THE ELECTRONIC CERTIFICATE OF OCCUPANCY (E-C OF O)

In 2015, Lagos State Governor, Akinwunmi Ambode approved the release of Electronic Certificates of Occupancy and it has since been officially adopted. Prior to the approval, advertised schedule had been published in several publications.

To collect their C of O, the allottees listed in the schedule were expected to visit the Lands Bureau at the Alausa Secretariat in Ikeja for the collection of their Certificates of Occupancy. The electronic Certificate of Ownership contains a transactional page, which shows all transactions that have taken place on the land.

The good thing about this is that it allows you to assess the history of any land in question. The inability of many landlords and property owners to lay claim to a valid certificate of occupancy led to the introduction of the electronic certificate of occupancy by the state government to aid the rapid issuing of certificate of occupancy (C of O) documents to landlords and property owners.

The electronic certificate of occupancy is globally accepted in accordance with the international standards on land management and administration. The benefit that is associated with the certificate of occupancy documents is however not limited to the previously mentioned advantage due to the fact that it can also be used in applying for numerous credit facilities as far as financial institutions are concerned in addition to being used as a collateral for a lot of things that could be of immense value to the owner.

In a bid to ease the stress of acquiring documents for property bought in Lagos State, the state government introduced the new Electronic Certificate of Occupancy. The current YELLOW paper, Certificate of Occupancy being used in Lagos state will be phased out and replaced by a more secure electronic land title format in line with acceptable international standards on land administration and management.

With the introduction of the E-C of O under the New Lagos State Certificate of Occupancy project, all C of Os currently in circulation might be withdrawn and replaced with the E-C-of-O, which officials say will be genuine and verifiable.

 The objective of the project is to establish a fully automated and computerized method for issuing C-of-Os and increase public/investor confidence by instilling integrity in the C-of-Os issued by the state government in ensuring that it has a state-of-the-art security features, to avoid fraudulent practices, also the paper that would be used as physical evidence of possessing the electronic certificate had been specially designed by a world renowned security document company.

The electronic certificate does not in any way render the former yellow version worthless. It remains a very valuable land instrument and can be used as a legitimate document to conduct land and property related transactions until the time when they can be exchanged for the electronic copy of the certificate of ownership.

         

THE BENEFITS OF HAVING A CERTIFICATE OF OCCUPANCY FOR YOUR LAND

1.      Means of Collateral: One of the benefits of having genuine documents on land and the heirs of the owner upon his/her demise. Obtaining a Certificate of Occupancy goes deeper than merely granting you landed properties it is for such documents to be used as a means of collateral to secure a loan from the bank or mortgage institutions whenever the owner of such land and landed property requires some financial aid to execute a particular project. It is not only at the banks or mortgage institutions where genuine documents on land and landed properties can serve as a requirement for loan advancement, but other areas or channels which the owner of the land and landed properties deems it fit to present his/her property documents as a means of collateral.

2.  Easy to Transfer ownership/Alienation: Another benefit of having genuine documents on land and landed properties’ is that it allows for easy transfer of ownership and/or alienation of such land and landed property on the part of the purchaser and seller. This will be made possible after thorough search at the appropriate land registry as to the ownership status of the land and landed properties. Also, it will be very beneficial in the event of transferring or alienating the land and landed properties the land to ownership of.

3.      Adequate Compensation: Whoever has genuine documents on his/her land and landed properties stands a great chance of been adequately compensated in the event of any compulsory acquisition exercise  embarked upon by the government (State and Federal) for the overriding benefits and/or interest of the citizens of the state or country. In the event of compulsory acquisition exercise, the appropriate government or agency involved will only compensate those people that have genuine documents on their affected land and landed properties upon presentation and scrutiny of its legitimacy.

4.      Established Ownership Status: This is also one of the greatest benefits of having genuine documents on land and landed properties as it helps the holders of such documents to establish true and ownership status on any matter relating to such claim. Having genuine documents on land and landed properties can help to establish ownership status at the Lands Registry, Court of law during disputes, financial and mortgage institutions, etc

5.      Sense of Security: Another benefit of having genuine documents on land and landed properties’ is the sense of security that comes with it. This is so because whoever has genuine documents on their land and landed properties will greatly be at peace with themselves on all their real estate investment holdings as they are well secured. Genuine land and landed property documents serve as an instrument of security for the guidance and protection of holders of such documents against theft, encroachment or illegal transfer/alienation of their land and landed properties without their prior knowledge or consent.

6.      Increase In Value: Genuine documents on land and landed properties is also of benefit in land and landed property appreciation as it plays a major role or factor in determining land and property values.

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