Steps To Successfully Process Your Real Property Assets C of O To Legally Make You The New Owner

The last post on this platform titled how you can successfully purchase real property asset and secure your investment. I explicitly explain all the processes involved in purchasing real property asset and towards the end of the article I said new property owners must file the documentation of their new purchase with the state government to legally make them owner of the real property asset.

In addition, I could also remember I said they must perfect their papers which may commence with the processing of their Certificate Of Occupancy, C of O but I didn’t really go into details on how you can legitimately and successfully process your real property asset C of O with the state government.

To this end, I find it necessary and utmost important to walk you arm in arm through how you can successfully secure your real property asset by processing your C of O with the state government.

The Certificate of Occupancy or C of O as it is usually refered to by many can be processed in two distinct ways depending on how the real property asset was acquired or purchased which we shall discuss shortly.

If the real property asset acquired is originally owned by land tenured by inheritance simply put if you purchase the asset from the Omo Oniles who are the customary owner of the real property asset.

It becomes necessary to perfect all relevant documents of the purchase after you must have completed with the sales transaction and the legal right to the real property asset has been relinquished to you which Includes the building plan, purchase receipt, contract of sale and original of all other relevant documents relating to the purchase.

The next important step to take in order to secure your investment or your purchase particularly if the real property asset has no certificate of occupancy is to get a valid survey for the real property asset, apply for the land information certificate and of course request for the C of O application form which will enable you process your Certificate of Occupancy.

After you have been giving the C of O application form, you are expected to fill out your details and other information on your purchase as required in the form. The completed C of O application form together with other required documents are returned to Land Use Allocation Committee office to study for considerations.

To help you a little with the burdensome process of getting a C of O of you real property asset let me quickly run through other required items that must be attached to the application form which are necessary or needed to facilitate the process of obtaining your Certificate of Occupancy.

The following documents must be attached to your C of O applicatio form when submitting for processing and considerations.

The approved building plan

The site sketch of the location

The receipt of payment for the real property asset.

The application form payment receipt

The real property asset Information receipt

The Land Information Certificate

The Capital Contribution

The payment for inspection and publication fee

Tax clearance

Tax clearance of two directors of the company and their Levy receipt

Receipt of Development Levy

Receipt of tenement rate

Three passport photographs and of course a cover letter stating all documents attached with the Certificate of Occupancy application form which normally is addressed to the executive secretary of Land Use Allocation Committee who now has the responsibility of publishing your claims in any National Newspaper for public objection which could last for about three weeks and if it survives this period then you may be considered for a C of O.

The second means of processing your Certificate of Occupancy onl applies to real property asset purchased via series or different government housing schemes of either through purchase of residential or commercial application forms of real property asset.

If you have purchased any government owned real property asset through any of these housing schemes and you are not sure of how to secure your asset or still don’t know how you can file the documentation in order to process your Certificate of Occupancy, you need not fret any further because I will do justice to that in a second.

Basically, If you have bought into any of these government housing schemes and you want to process your Certificate of Occupancy, you must first of all purchase the C of O application form which you are expected to fill out your details as required and return the completed application form together with valid tax clearance certificate, application form payment receipt, development levy and four passport photographs to the Land Use Allocation Committee who will give you a file number and acknowledge receipt for all relevant documents attached to the C of O application form after documents are studied and certified alright for the processing of the Certificate of Occupancy.

It just occurred to me that in the last post I also promised to let you into what can be done if the purchased real property asset is under transport system or registered, how to lodge compliance certificate, how incurred expenses are shared, taxes and non performance of contract.

If you purchase real property asset that is under transport system, you mus ensure that the asset purchase or sale is advertised in the official Gazette for public objection for a period of say two weeks and if there are no objections or opposition from any one it is passed in the transport court that is normally presided over by the Registrar of Deeds.

After it has been passed to the transport court your solicitor and the seller’s solicitor must be in court to finalize the transport or lease which must be signed and initialled by them. This process may take close to three weeks for the new document title to be ready for collection from the Deeds Registry.

However if the real property asset is registered the conveyance of ownership only needs to be registered at the Land Registry, it requires no advertisement of sale and the Certificate of Title should not take more than three weeks before it is ready for collection.

Finally in the event that a party fails to go on with the sales contract agreement or withdraws due to whatever reasons after the sale has been put under contract the other or affected party can sue in the court of law. If you as the buyer fails to complete the sale contract due to issues that came up during inspection in respect to the real property asset, you can sue for specific performance and the property owner or the seller may decide to for go the deposit payment made for the purchase of the real property asset and sue for damages and breach of contract.

Let me chip this in before I go if a transport or lease must be passed, the property owner or the seller must get the compliance certificate which must be lodged at the Deeds or Land Registry.

For more information, assistance, enquiries and suggestion you can leave a message on the comment box and we shall respond swiftly to your needs.

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Thanks

Olatunbosun Idowu

For Ordiez Resources.

 

 

 

 

 

 

 

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