The Deed of Sale Form is a crucial legal instrument in Nigerian property law, used to document and effect the transfer of property ownership from one party to another. This document type is essential for both residential and commercial property transactions throughout Nigeria, requiring compliance with the Land Use Act 1978 and other relevant state-specific property laws. The deed must include specific details about the property, parties involved, consideration paid, and various warranties and covenants. It requires proper execution before witnesses, stamping at the Stamp Duties Office, and registration with the appropriate land registry. Governor's consent may also be required in certain jurisdictions. The document serves as evidence of title and is critical for maintaining proper records of property ownership and transfers in Nigeria's property system.
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1. Parties: Identifies and provides full details of the Vendor/Seller and Purchaser/Buyer
2. Background: Recitals establishing the Vendor's ownership, right to sell, and intention to transfer the property
3. Definitions: Defines key terms used throughout the deed including Property, Completion Date, Purchase Price, etc.
4. Agreement to Sell: Clear statement of the Vendor's agreement to sell and the Purchaser's agreement to buy the property
5. Purchase Price: States the agreed purchase price and payment terms including deposit and balance payment details
6. Property Title and Warranties: Vendor's warranties regarding clear title, no encumbrances, and right to sell
7. Completion: Details of the completion process, timing, and requirements for transfer of title
8. Possession: Terms regarding when and how possession will be given to the Purchaser
9. Execution: Formal execution clause with witness requirements as per Nigerian law
10. Attestation: Witness signatures and details as required for deed validity
1. Mortgage Details: Required when the property is subject to an existing mortgage or the purchase is financed through a mortgage
2. Third Party Consents: Needed when the property transfer requires consent from government authorities or other parties
3. Environmental Warranties: Important for industrial properties or land with potential environmental concerns
4. Planning Permissions: Required when the property involves specific zoning or development considerations
5. Service Charges: Necessary for properties within estates or those subject to maintenance agreements
6. Tax Provisions: Special tax considerations or arrangements between parties regarding property taxes
7. Dispute Resolution: Optional alternative dispute resolution mechanisms specific to the transaction
1. Property Description Schedule: Detailed description of the property including boundaries, measurements, and plans
2. Title Documents Schedule: List of all title documents and evidence of ownership
3. Payment Schedule: Detailed breakdown of payment terms and installments if applicable
4. Inventory Schedule: List of fixtures, fittings, or other items included in the sale
5. Property Certificate Schedule: Copies of relevant certificates, permits, and approvals
6. Land Use Approvals: Copies of necessary government consents and approvals
7. Survey Plan: Official survey plan and property measurements
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