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Deed Of Sale Property

Deed Of Sale Property Template for Nigeria

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Key Requirements PROMPT example:

Deed Of Sale Property

"I need a Deed of Sale Property for a commercial building in Lagos, Nigeria, with completion scheduled for March 15, 2025; the property is currently unoccupied and the full purchase price will be paid in a single installment."

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Document background
The Deed of Sale Property is a crucial legal instrument in Nigerian property transactions, used to formally transfer ownership rights from one party to another. This document is essential when selling any type of real property in Nigeria, whether residential, commercial, or industrial. It must comply with the Land Use Act 1978, which vests all land in the state government, requiring Governor's consent for property transfers. The deed includes vital information such as property details, consideration, warranties, and completion requirements. It's particularly important in Nigeria's legal framework where land documentation and proper registration are critical for establishing clear title. The document must adhere to both federal laws and specific state regulations where the property is located, making it a complex but essential tool in property transactions.
Suggested Sections

1. Parties: Full legal names and addresses of the vendor and purchaser

2. Background: Recitals stating the vendor's ownership, authority to sell, and purchaser's intention to buy

3. Definitions: Definitions of key terms used throughout the deed

4. Property Description: Detailed description of the property including boundaries, measurements, and registration details

5. Consideration: Purchase price and payment terms

6. Vendor's Covenants: Warranties and representations by the vendor regarding title, encumbrances, and right to sell

7. Completion: Details of the completion process, timing, and requirements

8. Title Documents: List of title documents to be handed over upon completion

9. Possession: Terms regarding the transfer of possession

10. Registration: Provisions for registration of the transfer at the lands registry

11. Costs: Allocation of costs related to the transaction

12. Execution: Formal execution clause and attestation requirements

Optional Sections

1. Planning Permissions: Details of existing planning permissions when property involves development potential

2. Tenant Rights: Information about existing tenancies if property is subject to leases

3. Environmental Matters: Environmental warranties and indemnities for properties with potential environmental concerns

4. Construction Warranties: For newly built properties, details of construction warranties and certificates

5. Service Charges: For properties within estates or apartments, details of service charge obligations

6. Governor's Consent: Specific provisions regarding obtaining Governor's consent where not yet obtained

7. Power of Attorney: Where transaction is being conducted through an attorney

Suggested Schedules

1. Property Schedule: Detailed property description including plans, measurements, and boundaries

2. Title Documents Schedule: List of all title documents and their details

3. Inventory Schedule: List of fixtures, fittings, and contents included in the sale

4. Payment Schedule: Detailed breakdown of payment terms if involving installments

5. Encumbrances Schedule: Details of any existing charges, mortgages, or encumbrances

6. Land Use Schedule: Details of land use permissions and restrictions

7. Plan Appendix: Survey plan and property drawings

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Clauses
Property Description
Sale and Purchase
Consideration
Payment Terms
Title Warranties
Property Condition
Representations and Warranties
Completion Requirements
Transfer of Possession
Registration and Consent
Encumbrances
Tax Obligations
Risk and Insurance
Default and Remedies
Force Majeure
Notices
Assignment
Entire Agreement
Governing Law
Dispute Resolution
Costs and Expenses
Further Assurance
Severability
Indemnification
Title Documents
Planning and Development
Environmental Matters
Service Charges
Execution and Delivery
Relevant Industries

Real Estate

Banking & Finance

Construction

Hospitality

Retail

Manufacturing

Healthcare

Education

Agriculture

Energy & Mining

Technology

Telecommunications

Relevant Teams

Legal

Real Estate

Compliance

Finance

Corporate Affairs

Risk Management

Business Development

Operations

Investment

Administration

Relevant Roles

Real Estate Manager

Property Lawyer

Legal Counsel

Compliance Officer

Property Developer

Facilities Manager

Chief Financial Officer

Investment Manager

Asset Manager

Property Portfolio Manager

Land Administrator

Corporate Secretary

Real Estate Analyst

Business Development Manager

Risk Manager

Industries
Land Use Act 1978: The fundamental law governing land ownership and transfer in Nigeria, establishing state control over land and requiring governor's consent for property transfers
Stamp Duties Act: Governs the imposition of stamp duties on instruments, including property transfer documents
Registration of Titles Law: Regulates the registration of property titles and maintaining proper records of land ownership
Contract Law: General principles of contract law applying to property transactions, including offer, acceptance, consideration, and capacity to contract
Property and Conveyancing Law: Governs the legal process of transferring property ownership from one party to another
Federal Capital Territory Act: Specific regulations for property transactions within the Federal Capital Territory (if applicable)
Relevant State Land Law: Specific state legislation governing land matters in the particular state where the property is located
Capital Gains Tax Act: Governs the tax implications of property transfers and sales
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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