So good to have you back on our series: UNDERSTANDING LAND TITLES AND DOCUMENTS. Some days back I shared a Real Estate joke about a new agent not understanding the meaning of Land Title, and I briefly explained what Land Title or Document is. It is a 3-minute read. Click here to re
Today, we are learning about Classifications of Land.
Land can be classified as either free or acquired. A parcel of land is considered free if the government has not indicated any interest whatsoever in that land. Such land is safe to buy because the title on the land can be perfected without issues.
In most cases, such lands will either have a gazette, a C of O or a Governor’s consent. Now that you understand what it means for land to be free, you should also know that all lands that fall within areas that are designated as urban areas are under government acquisition until deemed committed or free.
There are two types of acquisition:
Global / General Acquisition.
A parcel of land is said to be under committed acquisition when the government has indicated an intention to use that land for a specific purpose such as provision of amenities.
Such lands belong to the government and can never be available for use by individuals. If you purchase land that is under committed acquisition, it will be impossible for you to perfect your land title and you’ll only be occupying the land until the government comes to kick you out.
Global or General Acquisition
Lands that are under ‘general acquisition’ or ‘global acquisition’ can later be confirmed ‘free’ or ‘committed’ as the case may be.
A land under general acquisition can become free by a process called excision.
Excision is a process whereby the government releases a portion of an expanse of land that is not committed. If a parcel of land that was formerly under acquisition becomes excised; it is then considered free and becomes gazetted.
The Gazette then becomes the title on the land and such land is safe to buy because a proper title can be processed on the land.
A second case where lands under general acquisition can be released is when an individual purchased a land that was under acquisition without going through an excision process.
Such lands can go through another process called ‘ratification’ or ‘regularization’ in which the land owner pays for the land to be ratified or regularized. The only conditions in this case are that the land in question must not fall within a committed area and that the purpose for which the land was bought does not disrupt the original plan of the state.
Conditions for ratification may differ from state to state.
Now that you understand the classification of land, our next part of this series will talk about the types of land titles we have. See you around soon.1 million five years ago, the price of a plot of land in Ibeju-Lekki, Lagos has soared to ₦6 million, representing 500 per cent increase, a correspondent has learnt.
It was also gathered that the land’s price per plot might soar to ₦8 million before the end of the year due to increased demand by investors and home seekers, who are positioning for opportunities inherent in various industries coming up in Lekki Free Trade Zone (LFZ).
According to the President, Perfection Real Estate Investors Cooperative Society, Mr. Niyi Adeleye, the price of a plot of land for earlier subscribers who bought into the vision was ₦1 million about five years ago, now that the land is currently selling for ₦6 million. Waiting another one year can make it impossible to buy the type of land that can give you a high return on your investment. See a few lands for sale in Ibeju Lekki today. Click Here
He disclosed this in Lagos while allotting plots of land to subscribers of Perfection Cooperative Estate Phase 1 in Ibeju-Lekki, last weekend.
He urged home seekers to take advantage of the opportunity to achieve their dream of home-ownership.
Over 500 members of the cooperative, who subscribed to the estate were allocated land at the event witnessed by the paramount ruler, Onileki of Lekki, Oba Olumuyiwa Ogunbeku.
Earlier, the Oba congratulated members of the cooperative for the milestone, urging all allottees to be grateful to God and be part of Perfection Real Estate.
Adeleye said the cooperative society was on a rescue mission to provide a solution to the problem of the society, which borders on housing.
He pointed out that it has been discovered that housing provision was capital intensive, hence the need to come together through cooperative society by pooling resources together to provide wealth and also help the government reduce the nation’s housing deficit.
He described Ibeju-Lekki as a strategic location, adding that LFZ was the hottest investment destination in Africa.
He said the cooperative assets base was now worth ₦1 billion, promising to grow it to ₦50 billion and float a real estate investment trust on the Nigerian Stock Exchange (NSE) in another five years.
According to Adeleye, plans are in top gear to commence construction of 75 units on two bedrooms, 30 units of three bedrooms and 30 units of one bedroom bungalows on first 40 plots before the end of the month.
He added that 60 units of one bedroom, 90 units of 2-bedroom and 90 units of 3-bedroom were being planned for another 40 plots in the second batch.