As an investor in real estate, there are several titled documents that abound. Knowing them will enable you avoid some mistakes in real estate investment. Here are the types of Real Estate ownership document you must know before you proceed to buy a property.
This is known as Certificate of Occupancy. It is a real estate ownership document issued by a state government used to prove ownership of land or properties. C of O is the ultimate evidence of legal ownership of property. With the C of O, your land or properties cannot be seized anytime by anyone without compensation. It is usually compensated for when revoked. The C of O is usually issued once and it is issued to the first person or group of persons that purchase the piece of land or property.
According to the Land use act, ownership belongs to the government and indigenes need apply legally and officially for the land hence, the need for Excision and Gazette.
Excision is the handover of land by the state government to indigenes of the state. In such situation, the indigenes have full authority over the land and can do as they wish within the confines of the laid down rules and regulations. This signifies that the land is not under government acquisition and thus C of O (Certificate of Occupancy) is possible.
Gazette on the other hand is a legal document by the state government that effects an excision. It is a notice of a piece of land to indigenes (individuals, families or communities) by the government. A gazette will show the communities or villages that have been granted excision and the number of acres or hectares of land that the government has given to them.
Probate is required for the administration of the estate of a deceased who died testate by writing a will before death. It is an authority that validates the power of an executor without prejudice to the fact that the authority to act is derived from the Will. Probate grant gives the executor the moral and legal right to act in that capacity. Although an executor derives his powers and authority from a Will, probate confirms the authority.
Letter of administration is a legal authority granted by the probate court to a person called the administrator to administer the estate or property of a person who died intestate. Letter of administration is usually issued by a probate registry to empower an individual usually a family member to manage, dispose and administer the land or properties of someone who died without a valid Will. Where such is not granted, he cannot act as an Administrator. A letter of administration confers authority.
The difference between the probates and letter of administrator is that while the executor can deal with the estate or properties before the grant of probate is processed and obtained, the administrator cannot.
This is quite similar to the C of O. It is needed for the transfer of land within a state. Governor’s consent is obtained from the governor of a state on a land transaction without which the transaction will be illegal in the eyes of the government and the law. Since C of O is issued once for a particular land, the need for a governor’s consent is important in the case of a resale of such land. Processing your governor’s consent can help you prove ownership and therefore avoid any dispute that may rise in the future.
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