Sale Of Land

Question 1

At the contact of sale stage the parties are known as…

Answer 1

Vendor and purchaser

Question 2

At the contact of sale stage the parties are known as…

Answer 2

Assignor or assignee

Question 3

The doctrine of caveat emptor only applies to…….

Answer 3

Patent defects

Question 4

Defects that can be noticed via mere inspection are called..

Answer 4

Patent defects

Question 5

……contract for sale of land is valid but not enforceable

Answer 5

Oral contracts

Question 6

what case states that an oral contract may be enforceable in the equitable jurisdiction of the court where the parties have shown sufficient acts of parts performance for the court to decree specific performance under native law and custom

Answer 6

International textile Nigeria v. Aderemi

Question 7

For an oral contract to be enforceable there must be …. Or …..

Answer 7

Part performance or a prevailing custom

Question 8

what case provides that the particulars of a witness may be resorted to in proving customary ownership of property

Answer 8

Adedeji v. Olosi

Question 9

What are the covenants implied by law where the vendor conveys as a beneficial owner

Answer 9

-He has a right to convey

-Freedom from encumbrances

-Quiet enjoyment

-Further assurances

Question 10

What are the additional convenants in a leasehold transaction where there is a certificate of occupancy?

Answer 10

-That there is a valid and subsisting lease

-That rent has been paid and the covenants of the lease performed

Question 11

What is the difference between a lease and a license?

Answer 11

A lease grants exclusive possession while a license grants exclusive occupation

Question 12

A non Nigerian cannot buy property in Nigeria except with the approval of ….

Answer 12

The National council of states

Question 13

What section provides that an infant cannot purchase or sell land

Answer 13

Section 7 of the land use act

Question 14

What section provides that an infant cannot purchase or sell land

Answer 14

Section 7 of the land use act

Question 15

What is gazumping?

Answer 15

Where the seller tries to pull out of a contract because he has found a person willing to pay higher

Question 16

What is gazundering?

Answer 16

Where a purchaser tries to pull out of your contract because they have found a place selling cheaper

Question 17

Who drafts a contact of sale?

Answer 17

The vendors solicitor

Question 18

Who drafts the deed of assignment?

Answer 18

The assignee’s solicitor

Question 19

What is the difference between deposit and part payment?

Answer 19

• A deposit is done before the contract is concluded while a part payment is done after
• When contract is rescinded part payment will be refunded, but deposit would not be refunded

Question 20

what case states that it is important to pay the balance of purchase price within stipulated time

Answer 20

Odusuya v. Ricketts

Question 21

What is the interest rate for delay in payments of balance at common law

Answer 21

The interest rate is 4%

Question 22

What is the advantage of not including the cost of fittings and fixtures in a contract of sale?

Answer 22

It helps the purchaser from being heavy stamp duties

Question 23

Where should the fixtures be included?

Answer 23

In the schedule to the contract

Question 24

In respect of insurance of property at what point does the risk pass from the vendor to the purchaser

Answer 24

The risk passes once the contract is exchanged

Question 25

At what point does possession pass to the purchaser?

Answer 25

Possession does not pass until the commission of sale

Question 26

Where a purchaser take possession before the completion of the contract he does so as a ……. Or……..

Answer 26

Licensee or tenant at will

Question 27

**What case** provide a suggestion that completion date should be within three months

Answer 27

Olanira v. Adebayo

Question 28

What is the provision of the law concerning the time within which a contract of sale must be completed?

Answer 28

Within reasonable time

Question 29

**what case** provides that in the event of the death of one of the parties, and action can be brought for specific performance or to claim damages

Answer 29

Gwagwan v. Gagare

Question 30

Is Governor consent required for a sale of land contract

Answer 30

No it is not

Question 31

What are the two things that occur at the post contact stage

Answer 31

- Deduction of title - Investigation of title

Question 32

……. Is a document of title that is sufficient in itself without any extrinsic evidence to establish and prove the title to the property

Answer 32

Root of title

Question 33

Under the conveyancy act, the length of the deducing title is at least……

Answer 33

40 years

Question 34

Under the Property and conveyancing Law, the length of the deducing title is at least……

Answer 34

30 years

Question 35

**what section** provides for the length of deducing title in CA jurisdictions

Answer 35

Section 1 & 2 of the Vendors and Purchasers Act

Question 36

**what section** provides for the length of deducing title in PCL jurisdictions

Answer 36

Section 70 of the PCL

Question 37

**what section** provides for presumption of correctness

Answer 37

Section 162 of the EVidence Act

Question 38

**what case** states the fact that a person is not a bona fide purchaser for value where they did not carry out investigation

Answer 38

Animashaun v. Olojo

Question 39

Search at the probate registry is done at……

Answer 39

The high court

Question 40

Who prepares a completion statement?

Answer 40

It may be prepared by each or both solicitors

Question 41

A search is conducted at LIMS by a purchaser solicitor filling and filing……

Answer 41

Form 3

Question 42

Under LIMS a search report is issued in what form?

Answer 42

Form 4

Question 43

What is the consent of the governor called in Lagos State?

Answer 43

Form 1C

Question 44

Refusal of governors consent makes the transaction…….. while failure to seek governors consent makes the transaction……

Answer 44

Refusal of governors consent makes the transaction **void** while failure to seek governors consent makes the transaction **incohate/incomplete**

Question 45

**what case** provides a sale is void where the governor refuse his consent

Answer 45

Savannah Bank v. Ajilo

Question 46

Stamping of a document must be done within …….

Answer 46

30 days of the execution of deed of assignment

Question 47

Stamping is paid….

Answer 47

Ad valorem

Question 48

What is the temporal order rule?

Answer 48

The rule dictates that priority is giving to the first in time

Question 49

A deed must be registered within……

Answer 49

60 days of it’s execution

Question 50

What are the instances where a survey plan is not needed for the registration of a deed

Answer 50

- A survey plan is not required when the deed of assignment contains a parcel clause, and the parcel contains the schedule and the schedule contains a description of the property - Where the deed has already been registered and the deed of assignment makes reference to a survey plan

Question 51

What party of a sale is to obtain the governors consent?

Answer 51

The assignor

Question 52

What party of a sale is to register the document?

Answer 52

The assignee

Question 53

At what stage does legal interest pass to the purchaser

Answer 53

At the completion stage

Question 54

At what stage do the parties change from vendor and purchaser to assignor and assignee

Answer 54

Completion stage

Question 55

What is the completion statement?

Answer 55

A financial obligation containing the balance of purchase price, part payment or deposit

Question 56

What is the completion statement?

Answer 56

A financial obligation containing the balance of purchase price, part payment or deposit

Question 57

Where natural persons are involved, a deed of assignment is to be stamped at

Answer 57

The state board of internal revenue

Question 58

Where they are natural persons, but they reside in Abuja or it is a corporate body, a deed of assignment is to be stamped at

Answer 58

The federal in land revenue board

Question 59

Stamping of a deed of assignment is made compulsory under….

Answer 59

Section 22 and 28 of the stamp duty act

Question 60

Can you register a document if you have not stamped it?

Answer 60

Nope

Question 61

What section provides that registration must be done within 60 days

Answer 61

Section 22 of the registration law of Lagos state

Question 62

How many copies of a deed of assignment is to accompany an application for registration?

Answer 62

Six

Question 63

Land registered on the registration of title laws are protected under the LRL under section….

Answer 63

Section 121 and 122 of the LRL

Question 64

Land registered on the registration of title laws are protected under the LRL under section….

Answer 64

Section 121 and 122 of the LRL

Question 65

How far back do you need to deduce title in Lagos?

Answer 65

40 years

Question 66

What is the full meaning of LIMS

Answer 66

Land information management system

Question 67

What is the full meaning of AGIS

Answer 67

Abuja geographical information system