Governor’s consent is the approval that must be given by a governor of a state in Nigeria or his delegate in any transaction that has to do with the transfer of ownership or other interest over land or landed property in order to make the transaction valid at law.
A Certificate of Occupancy is an authorisation document issued by the State Governor/Government (as the case in Nigeria) to an individual, groups of individuals or an entity conferring the right of occupancy of a particular property clearly defined by its location size and a term of 99 years.
The deed of assignment is the main document between the seller and buyer that proves ownership in favor of the seller. The party who is transferring his or her rights to the property is known as the “assignor,” while the party who is receiving the rights is called the “assignee.”
A land under general acquisition can become free by a process called excision. “Excision is a process whereby the state government releases a portion of an expanse of land that is not committed” If a parcel of land that was formerly under acquisition becomes excised; it is then considered free and becomes gazetted.
We understand that banks and financial institutions oftentimes proceed to release funds for approved loans on sighting and submission of land title documents by the borrower without perfecting the transaction documentation. This in most cases has created challenges for banks when trying to recover loans from defaulting customers.