INVESTING IN REAL ESTATE, SURE ROAD TO FINANCIAL FREEDOM AND WEALTH ( PART 2)
Since I broadcasted the first part of this article a while back, I have received many comments from people. Most people have expressed gratitude & appreciation about how I was able to enlighten them on real estate and why they need to change their mindset as the first step towards financial freedom and wealth.
I have also received many enquiries from different prospective real estate investors and people generally who are interested in land to buy but know very little about land or how to confirm if land is genuine or not. Some have unfortunately fallen victims into the hands of fraudsters and have had bitter experiences in the past. I have decided to educate people about the simple basics they need to know about land & land documents associated with real estate, because as the saying goes
Knowledge is power
LAND AND ITS CLASSIFICATION
According to its definition in Oxford dictionary, land is defined as Part of the earth's surface that is not covered by water.
Land can be classified as either free or acquired. Land is said to be free if government has not indicated any form of interest in that land. These types of land are considered safe to buy because subsequently, the title on these land can be perfected without any issues. These land will have titles such as Gazette Certificate of Occupancy ,or Governor's consent.
It should however be noted that all land that fall within areas that have been designated as 'Urban areas' are actually under government acquisition until these land are either deemed as being committed or free.
Types of Acquisition
1) Committed Acquisition
2) General / Global Acquisition
Land is classified as being under committed acquisition when government has indicated their interest or intention to use that parcel of land for a specific purpose. These could include provision of amenities such as schools, government hospitals, etc. These types of land can never be available for use by individuals. It is noteworthy that individuals who don't bother to verify if land is under committed acquisition are taking a huge risk if it is, as the government can take possession of the land even if the individual has built a property on the land. These types of land are impossible to perfect titles on it & the individual wont be compensated if he is evicted from the land.
These types of land can later be confirmed as either free or committed So, the question is
How can a parcel of land under general acquisition become free?
A parcel of land under general acquisition can become free by a process known as Excision.
So, what is the meaning of excision? ?
Excision is simply a process whereby the government releases a portion of an expanse of land that is not under committed acquisition. It is derived from the word 'excise' which means 'to remove a part out of a whole'. Thus, when a parcel of land which was formerly under general acquisition becomes excised, that excised part becomes free & is gazetted. The gazette becomes the title on the land & such land is safe to buy because a proper title can be processed on the land. A gazette is an official record book of the government where all government land details are spelt out in detail & recorded. A gazette will show the villages ,towns & communities that have been granted excision & the number of acres or hectares given to them. It should be noted that it's within those excised acres or hectares that the traditional family is entitled to sell land to the public & not any land outside those acres or hectares of land given or excised to them. A gazette is therefore a powerful land title the community owns. The gazette then becomes the title on the land & such land is safe to buy because a proper title can be processed on the land. The best way to know if land is under acquisition or has an excision that is covered by a gazette is to get a Surveyor to chart the site & take it to the Surveyor