As a first-time buyer or investor in Lagos real estate, understanding the Certificate of Occupancy (C of O) is crucial. Just as a marriage certificate validates a union or a strong foundation supports a building, CofO provides a solid basis for land ownership. A Certificate of Occupancy is a legal document issued by the Lagos State Government, confirming ownership and occupancy rights to a parcel of land.
A genuine C of O contains essential information which includes; Certificate of Occupancy number, File number, Plot number, Location (district details and cadastral zone), Plot size, Survey plan or graphic (plot shape), Date of issue, Lease term, Initial annual ground rent fees, Land use purpose, Terms and conditions. If your C of O lacks these details, it may be invalid.
The main goals of C of O are to standardize land transactions and provide legal protection, ensuring land ownership is acknowledged and protected by law. The Land Use Act of 1978 governs CofO issuance and regulation in Lagos.
Benefits of C of O
- Legal Proof of Ownership: C of O proves land ownership, protecting property rights and preventing disputes.
- Facilitates Transactions: C of O simplifies property buying and selling, ensuring the seller’s legal right to transfer ownership.
- Property Development: C of O aids property developers in obtaining permits and approvals.
How to apply for a C of O
- Obtain a registered survey.
- Submit an application to the Lagos State Land Registry.
- Pay necessary fees.
- Ensure application meets requirements.
- Collect the C of O.
Even though there are challenges and things to take into account, knowing the steps and what is required might make the process go more smoothly. From understanding the legalities and regulations that govern property ownership to navigating the nuances of real estate, 27th Development is your trusted partner, equipped to guide through every step of the process.
Our dedicated team of experts is poised to assist you in finding your prime property or investment opportunity, ensuring a seamless experience. Contact us today at 0903 815 6744, or visit our website at www.27thdevelopment.com to discover prime properties and exclusive content from the world of real estate.