Joint venture (JV, joint venture land)

A typical property JV has two partners:

• the landowner, who contributes the land or an old building to be demolished;
• the developer, who pays for design, approvals and construction.

At the end, they share the result in an agreed sharing ratio: so many flats or houses each, or a share of the sale proceeds.

Common structures:

• Unit sharing: each party gets specific units, sometimes with the landowner's units completed first.
• Proceeds sharing: all units are sold and the money is split.
• Lease-based: the landowner grants the developer a long lease and receives units or payments.

The agreement should cover:

• the land, its title and who perfects it;
• the sharing ratio and exactly which units each party gets;
• who obtains and pays for planning approval;
• the timeline, with penalties for delay;
• what happens if the developer abandons the project, including return of the land;
• how the developer may sell its units, and how buyers will receive title;
• service charges and management after completion.

Title and consent. If the deal transfers or leases any interest in land under a statutory right of occupancy, that transfer needs Governor's Consent and registration like any other.

On Nigeria Property Centre. Land and buildings offered for JV are listed in the Joint venture category.

• Lagos: JVs are common for redeveloping old houses in Surulere, Yaba, Ikeja and Lekki into blocks of flats or terraces.
• Abuja (FCT): JVs on allocated plots must respect the FCTA's development conditions and title rules.
• Other cities: used for commercial plots and family land.