This is the third entry in the property series of our Doing Business in Nigeria newsletter. Today, we will be writing on the process of perfecting title to property in Nigeria and advise on how to protect your interest in properties which have not been perfected or are in the process of being perfected.
- An application letter accompanied by relevant documents (such as duly executed copies of the deed of transfer, completed Form 1C, and CTC of the title document) alongside the evidence of payment of administrative fees (such as Endorsement Fee and Charting Fee) would be submitted to the Land’s Registry to obtain an assessment of the applicable fees to be paid to obtain Governor’s Consent;
- The application would be submitted to the office of the Surveyor General for charting to ensure the land is free from government acquisition and to ascertain that the coordinates of the land match that of the survey plan;
- Thereafter, the application would then be assessed based on the value of the property and an assessment letter issued requesting the applicant to make further statutory payments such as Consent Fee, Stamp Duty, and personal income tax of the parties to the land transaction;
- Payment receipts obtained from the payments made in (3) above would be submitted to the Land’s Registry. Once confirmed, the deed of transfer would be forwarded to a designated commissioner who would grant the consent on behalf of the Governor;
- The deed of transfer would then be stamped by the Lagos State Internal Revenue Service or the Federal Inland Revenue Service depending on whether the parties are individuals or companies;
- After stamping, the deed of transfer would be taken to the Land’s Registry for registration. This is the last step in the perfection process.
These steps are specific to Lagos State and may differ from state to state.