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Consent/Lifting of Restriction to transfer property
The National Land Code makes provisions for 4 different kinds of Caveat
that is:
i) Registrar's Caveat
ii) Private Caveat
iii) Lien-Holders Caveat
iv) Trust Caveat
a) Statutory Liens
Any landowner can deposit his land title (issue document of title) with
any other person or body (usually a bank or finance company) as a
security for a loan. This will lead to a creation of a statutory lien
under the National Land Code. Once the title is deposited, the bank or
finance company will cause an entry of a Lien-Holders Caveat in respect
of the land. In the event, landowner defaults in repaying the loan, the
bank or finance company can apply to the court for an order to sell the
land after obtaining judgement against the landowner. If the landowner
subsequently intends to sell or lease or charge his land, then, the
statutory lien (Lien-Holders Caveat) must first be removed.
b) Caveats
Entry of caveat on land can be affected either through Private caveat or
through Registrar's caveat. The effect of the entry of a Private or
Registrar's caveat is the same ; meaning that once a caveat is entered
on a property, its owner cannot make any land transactions on it until
the caveat is removed. There are provisions in the National Land Code
which describes the manner in which caveats can be entered or removed.
The applicant for the entry of caveat on the land must state the nature
of the claim and also to state whether the caveat is to bind the land
itself or a particular interest only.
For the withdrawal and removal of caveats, the registered owner or
others affected by the entry of a caveat has 2 types of remedies for the
removal of the caveat that is:
i) File legal proceedings forthwith for a court to house the caveat
removed
ii) The aggrieved person to take an alternative statutory procedure by
serving on the caveator (the person or body entering the caveat) a
notice through the land office.
A caveat may remain in the Land Office registered for a period of 6
years.
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