What is the home owners charter?
Home owners charter is a scheme of the Oyo State government, in residential landed property. The aim of the government is to allow owners regularize the legal status and documentation of their properties, while providing enumerating data for proper planning, provision of roads, schools, hospitals and other essential services by the state government.
What gave rise to the need to undertake this scheme?
Records have shown it that the majority of the residential landed properties in Oyo State have no registered title, leaving such property holders open to many real risks(for example, defective transfer to heirs and encroachment). Also, the absence of perfected title documents depresses the true value of the property reducing it's viability in the financial sector as a credit worthy document.
As a result of lack of proper title documents:
•Home Owners have difficulties using their properties as collateral for any financial transaction and transferring their properties to third parties.
•Most properties are undervalued, as this represses the growth of the Oyo State property market, preventing all stakeholders from getting necessary information, and this reducing vibrancy in the property market.
•There is no actual data on the actual number of residencies in most areas, for proper planning and provision of essential social amenities.
What do I gain from the scheme?
•Documentation which confirms your true status as a land owner.
•You will enjoy a proper discount in the process to obtain proper legal title.
•The value of the property becomes enhanced and more marketable.
•Property with correct legal status and documentation can be used as collateral for bank loans and other business transactions.
•Disputes over ownership will be minimised. In the event of death, heirs are sure of a valid inheritance.
•Property related frauds like òmò ònìlè and àjàgùñ gbale would be reduced.
How to apply?
Application forms are available at a fixed rate of (#6000) Six Thousand Naira, payable exclusively using customized Home Owners Charter recharge cards in any of the following points:
Ministry of Lands, Housing and Urban Development, Agodi, Ibadan;
All Local Government Authorities (LGA) offices;
All Local Coucils Development Areas (LCDA).
FOR MORE ENQUIRES, VISIT "[email protected] State.gov.ng" or "www.lands.oyostate.gov.ng."
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