Title in real estate is defined as someone who has legal ownership and a right to use their piece of property. A legal title can be applied to almost anything, but most people use it when referring to automobiles and real estate. This is because they’re big purchases that can often have complicated ownership arrangements. If there is a defective title, it can cause a problem when creating ownership. This can impact the exercise of rights or complicate property resale.
The Title is an intangible construct representing a bundle of rights in (to) a piece of property in which a party may own either a legal interest.
Land titles are formal documents that show and outline the right of ownership on a piece of property. Apart from being used to confirm ownership of a property, Land titles help prospective buyers and landowners understand their rights and boundaries.
Is a Land Title Different from a Deed?
Yes, a deed refers to a written document executed by the law, wherein a person grants or conveys to another a certain land. A title, on the other hand, is the legal right to ownership of a property.
Parts Of the Title
Title Form Information
Type of form
Date of revision
Serial number
Survey Information
Location
Registration Information
Title number
Place, time, and date of registration
Name and signature of the registrar
Other related information
Ownership Information – Names of all owners of the land, their citizenship, civil status, and postal address.
Things To Know About Land Title
- A title proves ownership. Barring a valid legal dispute, a land title serves as an authoritative record of land ownership. Without the appropriate title, the legal system will not recognize an unfiled deed or informal contract.
- All owners can hold their duplicate titles. Each owner of a land title can hold a legally valid copy of the title.
- Property owners should keep land titles in a secure location. While land owners can request a copy of the original certificate of title from the county clerk’s office for a fee, most prefer to keep their land ownership documents together in a safe place such as a safety deposit box or safe. Access to a copy of the title can facilitate land negotiations and prevent disputes.
- A title is not the same as a deed. Deeds are legal instruments used to transfer a title from one party to another. The deed outlines the terms of the transfer including the parties involved and the parcel of land. To formalize the transference of land ownership rights, the county clerk’s office must receive a legally recognized copy of the deed. With the deed on record, the certificate of title will change to reflect the change in ownership. Both the deed and the title are crucial instruments in real estate ownership matters.
Types Of Land Titles
- FREE OR UNDER ACQUISITION
Free land is that which the government has not indicated any interest in, while the land is said to be under government acquisition if the government has an interest in the area for urban development or industrialization projects.
- CERTIFICATE OF OCCUPANCY
It is an officially recognized land document that allows you to exert some control over your land while still allowing you to enjoy and use it. It is a document issued by the state or federal government that grants 99-year leases to landowners. It is one of Nigeria’s most widely used property documents or titles.
- DEED OF ASSIGNMENTS
A Deed of Assignment is a legal document that records a land sale and transfers interest and title in real property from one party to another, beginning from the date specified in the document. The deed will usually contain a specific description of the property and the amount that it is sold.
- EXCISION AND GAZETTE
To excise a land means to cut it. This is the process whereby the government releases a parcel of land back to the indigenous owners of such lands for residential and commercial developments. When this excised parcel of land is published in the government official gazette such land is said to have Gazette as the title. Excision and gazette are very good titles for a piece of land; such lands are safe to buy and develop. The gazette then becomes the title on the land and such land is safe to buy because a proper title can be processed on the land.
- Government Consent
Unlike a C of O, which is a document produced by the government and personally signed by the governor conferring the right of occupancy to the holder for 99 years, Governor’s Consent is an appendix to a deed of assignment that is submitted by the assignee to the government informing the government that a transaction has occurred and they require the Governor’s consent for the transaction to proceed.
