solely rest with the government, buyers should understand that they must be utilized according to their designated purpose. For example, some lands are earmarked for agriculture, residential, industrial, etc. If you intend to purchase such lands, you must adhere to their designated purpose.
EXCISION: These lands are once forcefully taken by the Government from ancestral owners, have been returned to them for development purposes. It safe to buy if the excision process, which involves the official release of land to its rightful owners, is properly documented through a Government white paper and officially recorded in government records, with adequate publication and attention given to the excision.
To confirm the status and title of a land, one can approach the real estate company selling it and request a coordinate number from the land chart. This number can then be verified at the Survey General’s office of the state.
For seamless land acquisition, feel free to reach out for guide through the process to ensure a smooth process and also make it instant.
