INTRIGUES ABOUT LAND TITLES (5)
“To be successful in real estate, you must always and consistently put the interest of your clients first. When you do, your personal needs will be realized beyond your greatest expectations”
–ANTHONY HITT, Real Estate Professional
By Akhigbe Dominic.M. Esq.,
- MORTGAGE DEED OF RELEASE
TUE, AUGUST 14 2018-theG&BJournal-The Mortgage Deed of Release is more of a performance deed than a Title Deed. This document is created when a Mortgagee discharges on his obligation to the Mortgagor. Simply put; a Deed of Mortgage Release is created when the borrower completes his payment terms or makes full and final payment of the Mortgage Loan. In Mortgage loans, the Lender holds on to the Title to the Real Estate property and becomes the formal owner till full payment is made by the borrower.
- GAZETTE
The Gazette is government’s official record book. This is where very important and salient government matters are documented for the records and reference. The Land Gazette basically deals with the specific information of Lands records with respect to the position of the state governor who is vested by the land use decree of 1078 as the custodian within the state. This law also empowers the governor to compulsorily acquire urban lands for the common use of the state. Such information of Acquisition, Excision, Release and related Matters are contained in the official gazette of the state government.
Any Area the governor designates as urban area is an acquired land while the part not so acquired may be given back to the community with an Excision document and all these are documented in the Gazette for reference.
- EXCISION
The Excision is the alienation of a vast portion of land by the state governor to a traditional family of a community. The Family or Community can therefore exercise right of ownership on the portion so Excised to them. Unlike the Certificate of Occupancy that lapses after every Ninety-Nine years, the Excision is indefinite except such a portion of land is re-acquired by the state governor in exercise of his power as contained in the 1978 Land Use Act. Unlike the Certificate of occupancy and other valuable Title Deeds that can be held as collateral for loans, the Excision cannot confer such value. Anyone who benefits from an excised portion of lands Excised land is subsequently expected to obtain the governor’s consent for such portion before it can be of specific value as other title deeds.
- DEED OF RECTFICATION
No matter how insignificant or how minute or insignificant an error is in a Title Deed, such error has the propensity to invalidate such Title when confronted. For instance, a Survey plans that state that a parcel of land is 100 Acres as against 100 square meters gets to the root of the title. Such an irregularity can only be cured by a “Deed of Rectification”.
When dealing with a land or property that has a Deed of Rectification, both the original document and the Deed that rectifies the irregularities are jointly treated. The Deed of Rectification is not a standalone just like the Consent. It is therefore not an absolute title for a landed property.
Once an error is noticed in the title of a document, no effort must be wasted at rushing to the Department of Lands or Lands Bureau to rectify this irregularity. Failure to do so could be very catastrophic as such a document is a voyage to nowhere!
Akhigbe Dominic.M. Esq., /Property Law Expert/CEO, PROPERTYLogic Homes Ltd|Call us on: +234-8034846284 & +234-1-2166914|SENIOR STRATEGIC PARTNER, PropertyLogic Incorporated/Seasoned Business Coach/Columnist of The BusinessDay/Contributing Editor,govandbusinessjournal.com.ng <https://govandbusinessjournal.ng>
