Are the C of O and the Deed of Assignment the same, or are they different? Most Nigerians will often ask this question, especially if they are first-time land or property buyers. How do you know the difference between the C of O and the deed of assignment in Nigeria?
To know more about their differences or if they are related, keep reading below to learn more.
The Difference Between The C of O and the Deed of Assignment: Everything You Should Know
The major difference between them is their characteristics and their roles during land or property acquisition in Nigeria.
The C of O is a state government-issued document granting a person, a group, or corporate ownership of a landed property for 99 years (before renewal). For this certificate, you only get one of it. No land in Nigeria can carry two C of O.
Also, before the document is issued, the Office of the Surveyor-General of that particular state in Nigeria will ensure that their land is free from any future government acquisition. However, if it turns out it is needed by the government years later, the government will compensate you supposing you have the C of O to the property.
On the other hand, the Deed of Assignment is an important land document that is exchanged between the previous owner of the land and the new owner. It shows that the landed property has left the hands of its initial owner and is entering another hand. After this exchange, the Deed is recorded in that state’s Land Registry to complete the process.
Things A Land Buyer Must Do Before Getting The Deed Of Assignment
- Get the consent of the state governor
- Registration of the Deed of Assignment form
Other Things To Know About The C of O and The Deed of Assignment
Here are other important things to know about these two documents to avoid mixing them up:
- The state governor of every state grants the C of O
- The Deed of Assignment is an agreement negotiated within the presence of the land buyer’s lawyer
- The C of O is issued for only 99 years and can be renewed
- The Deed of Assignment has no 99-year term since the property ownership expiration is based on the C of O
- A Deed of Assignment must be registered at the Land Registry to show legal proof of exchange of ownership
- Your C of O shows that you have been given the right to own a property by the state government
- The government can revoke C of O for specific reasons, but the Deed of Assignment cannot be revoked
The C of O and the Deed of Assignment are essential documents you must get when buying a landed property in Nigeria. However, they have different functions and complement each other.