Purchase Deed Template for Nigeria

A Purchase Deed is a crucial legal document used in Nigerian property transactions to transfer ownership rights from a seller to a buyer. This document, governed by Nigerian law, particularly the Land Use Act 1978, serves as official evidence of the property transfer and must comply with state-specific requirements, including obtaining the Governor's consent. The deed contains detailed information about the property, parties involved, consideration paid, and various warranties and representations. It must be properly executed, stamped, and registered with the appropriate land registry to be legally effective under Nigerian law.

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What is a Purchase Deed?

A Purchase Deed is essential for documenting and effectuating the transfer of property ownership in Nigeria. This formal legal instrument is used when transferring any type of real property, whether residential, commercial, or industrial. The document must comply with the Land Use Act 1978 and other relevant Nigerian legislation, requiring specific formalities such as Governor's consent, proper stamping, and registration at the land registry. The Purchase Deed includes crucial information such as property details, party information, consideration amount, warranties, and title covenants. It serves as permanent evidence of the transfer and is particularly important in Nigeria's legal system where documentary evidence of land ownership is paramount. The deed must be carefully drafted to ensure it meets all statutory requirements and provides adequate protection for both parties.

What sections should be included in a Purchase Deed?

1. Parties: Full legal names and addresses of the vendor and purchaser

2. Background/Recitals: History of ownership, reference to agreement to sell, and context of the transaction

3. Definitions: Definitions of key terms used throughout the deed

4. Consideration: Statement of the purchase price and payment terms

5. Transfer Declaration: Formal words of transfer/conveyance of the property

6. Property Description: Brief description of the property being transferred (with reference to detailed description in Schedule)

7. Vendor's Warranties: Warranties regarding title, right to sell, absence of encumbrances, etc.

8. Title Documents: List of documents establishing chain of title

9. Governor's Consent: Reference to obtained Governor's consent as required by Land Use Act

10. Payment Confirmation: Acknowledgment of receipt of purchase price

11. Execution Clause: Formal execution block for signing by parties

12. Attestation: Witness details and signatures

What sections are optional to include in a Purchase Deed?

1. Encumbrances: Details of any existing encumbrances, to be included if property has registered charges or other encumbrances

2. Planning Permissions: Details of planning permissions and compliance, required for properties with recent development or pending permissions

3. Environmental Warranties: Specific warranties regarding environmental conditions, necessary for industrial properties or those with potential contamination

4. Tenant Details: Information about existing tenancies, required if property is sold subject to tenancies

5. Tax Indemnities: Specific tax-related warranties and indemnities, important for high-value transactions

6. Service Charges: Details of service charges and maintenance obligations, necessary for properties in estates or with shared facilities

What schedules should be included in a Purchase Deed?

1. Property Description Schedule: Detailed legal description of the property including boundaries, measurements, and plans

2. Title Documents Schedule: Comprehensive list of all title documents and their contents

3. Incumbrances Schedule: Details of any charges, mortgages, or other encumbrances affecting the property

4. Plan/Survey Schedule: Property survey plan and any relevant drawings

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

6. Rights and Easements Schedule: Details of any rights of way, easements, or other rights affecting the property

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

Jurisdiction

Nigeria

Publisher

Genie AI

Document Type

Property Deed

Cost

Free to use

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