PROPERTY ‘Engage private sector to fast track land titling’
Experts in the building industry have recommended that state governments consider the option of outsourcing the documentation process to reputable independent and credible agency to fast-track the process of land titling in the country.
Tayo Odunsi, a Chartered Surveyor, real estate professional and the Chief Executive Officer (CEO) of northcourt, gave the recommendation while speaking at a stakeholders forum organised point in Lagos.
Odunsi said: “In land titling, there is a processing element, a storage and the approval elements. Our experience have shown that over 80 per cent of the delay in land titling occurs in the documentation aspect.’’
He argued that the current snail speed rate at which land administration are conducted is a major hindrance for real estate development in the country.
Also, Mr. Arinze Adigwe, a Mortgage finance expert explained said, “If we can settle the legal mortgage and by realty foreclosure aspect of land administration, then we will a lot of foreign funds coming into the country.”
As it currently obtains, The Land Instrument Registration Law of each State establishes a land registry for the State, where documents relating to land within the territory are kept, and it varies from one State to another.
Registration of Title is done in order to avoid fraud and problems arising from the suppression or omission of instruments when title is deduced, in case of subsequent transactions it would show a registered interest in the said property.
Arinze argued that many people who are oblivious to legal requirements usually think that after executing deeds of assignment or conveyance as the case may be have done all that is required of them and continue to enjoy their newly acquired property.
“However, there is still a lot more to be done to “perfect” the title to the newly acquired land. These include application for Governor’s consent, payment of stamp duties and registration of conveyance or assignment at the Lands Registry. This is done in order to ensure compliance with relevant statutes and protect the legal validity of the purchaser’s title to the property,’’ he said.
He said that the Land Use Act prohibits alienation of statutory right of occupancy without the consent of the Governor and makes it mandatory for the holder of a statutory right of occupancy to seek and obtain the consent of the Governor of the State where the land is situated before alienation or sale of interest in land, otherwise the transaction shall be void.