The Acknowledgement Receipt For Payment Of Property is a crucial document in Nigerian property transactions, designed to provide concrete evidence of payment made in property-related dealings. This document is essential in both private and commercial property transactions, serving as proof of payment that can be used for legal, tax, and administrative purposes. It is particularly important given Nigeria's property law requirements and the need for clear documentation in property transfers. The receipt should comply with the Land Use Act of 1978 and relevant state property laws, and may need to be stamped under the Stamp Duties Act to ensure legal validity. It's commonly used in full property purchases, installment payments, and can be crucial for property registration processes with state land registries.

1. Receipt Header: Contains the date, receipt number, and document title

2. Parties: Full legal names and addresses of both the payer and payee, including any registration numbers for companies

3. Property Details: Clear identification of the property for which payment is being made, including address and registration details

4. Payment Details: Specific amount paid, payment method, and currency, written in both figures and words

5. Transaction Reference: Reference to the main transaction or agreement this payment relates to

6. Acknowledgement Statement: Formal statement acknowledging receipt of the specified payment

7. Legal Declaration: Statement confirming the receipt as legal evidence of payment

8. Execution: Signatures of both parties and date of signing