General Overview Flashcards
What is the Sale of Land?
It is the outright transfer of the interest of the owner to the purchaser, involving two documents: Contract of Sale of Land Agreement and Deed of Assignment.
The Vendor’s Solicitor prepares the Contract of Sale of Land Agreement, and the Assignee’s Solicitor prepares the Deed of Assignment, which requires Governor’s consent for perfection.
What is a Tenancy Agreement?
It is prepared for a term of years of 3 years or below, involving the parties Landlord and Tenant. The Landlord’s Solicitor prepares this document.
What is a Deed of Lease?
It is prepared for a term of years above 3 years, involving Lessor and Lessee or Sub-Lessor and Sub-Lessee. The Lessor’s Solicitor prepares this document.
If the property has a Certificate of Occupancy, it is called a Sublease.
What is a Donation of Power?
It is the authorization of another to act on behalf of the property owner, executed by Deed of Power of Attorney. The parties are Donor and Donee.
The Donor’s Solicitor prepares the Power of Attorney.
What is a Will?
It is a wilful disposition of a person’s estate during their lifetime to take effect upon death, involving the Testator, Executors, and Beneficiaries.
The Testator’s Solicitor prepares the Will.
What is a Mortgage?
It is a security transaction aimed at securing a loan, involving the Mortgagor and Mortgagee. The document prepared is a Deed of Mortgage.
The Mortgagee’s/Bank’s Solicitor prepares the Deed of Mortgage.
What is a Gift of Land?
It is the voluntary transfer of interest in land made gratuitously, requiring a Deed of Gift and certain conditions for validity.
Conditions include intention of the donor, completed act of delivery, and acceptance by the beneficiary (Achodo v. Akagha).
What are some other property transactions not mentioned?
Other essential property transactions include pledge of land, lien, and charge.
