An Irrevocable Deed is a crucial legal instrument in Nigerian law used when parties intend to create a permanent and unchangeable transfer of rights, interests, or property. This document type is commonly employed in various scenarios including property transfers, trust establishments, security arrangements, and corporate restructuring. The deed must comply with Nigerian federal and state legislation, including the Land Use Act, Property and Conveyancing Law, and Stamp Duties Act. It requires careful drafting to ensure all necessary consents, particularly the Governor's consent for land transactions, are properly obtained and documented. The document's irrevocable nature means it cannot be unilaterally revoked or amended after execution, making it particularly important in securing long-term arrangements and providing certainty in commercial and private transactions.
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1. Parties: Full legal names and addresses of all parties to the deed, including their capacities
2. Background/Recitals: Context and circumstances leading to the creation of the deed
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the deed
4. Declaration of Irrevocability: Express statement of the irrevocable nature of the deed and its binding effect
5. Subject Matter: Detailed description of the property, rights, or interests being transferred
6. Consideration: Details of any consideration provided, even if nominal
7. Representations and Warranties: Statements of fact and assurances made by the parties
8. Covenants: Promises and obligations undertaken by the parties
9. Duration and Effect: Period of effectiveness and binding nature of the deed
10. Governing Law: Explicit statement of Nigerian law as governing law
11. Execution Requirements: Formal requirements for valid execution including witnessing and attestation
1. Power of Attorney: Required when any party is acting through an attorney or agent
2. Conditions Precedent: Include when certain conditions must be met before the deed takes full effect
3. Consent Requirements: Required when government or third-party consents are needed, especially under the Land Use Act
4. Tax Provisions: Include when there are specific tax implications or requirements
5. Succession Rights: Required when dealing with inheritance or succession matters
6. Registration Requirements: Include when specific registration requirements apply beyond standard deed registration
7. Certificate of Compliance: Required for corporate parties to confirm corporate authority
8. Illiterate Jurat: Required when any party is illiterate or requires document translation
1. Property Description Schedule: Detailed technical description of any property involved, including surveys and plans
2. Title Documents: List and copies of relevant title documents and certificates
3. Consent Documents: Copies of all required consents and approvals
4. Powers of Attorney: Copies of any relevant powers of attorney
5. Corporate Documents: Company resolutions and other corporate authorizations if corporate parties involved
6. Payment Schedule: Details of any payment arrangements if applicable
7. Certificate of Value: Official valuation of property or rights being transferred
8. Registration Particulars: Details required for registration purposes
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