IMPORTANCE OF DOCUMENTATION IN THE REAL ESTATE BUSINESS!
We all know the importance of documenting an agreement between two parties. the issue of documentation cuts across just keeping records, it also serves as evidence that a transaction took place. In Nigeria, all land within a state (except those vested in the Federal Government or its agent) is owned by the Governor of the state, who holds land in trust for the people and has power to allocate as far as urban areas are concerned; while the rural areas is allocated by the control of local government authorities. The current land ownership system became operative after the promulgation of the Land Use Act, Cap 202, Volume 11, Laws of the Federation (1990). Prior to this law, land ownership was primarily based on settlement, conquest, sale, gifts or larches and acquiescence. It is important that as an investor in real estate or as a real estate firm you should know what governs land ownership and the legal documents used in conveying title for land ownership in the state, where you...