Certificate of Occupancy or Deed of Assignment: What’s A Better Proof of Land Ownership?
Do These Two Documents Matter When Purchasing Properties?
Becoming a landowner goes beyond buying land, a vital aspect you should consider when purchasing land or properties is the accompanying documentation. Land documentation is vital when purchasing a property; some still think some documents are more important than others. In this article, you will get a better understanding of the essence of the Certificate of Occupancy and Deed of Assignment.
Furthermore, these two documents have their unique purposes and importance when purchasing a property, most property or real estate companies mostly give you either the Certificate of Occupancy or the Deed of Assignment to show proof of land ownership.
What is A Certificate of Occupancy?
The Certificate of Occupancy, commonly known as the C of O, is a legal document that the state government issues to identify an individual or organization as the rightful owner of a specific plot of land. This document grants the owner full rights to the land for 99 years, with an option for renewal upon expiration. Some vital details in a C of O include; plot number, plot size, purpose of the land, location details, etc. The details of every C of O can be found in the State Surveyor General’s office and a unique thing about it is that every land has a distinct C of O. The C of O gives the landowner an edge, especially against government acquisition without due compensation, land disputes, landgrabbers etc. You can get this document from the state government or a registered Real Estate company in Nigeria.
What is A Deed of Assignment?
This document is not as popular as the C of O but it holds as much significance as it. The Deed of Assignment is a legal document that transfers full property ownership from the Assignor(seller) to the Assignee(buyer). In simpler terms, the buyer of the property has every right to the property because the seller has transferred every right to the property buyer. The D of A contains the details of both parties, the full description of the land, and the signature of both parties, etc. This document holds a significant advantage over the C of O because it remains valid for 99 years, which is why many property firms prefer it. The D of A is officially recorded in the state’s Land Registry, allowing buyers to verify its authenticity by visiting the registry.
Do They Serve The Same Purpose?
To a large extent, they both serve the same purpose which is proof of landownership to a landbuyer in Nigeria. Other points of connection between these two documents are:
- They can be verified by the state government.
- They are legally binding documents.
- They can be obtained from registered property firms.
- They both transfer full property ownership to the buyer.
- They save the landbuyer from future land issues that may arise.
All In All
These two documents, although unique in their ways serve the same purpose because they are both legal documents to show proof of land ownership. If you were to choose either of these documents, which one would you opt for as a prospective landowner?
