What Is Real Property?


Real property consist of lands and buildings, structures and equipments permanently attached or fixed to the land. 

Landed property is still one of the most important and most lucrative investment in the world over. Investing in landed properties means life time investment or atleast for 99 years in Nigeria with CofO.

Owning land and anything attached to it means you owned real estate and the definition of real estate is;  "property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature. But here in Nigeria; the 1978 Land Use Act, vested all urban land within a state to the state governor, and all non-urban land in the local governments in which they are found. So therefore if you own real property in Nigeria with CofO title, it would only serve for 99years and expire after the said period of time. Though it is renewable, but  the goverment has the right to refuse or to grant your request of renewal. This is  one of the major reason multinational companies in Nigeria prefers to lease properties instead of owning one.

Examples of Real Properties are:
Buildings, Canals, Crops, Fences, Land, Landscaping, Machinery and Minerals. 

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