Property Transactions in the FCT: Protecting Your Interest (How to Avoid Revocation of C of O)


Many property owners have had horrible experiences of their C of O being revoked by the government and most times they don't know how or why it happened. This article will give you an understanding of how it works and tips to help you avoid C of O revocation. 

C of O is evidence of ownership. The actual title document is the document that transfers the title from the previous owner to you e.g., the deed of assignment.

Possible reasons why a land title can be revoked.

·        If the property is overriding public interest; this is when the Government requires the land for public purposes, projects, or infrastructure.

·        If the owner breaks a term of the lease; this can happen when there is noncompliance with the terms of the agreement of the lease. For example, when land that is supposed to be used for a specific purpose is not used for that specific purpose. Or when one fails to develop within the agreed time.

·        Payment of Ground Rent is mandatory everywhere: Without updated payment of ground rent, you cannot perform due diligence on that particular property in the FCT. Failure to pay ground rent can lead to revocation of C of O. It is important to find out the Ground Rent of any property before purchase

·        Tax Clearance Certificate:  this does not directly threaten your title under the law. However, in several states in Nigeria including in the FCT, it is a requirement to present your TCC to have your application for perfection processed. Thus, where you do not have TCC, you may not be able to adequately protect your title under law.

Tips on how to protect your interest.

Carry out extensive Due Diligence before purchasing any property. This is one of the services we offer at Dolphins Realty Ltd. and as well as providing top notch real estate consultancy services to help you get the most out of real estate. 

Engage the service of a professional when venturing into any real estate transaction. Get a professional real estate consultant and a lawyer for legal advice. It's important to understand the property tax law of the location of interest. Example Ground Rent: this is the property levy charged and collected by a government on a piece of land.

It is payable by a property owner within a given period, usually annually.

Illiteracy; Some persons are not informed and put in little or no effort to be informed. Real estate transaction is critical and being aware of what you're getting involved in will give you an edge.

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