Home Invest in Anambra What You Need to Know About Anambra State Property Laws

What You Need to Know About Anambra State Property Laws

Lands in Anambra state are either statutory or customary lands. As a property investor, endeavor to get the necessary information about a property before parting with your hard-earned morning.

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What You Should Know About Property Laws in Anambra

Anambra State is one of the best places to own a property in Nigeria. So, if you are considering investing in property in Anambra state, you are thinking right.

It is a remarkable feat to own a property in the state. While you are pursuing that dream, acquiring the correct information is crucial.

Having the right information, such as the property laws in Anambra, will save you unnecessary stress.

In this article, we will discuss what you should know about property laws in Anambra state. We will also share some tips on how to know the condition of a property concerning ownership, legality, and genuineness of the sale.

Also Read: What You Need to know about Buying a Property in Anambra

What Are Anambra State Property Laws? 

Anambra state property laws, better known as land laws, are laws and guidelines guiding the ownership, sales, and acquisition of lands and properties in the state.

These laws are to ensure that, as a property investor, you don’t fall into the wrong hands and acquire the wrong property. Therefore, as you read, you must pay keen attention to the information here.

Understanding Property Ownership in Anambra State

When property is discussed, land is used as the basis because you can’t own property if you don’t own the land. That is why there are land laws, not property laws, in Anambra state.

To understand land ownership in Anambra state, we will examine the state’s dual tenure system. This system categorizes land into statutory and customary land. The type of system a land falls under determines its ultimate ownership.

Statutory Land

These are lands in places such as estates, markets, etc. If you invest in this land, you are given a certificate of occupancy (C of O). The state government ultimately owns this kind of land. It is more like your investment gets you temporary ownership for 99 years.

So, with the purchase of the land, you will own it for 99 years, and afterwards, you can renew ownership, or the land ownership can be revoked back to the government.

This kind of land is common in urban and semi-urban areas of the state.

Customary Land

Customary lands are simply ancestral lands. These lands have never been sold or bought by the government or for real estate business. When buying customary land, the business is between you and the indigenous owner; therefore, in this case, no C of O is given. You only need the agreement signed. Customary lands are more common in the rural areas.

Statutory lands have fixed ownership tenure, but customary lands do not have.

How to Confirm the Ownership of a Land in Anambra State

The easiest way to confirm land ownership status is by checking with the state Ministry of Lands.

The Ministry of Lands has the data on all the registered lands in the state. This is particularly important when it comes to statutory lands such as estates because customary lands are not registered.

This doesn’t mean that you should back off once the land isn’t registered with the Ministry of Lands.

Another way to confirm the status of land is by asking the locals. As an intending investor, you should befriend the locals. Inquire about the important information you need from them. The locals usually know a lot about the land. They can tell you the land’s history, the current ownership, and whether it is for sale or not. You can determine if it is a statutory or customary land and make a calculated decision from the information gathered.

Read Also: 7 Questions You Should Ask Before Buying a Property in Awka

How to Avoid Investing in the Wrong Property in Anambra State

It is painful to spend your hard-earned money on a property and later discover that you have invested in the wrong property.

Investing in the wrong property is not only when you get scammed. It can also mean investing in a genuine property that won’t meet your expectations, therefore becoming a loss.

To avoid making a mistake, you should take some crucial steps such as:

Know Who Owns the Land?

As discussed earlier, knowing who owns the land you intend to invest in is crucial. If you are buying from a real estate company, do your research. Find out if the real estate company owns the land or if they are promoting their own. If they are promoting for the owner, you should find out the owner.

If it’s an individual land, do your due diligence. Ask the necessary bodies or persons in the locality to ascertain the owner.

Knowing the owner means that the land isn’t a fraud, and you can easily verify that there is no dispute over the land.

Read Also: How to Identify and Avoid Land Scams in Awka

What Property Best Suited For?

Each land of property has things they are most suited for. It is best to invest in a property that suits what you want.

For instance, if you want to go into the residential house business. You will need lands or properties in the urban or semi-urban areas. If they should be in a rural area, there should be attraction centers like higher institutions that attract people to the area.

Lands are a significant investment, but you should do so based on your plans when buying land. If you want to become a land flipper, you don’t want to go into a thick forest to purchase land. However, it is better to go for areas that are already developing and close to getting developed.

You don’t want land that would take years before development gets to the area; that would tie down your money. You should go for fast-developing regions, many of which are in Anambra state.

Also Read: Where to Buy Affordable Properties in Anambra State with a Good Appreciation Rate

Conclusion

Lands in Anambra state are either statutory or customary lands. As a property investor, endeavor to get the necessary information about a property before parting with your hard-earned morning.

When you have the necessary information, it would be impossible to fall victim to bad investment. You don’t want to get involved in a property buried in disputes.

Before you pay for a property, know the current authentic owner. Whether the property is for sale, or if it is registered, and if it is best for what you want.

These steps and more would ensure you have an excellent and smooth property investment experience.

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