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Final Release Of Lien

Final Release Of Lien Template for Nigeria

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Key Requirements PROMPT example:

Final Release Of Lien

"I need a Final Release of Lien document for a completed construction project in Lagos, Nigeria, where my company (ABC Construction Ltd) is releasing a mechanics lien against XYZ Properties after receiving full payment of NGN 25 million on January 15, 2025."

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Document background
A Final Release of Lien is essential in Nigerian property transactions where a lien needs to be removed from a property's title. This document is typically used after full payment or satisfaction of the debt or obligation that the lien secured. The Final Release of Lien must comply with Nigerian property law, including the Land Use Act of 1978 and relevant state property laws. It requires specific formal elements such as proper identification of parties, accurate property description, and clear release language. The document is crucial for property owners seeking to clear their title and for lien holders confirming receipt of payment. It must be properly executed, often requiring notarization, and recorded with appropriate government offices to be legally effective.
Suggested Sections

1. Identification of Parties: Full legal names and addresses of the Lien Holder (Releaser) and the Property Owner (Releasee)

2. Property Description: Detailed legal description of the property that was subject to the lien

3. Original Lien Details: Information about the original lien, including date filed, amount, and registration details

4. Release Statement: Clear and unequivocal statement releasing all rights and claims under the lien

5. Consideration: Statement of consideration received for the release of lien

6. Execution: Signature blocks, witness requirements, and notarization provisions

Optional Sections

1. Partial Release Provisions: Used when only a portion of the property or lien amount is being released

2. Conditional Release Terms: Include when the release is subject to specific conditions being met

3. Representations and Warranties: Additional assurances from the lien holder, used in complex or high-value releases

4. Indemnification: Added when there are concerns about future claims or disputes

5. Governing Law: Specific jurisdiction clause, needed when parties are from different states within Nigeria

Suggested Schedules

1. Schedule A - Property Description: Detailed legal description of the property, including survey details and boundaries

2. Schedule B - Original Lien Documentation: Copies or details of the original lien filing and registration documents

3. Schedule C - Payment Evidence: Documentation of payment or satisfaction of the lien amount (if applicable)

4. Appendix 1 - Supporting Documents: Any additional documentation required for registration or recording of the release

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Real Estate

Construction

Banking and Finance

Legal Services

Property Development

Infrastructure

Oil and Gas

Mining

Manufacturing

Agriculture

Relevant Teams

Legal

Real Estate

Finance

Compliance

Operations

Property Management

Contract Administration

Risk Management

Corporate Secretariat

Facilities Management

Relevant Roles

Legal Counsel

Property Manager

Real Estate Manager

Construction Project Manager

Finance Manager

Contract Administrator

Title Officer

Company Secretary

Compliance Officer

Risk Manager

Operations Director

Chief Financial Officer

Real Estate Developer

Facilities Manager

Industries
Land Use Act of 1978: Fundamental Nigerian law governing land rights and ownership. Important for understanding the underlying property rights that may be subject to liens.
Nigerian Contract Law: Governs the formation and enforcement of contracts, including releases and discharge of obligations. Based on common law principles and local statutory provisions.
Registration of Titles Law: Regulates the registration of interests in land and property, including the recording and discharge of liens.
Property and Conveyancing Law: Governs the transfer and encumbrance of property rights, including the creation and release of liens.
Limitations Law: Sets time limits for enforcing various types of claims and liens, relevant for ensuring the lien is still valid before release.
Stamp Duties Act: Requires certain documents, including releases, to be properly stamped to be admissible in evidence and enforceable.
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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