The Deed of Release Property is a critical legal instrument in Nigerian property law, commonly used when one party wishes to formally relinquish all rights, title, and interest in a property to another party. This document is essential in various scenarios, including family property settlements, corporate property transfers, or resolution of property disputes. The deed must comply with Nigerian legal requirements, particularly the Land Use Act 1978 and state-specific property laws. It requires proper execution as a deed, stamping under the Stamp Duties Act, and registration with the appropriate land registry. The document typically includes comprehensive property descriptions, representations about title, and may also address any existing encumbrances or third-party rights. It serves as conclusive evidence of the release and can be crucial in establishing clear title chains in Nigerian property transactions.
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1. Parties: Identifies and defines all parties to the deed, including the Releasor and Releasee with their full legal names and addresses
2. Background: Recitals explaining the context of the property release, including reference to original ownership and reason for release
3. Definitions: Defines key terms used throughout the deed, including 'Property', 'Release Date', and other relevant terms
4. Release: Core provision stating the unconditional and irrevocable release of all rights, title, and interest in the property
5. Consideration: States the consideration (if any) for the release of property
6. Representations and Warranties: Releasor's confirmations regarding ownership, right to release, and absence of encumbrances
7. Further Assurance: Commitment to execute further documents if required to give effect to the release
8. Governing Law: Specifies Nigerian law as governing law and relevant jurisdiction
9. Execution: Formal execution block meeting requirements for deeds under Nigerian law
1. Outstanding Payments: Include when there are any outstanding payments or financial obligations related to the property
2. Third Party Rights: Include when there are any third party interests or rights that need to be addressed
3. Tax Provisions: Include when specific tax implications need to be addressed
4. Indemnification: Include when specific indemnities are required regarding past property usage or claims
5. Confidentiality: Include when parties wish to keep the terms of the release confidential
6. Dispute Resolution: Include when specific dispute resolution mechanisms are desired beyond standard court jurisdiction
1. Property Description: Detailed description of the property being released, including boundaries, title details, and registration information
2. Title Documents: List of all relevant title documents and certificates relating to the property
3. Encumbrances: List of any existing encumbrances, easements, or restrictions on the property
4. Property Plans: Survey plans, maps, or drawings of the property where applicable
5. Related Agreements: List of any related agreements or documents affecting the release
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