Sale Of Land Flashcards
At the contact of sale stage the parties are known as…
Vendor and purchaser
At the contact of sale stage the parties are known as…
Assignor or assignee
The doctrine of caveat emptor only applies to…….
Patent defects
Defects that can be noticed via mere inspection are called..
Patent defects
……contract for sale of land is valid but not enforceable
Oral contracts
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
International textile Nigeria v. Aderemi
For an oral contract to be enforceable there must be …. Or …..
Part performance or a prevailing custom
what case provides that the particulars of a witness may be resorted to in proving customary ownership of property
Adedeji v. Olosi
What are the covenants implied by law where the vendor conveys as a beneficial owner
-He has a right to convey
-Freedom from encumbrances
-Quiet enjoyment
-Further assurances
What are the additional convenants in a leasehold transaction where there is a certificate of occupancy?
-That there is a valid and subsisting lease
-That rent has been paid and the covenants of the lease performed
What is the difference between a lease and a license?
A lease grants exclusive possession while a license grants exclusive occupation
A non Nigerian cannot buy property in Nigeria except with the approval of ….
The National council of states
What section provides that an infant cannot purchase or sell land
Section 7 of the land use act
What section provides that an infant cannot purchase or sell land
Section 7 of the land use act
What is gazumping?
Where the seller tries to pull out of a contract because he has found a person willing to pay higher
What is gazundering?
Where a purchaser tries to pull out of your contract because they have found a place selling cheaper
Who drafts a contact of sale?
The vendors solicitor
Who drafts the deed of assignment?
The assignee’s solicitor
What is the difference between deposit and part payment?
- 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- When contract is rescinded part payment will be refunded, but deposit would not be refunded
what case states that it is important to pay the balance of purchase price within stipulated time
Odusuya v. Ricketts
What is the interest rate for delay in payments of balance at common law
The interest rate is 4%
What is the advantage of not including the cost of fittings and fixtures in a contract of sale?
It helps the purchaser from being heavy stamp duties
Where should the fixtures be included?
In the schedule to the contract
In respect of insurance of property at what point does the risk pass from the vendor to the purchaser
The risk passes once the contract is exchanged
At what point does possession pass to the purchaser?
Possession does not pass until the commission of sale
Where a purchaser take possession before the completion of the contract he does so as a ……. Or……..
Licensee or tenant at will
What case provide a suggestion that completion date should be within three months
Olanira v. Adebayo
What is the provision of the law concerning the time within which a contract of sale must be completed?
Within reasonable time
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
Gwagwan v. Gagare
Is Governor consent required for a sale of land contract
No it is not
What are the two things that occur at the post contact stage
- Deduction of title
- Investigation of title
……. Is a document of title that is sufficient in itself without any extrinsic evidence to establish and prove the title to the property
Root of title
Under the conveyancy act, the length of the deducing title is at least……
40 years
Under the Property and conveyancing Law, the length of the deducing title is at least……
30 years
what section provides for the length of deducing title in CA jurisdictions
Section 1 & 2 of the Vendors and Purchasers Act
what section provides for the length of deducing title in PCL jurisdictions
Section 70 of the PCL
what section provides for presumption of correctness
Section 162 of the EVidence Act
what case states the fact that a person is not a bona fide purchaser for value where they did not carry out investigation
Animashaun v. Olojo
Search at the probate registry is done at……
The high court
Who prepares a completion statement?
It may be prepared by each or both solicitors
A search is conducted at LIMS by a purchaser solicitor filling and filing……
Form 3
Under LIMS a search report is issued in what form?
Form 4
What is the consent of the governor called in Lagos State?
Form 1C
Refusal of governors consent makes the transaction…….. while failure to seek governors consent makes the transaction……
Refusal of governors consent makes the transaction void while failure to seek governors consent makes the transaction incohate/incomplete
what case provides a sale is void where the governor refuse his consent
Savannah Bank v. Ajilo
Stamping of a document must be done within …….
30 days of the execution of deed of assignment
Stamping is paid….
Ad valorem
What is the temporal order rule?
The rule dictates that priority is giving to the first in time
A deed must be registered within……
60 days of it’s execution
What are the instances where a survey plan is not needed for the registration of a deed
- 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
What party of a sale is to obtain the governors consent?
The assignor
What party of a sale is to register the document?
The assignee
At what stage does legal interest pass to the purchaser
At the completion stage
At what stage do the parties change from vendor and purchaser to assignor and assignee
Completion stage
What is the completion statement?
A financial obligation containing the balance of purchase price, part payment or deposit
What is the completion statement?
A financial obligation containing the balance of purchase price, part payment or deposit
Where natural persons are involved, a deed of assignment is to be stamped at
The state board of internal revenue
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
The federal in land revenue board
Stamping of a deed of assignment is made compulsory under….
Section 22 and 28 of the stamp duty act
Can you register a document if you have not stamped it?
Nope
What section provides that registration must be done within 60 days
Section 22 of the registration law of Lagos state
How many copies of a deed of assignment is to accompany an application for registration?
Six
Land registered on the registration of title laws are protected under the LRL under section….
Section 121 and 122 of the LRL
Land registered on the registration of title laws are protected under the LRL under section….
Section 121 and 122 of the LRL
How far back do you need to deduce title in Lagos?
40 years
What is the full meaning of LIMS
Land information management system
What is the full meaning of AGIS
Abuja geographical information system
