Property_Hub

UNDERSTANDING PROPERTY OWNERSHIP: FREEHOLD AND LEASEHOLD Freehold  and  leasehold  are two major forms of land ownership or land tenure in Nigeria. Therefore, it is essential to understand the difference between them, especially those dealing with real estate, investment, or land transactions in Nigeria. Below, we will have a few discussions on both forms of land ownership. Freehold Freehold  is the permanent and absolute ownership of land or property. The owner has the right to use the land for any lawful purpose and can transfer it, sell it, or bequeath it as desired. The title from such ownership is nearly absolute, unless on rare occasions. But recently in Nigeria, true freehold ownership is uncommon because of the  Land Use Act of 1978 , which vested all land titles to the state government, making them custodians of all lands within their states. As such,  freehold is mostly historical , many so-called "freehold" titles today are actually governed unde...