What You Need To Know About C-of-O

In Nigeria, owning property comes with its fair share of legal requirements. One of the most crucial documents you’ll need is a Certificate of Occupancy (CofO). This official government-issued certificate serves as proof of legal ownership over a piece of land or property.

The process of obtaining a CofO can be lengthy and expensive, but it’s an essential step that should not be overlooked. According to experts at Michline Homes, financial readiness is paramount when pursuing a CofO. Costs can vary depending on factors like the property’s location, size, and desired processing speed.

In this blog, you’ll learn why CofO is important, how to acquire it, and the best and stress-free way to get your CofO.

Why is CofO Important?

Talking about what makes CofO important, here are the basic factors you need to consider;

Proof of Ownership: A CofO provides undisputed evidence that you are the rightful owner of the property. This protects you in case of any ownership disputes.

Facilitates Property Transactions: Looking to sell, transfer ownership, or secure financing for your property? A CofO smoothens these processes by providing clear title to the land.

Development Potential: With a CofO in hand, you can confidently make improvements or developments to your property without any legal hurdles.

There are two main types of CofOs in Nigeria:

Statutory Certificate of Occupancy: Issued by the government for residential, commercial, and industrial properties. This is the most common and widely recognized type.

Customary Certificate of Occupancy: Issued by traditional rulers in rural areas based on customary laws. However, its validity may be limited to the local community.

How to Get Your CofO

The legal framework governing CofOs in Nigeria is the Land Use Act of 1978. This act vests all land decision within each state in the governor, who can grant a right of occupancy to individuals or organizations for up to 99 years.

To obtain a CofO, you’ll need to apply to the relevant land authority in your state, providing necessary documents like survey plans, proof of payments, and evidence of ownership. The authority will then verify your claim and issue the CofO if approved.

The Best and Stress-Free Way to Get Your CofO

Now, imagine buying your first land from a registered real estate company like Verge Property Networks, and ask yourself what benefits you stand to gain. With other significant benefits enjoyed by our customer community, Verge will issue you an authorized CofO within a given time of payment completion. Without DELAY!

While the process may seem daunting, a CofO is a valuable asset that provides legal security, facilitates property transactions, and grants the full potential of your real estate investment.