In the field of Nigerian real estate, the importance of securing property rights and protecting land ownership cannot be overstated. Charles Esquire, a renowned real estate lawyer, highlights two essential aspects that any real estate buyer or owner should not overlook: surveying and obtaining a certificate of occupancy (CFO). In this article, we look at the importance of these practices, helping you navigate the complex world of land ownership in Nigeria.
Understanding Surveying
A land survey is more than just a technical process; it is the cornerstone of establishing clear and indisputable property boundaries. At its most basic, a land survey involves the meticulous measurement and mapping of a plot of land. The survey uncovers the boundaries, dimensions and physical features of the land, from buildings to trees and roads. With a well-executed survey plan, property owners can confidently assert their property rights and deter potential encroachments.
Charles Esquire points out that a survey plan is a prerequisite for any real estate transaction. Without this, the legal title and dimensions of a property can be shrouded in uncertainty, leaving buyers vulnerable to fraudulent transactions or boundary disputes. Charles points out that a survey plan is more than just a map; it is a shield that protects property interests and ensures accurate and informed real estate transactions.
The role of the certificate of occupancy (CFO)
In Nigeria, a Certificate of Occupancy (CFO) is a government-issued final document that validates a person’s ownership of land. It serves as tangible proof that the landowner has legal and recognized rights to the property. Obtaining a CFO is not only a legal requirement, but also a strategic move to secure real estate interests.
The CFO is a powerful tool in the hands of owners. It protects them from forced acquisition of land without compensation, as stipulated in the Land Use Act 1978. If the government decides to acquire land for public purposes, CFO holders are entitled to a fair compensation, providing vital protection against arbitrary dispossession.
Additionally, a CFO opens doors to many opportunities, such as access to loans and financing. Financial institutions often require CFOs as collateral, highlighting the importance of the document in the financial landscape. Whether you plan to build on your land or exploit its value for financial gain, a CFO is a critical asset that empowers owners.
Why Survey and CFO are not negotiable
The relationship between surveying and the CFO is symbiotic. A comprehensive investigation plan is the foundation upon which the CFO is built. The survey plan accurately delineates property boundaries and physical features, which are then validated and recognized by the issuance of a CFO.
Surveys provide the data necessary for CFO applications, ensuring that information presented to government authorities is accurate and reliable. A well-prepared investigation plan reduces the risk of delays or rejections during the CFO application process, simplifying the journey to obtaining this essential document.
In Conclusion, this article highlights the vital importance of surveying and obtaining a certificate of occupancy in the Nigerian real estate landscape. These practices are not mere formalities; they are the pillars that maintain property rights, protect against encroachments and open up a world of opportunity.
For anyone embarking on a real estate journey in Nigeria, the advice is clear: a thorough cadastre and the acquisition of a CFO are essential steps. By adhering to these best practices, owners can rest assured that their investments are safe, their rights are recognized, and their future is poised for growth.
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