Abstract
The main objective of this study is to ascertain the challenges of title documentation in residential real estate investment in Lagos state, the researcher intends to achieve the following sub objectives; to ascertain the challenges of title documentation in real estate investment; to investigate the impact of documentation in the development and availability of affordable residential housing; to investigate the role of the government in easing the challenges of documentation; to investigate the effect of government policy in the development of the sector. In lieu of this adequate research hypotheses were formulated by the researcher, and the instrument of data collection was the questionnaire which was adequately structured for easy understanding. The statistical tool used in analyzing the data collected is the simple percentage and the chi square statistical tool.
CHAPTER ONE
INTRODUCTION
- Background of the study
The ease with which title to real properties is perfected enhances the property rights enjoyed by private persons as well as corporates in any country. Land acquisition and security of title and interest in land (as guaranteed by perfection of title), is fundamental to the harnessing of investments, expansion of businesses and the growth of economies. In recognition of the importance of security of interest and title to land to foreign direct investments, the World Bank, last year, included “registering property” as one of the new indices used in its annual Doing Business report. Hitherto, these indices were limited to: starting a business; dealing with construction permits; getting credit; protecting minority investors; paying taxes; getting electricity; trading across borders; enforcing contracts; and resolving insolvency. In the 2016 Doing Business Report, published by the World Bank and tagged “Measuring Regulatory Quality and Efficiency”; Nigeria is ranked 185th out of 189 countries rated globally with respect to the “Ease of Registering Properties”. Although Nigeria ranks 169th in the overall Ease of Doing Business Index, it is clearly a disincentive, to prospective investors interested in land acquisition deals (and/or investors who are willing to provide debt capital) when faced with the seemingly daunting regulatory issues as well as the high cost of registration connected with registering title to property or creating security over landed property; more so in the light of the World Bank ranking.
Real Estate is the expression most widely used in the USA and in the English Language generally to describe a form of ownership in land. Both words ‘real’ and ‘estate’ have their origins in English law developed in the Middle Ages. English law has no room for outright individual ownership. This was a privilege reserve to the crown (originally to William the conqueror, who acquires title to the nation in 1066 by Conquest- So often the method of acquisition in human history). The conquest was an instance for centralization, of control over lands that was by no means unique. Nor is it antiquated. The most populous country in the world, the people’s republic of China is just one present- day example of a state in which outright ownership of urban land by individual Or corporation is not recognize. State ownership of urban land was made constitutional in 1982 as part of a process of economic reform, although private ownership had virtually ceased in 1953. Real estate is not therefore ownership, in the sense that goods and personal effects, money, shares and other things (known as personal property in English law) are owned. Land is inherently different from all other classes of property in that it is given not made, fixed, and Immovable. On the other hand, real property is a term which distinguishes land from personal property; it is land and- all that is permanently attached to it. English law it includes trees and natural growing things attached, everything under and above it, and improvements in the forms buildings and other construction. Land -registration generally describes systems by which matters concerning ownership, possession or other rights in land can be recorded (usually with a government agency or department) to provide evidence of title, facilitate transactions and to prevent unlawful disposal. The information recorded and the protection will vary by jurisdiction. The Lagos real estate market continues to benefit from the gains derived from a stable and progressive state government committed to improving the state infrastructure, rule of law, governance and security. Lagos continues to remain an attractive destination for real estate investment in Nigeria and Africa based both on land and property appreciation and also in terms of achievable rental returns. Real Estate investment continues to flow into the retail, residential and office sectors with ongoing development in up-market residential estates, development of modern shopping malls and numerous new office developments in the pipeline. Lagos and Abuja have been listed among the top four cities in Africa with the highest cost of living, according to an index released by the Economist Intelligence Unit. The survey places Abuja as the second most expensive city in Africa second only to Luanda, Angola while Lagos comes fourth. The survey backs a recent report by Knight Frank which identifies Luanda as having the most expensive commercial office space in Africa beating Lagos to second place.
