Land is a finite and valuable resource, making ownership of land fundamental to human existence and economic growth and development.
In recent times, there have been a record of unscrupulous activities in land title document by individuals and organizations. These activities range from illegitimate sales and ownership of land, especially in major cities in Nigeria like Lagos, Abuja, Port Harcourt and other states.
These activities have created ugly experiences to people and organizations seeking land ownership, thus making land title an important aspect of land ownership.
In the current administration, due to some statements made by the FCT administration regarding land ownership and title documents, people seeking to buy land in the FCT have been faced with a dilemma of land titles.
While there are several land title documents, for the reason of this piece, let’s consider the two main Land Title Documents in Abuja: The C of O and R of O.
Major Types of Land Title Documents
C of O: C of O stands for “Certificate of Occupancy” I decided to make more use of the abbreviation because it’s commonly used.
The Certificate of Occupancy (C of O) is the highest form of land title document and indicates complete ownership of the land. It grants the holder the right to use, lease and sale the land.
Getting a C of O involves thorough documentation, site inspection, survey and processes.
R of O: This stands for “Right of Occupancy” The R of O is a title document that grants the holder the right to use the land for a specific purpose, either for residential, commercial, Social, etc. for a specific period of 99 years.
After the specific period, the title document is required to be renewed or risks withdrawal by the land administration body(s).
After reading about the R of O, I obviously know what’s on your mind, like “what? Withdrawal? Hell No, I’m not gonna have anything to do with R of O land.
Well, that’s the essence of this article.
In my interactions with people recently, trying to help them fulfill their dreams of owning land in Abuja, I discovered that many people have not been able to secure a piece of land as a result of the fear of title document.
It’s either the lands they’re interested in had R of O title document or the C of O title document land is too expensive, this brings about the dilemma of title document.
As pointed out earlier, the C of O is the highest and most secure title document, however, it takes a lot of time and resources to acquire a C of O, so it’s ideal that lands with a C of O would be expensive due to the cost incurred to acquire the title document (C of O)
All being said, with my wealth of experience in real estate, and having helped hundreds of people to invest and own land, I will unequivocally air out that it’s okay to buy a land with R of O, if your budget or the land of your interest doesn’t have a C of O.
It is worthy of note that a C of O is just a step away from the R of O, and obtaining an R of O is a precursor to obtaining a C of O.
And in most cases, most of the recent land allocations with title document were in the late 90s and early 2000, so 99 years is a long time and gives room to conveniently apply for a C of O.
In my research, most of the people who shy away from lands with R of O regret missing out on great deals and a big loss of an expected Return On Investment (ROI).
In Champions Properties Ltd, we have various lands with two main title documents, either R of O or C of O.
And great news, we have began the process of acquiring C of O for all of our estates, while some such as the Luxury Apartments, located in Dakwo District is out, others estates in places like Apo, Idu, Kuje, Jikwoyi, Maitama 2, Asokoro Extension, Kubwa and Dei Dei are waiting for approval, making now the ideal time to secure a piece of land with us at affordable rates with an incredible Return On Investment in theĀ nearestĀ future.