What is Land Excision?
Another Episode of Land Education, welcome to the riel school. Lol.
The past week was freehold title where we discussed more on freehold, to do it good. Thought it won’t be complete without mentioning excised Land.
To avoid been a part knowledge, we have brought the food “What is Land Excision?”
You see, In land excision, state governments release land to indigenous peoples or settlers following legal protocols and processes. Land excision has been used as a method for compensating the original landowners. A grantee who excisies a piece of land maintains ownership and control of the land within the confines of local laws and regulations.
The various things you need to know about Excised lands are:
It is expensive to purchase, they are expensive because the excision of land process is not easy and it costly in which no company will want to run a loss.
Gives you full control of the land within the confinement of state and local rules.
Has gone through lawfully approved processes.
Eliminates any future fear of losing the land
Reduces complaints and commotion by giving the owner peace of mind
Has no long term challenges.
Now before purchasing that Land, you may ask if the land has been excised or not.
If not, it may be cheaper and have some challenges or so.
Take for example.
A real estate company is selling for 2 million and another selling for 5 million respectively in the same vicinity.
Now as per smart person, you Jump to the 2 million because it cheaper.
In the next few years, the company may tell the client to pay an extra 3million because the state government has started the excision process in which you have to pay therefore leading to complaints and all.
While the other one has been excised before putting on sale, now the 5 million buyers have paid a one time fee and can build anytime on their Land.
Lesson: Make your enquires before purchasing your Land and ask as many questions as possible.
Lots of people including you, are not aware of the meaning of Land Excision in Nigeria. Here is why you need to know more about it. It is an extremely capital-intensive process.
Anticipate: DEED OF ASSIGNMENT
