THINGS TO KNOW ABOUT DIFFERENT TYPES OF LAND IN NIGERIA
In Nigeria, there are two kinds of land that can either be given away by the government or bought. Land that can’t be taken over by the government means that the government doesn’t want it, so it’s a safe place to put your money. On the other hand, land that has been “acquired” is not safe to buy. Have you ever heard of a situation where the government is tearing down buildings because the owners didn’t do their research before building on land that was already in use?
DIFFERENT TYPES OF LAND IN NIGERIA
There are two main ways to buy land:
- General acquisition. Most people know that all land belongs to the state government and that each state has a plan for how to develop it. As more people moved to cities, these changes to the master plan meant that the land had to be perfect before a building could be put up on it. A piece of land that is usually bought can only be free when it goes through a process called EXCISION. What is excision? It’s just a fancy word for taking something apart. Excision in real estate is when the government gives someone or a business a piece of land that is not owned by the government. The official record of these lands is in a book called GAZETTE. You can get a CERTIFICATE OF OCCUPANCY by using the land’s gazette. But there are some lands that can be bought while their removal is in the works. Most of the time, these kinds of lands are cheap and have no other title than a Survey and Deed of Assignment. Even though experts at the last Grow Your Wealth With Real Estate show, which was put on by Thinkmint Nigeria, knew that it was not safe to buy such land. But if you want to invest in this kind of land, make sure you buy it from a real estate company with a good name.
- Committed to getting. These are the pieces of land that the government wants to buy for reasons that are best known to the government. They could be used for business, government housing, or farming. Because you didn’t do your research, investing in this land is a complete waste of money. There were rumours that the government couldn’t destroy a lot of homes on a big piece of land. This is nothing to laugh about. Ensure you avoid such lands.