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Deed Of Absolute Sale For House And Lot

Deed Of Absolute Sale For House And Lot Template for Nigeria

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Key Requirements PROMPT example:

Deed Of Absolute Sale For House And Lot

"I need a Deed of Absolute Sale for House and Lot in Nigeria for a residential property in Lagos, with a scheduled completion date of March 15, 2025, including special provisions for existing tenants who will remain in the property for 6 months after the sale."

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Document background
The Deed of Absolute Sale for House and Lot is a crucial legal document used in Nigerian property transactions to transfer complete and irrevocable ownership of residential property. This document is essential when selling or purchasing house and lot properties in Nigeria and must comply with the Land Use Act of 1978 and other relevant property laws. It contains detailed information about the property, parties involved, consideration, and warranties, while ensuring all necessary consents and registrations are properly documented. The deed is particularly important in Nigeria's unique land tenure system where the State Governor's consent is often required for property transfers. It serves both as a transfer document and as permanent evidence of the transaction, making it vital for property records and future transactions.
Suggested Sections

1. Parties: Identification of the Vendor/Seller and Purchaser/Buyer with complete legal names and addresses

2. Background: Recitals establishing the Vendor's ownership, property description, and intention to sell

3. Definitions: Key terms used throughout the deed including Property, Purchase Price, Completion Date, etc.

4. Property Description: Detailed legal description of the house and lot, including boundaries, measurements, and certificate of title details

5. Consideration: Purchase price and payment terms, including acknowledgment of receipt

6. Warranties and Representations: Vendor's warranties regarding ownership, right to sell, absence of encumbrances, etc.

7. Transfer of Rights: Clear statement transferring all rights, title, and interest in the property

8. Possession: Terms for delivering physical possession of the property

9. Taxes and Expenses: Allocation of responsibility for transfer taxes, registration fees, and other costs

10. Governing Law: Specification of Nigerian law and relevant jurisdiction

11. Execution: Formal execution clause meeting requirements for deeds under Nigerian law

Optional Sections

1. Condition of Property: Used when specific representations about property condition need to be documented

2. Existing Tenancies: Include when the property has existing tenants and their rights need to be addressed

3. Outstanding Charges: Used when there are existing mortgages or charges to be cleared

4. Planning Permissions: Include when property involves specific zoning or development rights

5. Service Charges: Used for properties in estates or developments with ongoing maintenance charges

6. Environmental Matters: Include when environmental issues or assessments are relevant

7. Governor's Consent: Specific provisions regarding obtaining required governmental consent, if not yet obtained

Suggested Schedules

1. Property Schedule: Detailed technical description of the property including survey plans and measurements

2. Title Documents: List of all title documents being transferred

3. Inventory: List of any fixtures and fittings included in the sale

4. Payment Schedule: If payment is in installments, detailed payment timeline and terms

5. Land Use Approvals: Copies of relevant land use and zoning approvals

6. Property Photos: Photographic evidence of property condition at time of sale

7. Tax Clearance: Evidence of payment of all relevant property taxes and duties

Authors

Alex Denne

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

alex.den.21@genieai.co
Relevant legal definitions



































Clauses

























Relevant Industries

Real Estate

Property Development

Construction

Banking and Finance

Legal Services

Property Management

Urban Development

Housing

Investment and Asset Management

Property Insurance

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Documentation

Finance

Risk Management

Operations

Business Development

Asset Management

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Legal Counsel

Conveyancing Officer

Property Developer

Land Administrator

Title Officer

Compliance Officer

Real Estate Investment Manager

Property Acquisition Manager

Housing Development Officer

Legal Documentation Specialist

Real Estate Transaction Coordinator

Industries








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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