Critical Examination on Contract for the Sale of Land in Nigeria

Critical Examination on Contract for the Sale of Land in Nigeria.

TABLE OF CONTENTS

Title Page — — — — — — — — — i
Declaration — — — — — — — — ii
Certification — — — — — — — — iii
Dedication — — — — — — — — — iv
Acknowledgement — — — — — — — v
List Cases — — — — — — — — vii
List of Statute — — — — — — — — x
List of Abbreviation — — — — — — — xi
Table of Contents — — — — — — — xiii

CHAPTER ONE
General Introduction
1.1 Introduction — — — — — — — 1
1.2 Statement of Problem — — — — — 4
1.3 Aims and objectives of this Study — — — — 5
1.4 Scope and limitation of the Study — — — — 5
1.5 Research Methodology– — — — — — 5
1.6 Literature Review — — — — — — 6
1.7 Organizational Layout — — — — — — 8

CHAPTER TWO
Analysis of the Nature and Scope of Contract for Sale of Land in
Nigeria
2.1 Introduction — — — — — — — 9
2.2 Types of Contract — — — — — — 11
2.2.1 Oral Contract — — — — — — — 12
2.2.2 Open Contract — — — — — — — 13
2.2.3 Formal Contract — — — — — — — 14
2.3 Main Contents of a Formal Contract — — — 15
2.3.1 Deposit — — — — — — — — 15
2.3.2 Balance of Purchase Money — — — — — 15
2.3.3 Capacity of the Vendor– — — — — — 16
2.3.4 Vacant Possession — — — — — — 16
2.3.5 Fixtures and Fittings — — — — — — 16
2.3.6 Possession Before Completion — — — — 16
2.3.7 Insurance Pending Completion — — — — 17
2.3.8 Completion Date — — — — — — — 17
2.4 Effect of Exchange of Contract — — — — 17
2.5 Rights and Obligation of the Parties Under the
Contract — — — — — — — — 19
2.6 Advantages for entering into a formal Contract– — 20

CHAPTER THREE
Completion and Post Completion matters in contract of sale of
land
3.1 Introduction — — — — — — — 22
3.2 Post Completion Matters — — — — — 22
3.2.1 The Requirement of Governor Consent — — — 23
3.2.2 Stamping of Contract — — — — — 26
3.2.3 Registration of — — — — — — — 28

CHAPTER FOUR
Remedies for breach of contract for sale of land
4.1 Introduction — — — — — — 31
4.2 Remedies Under Uncompleted Contract — — 31
4.2.1 Specific Performance — — — — — — 31
4.2.2 Damages — — — — — — — — 33
4.2.3 Rescission — — — — — — — — 34
4.2.4 Forfeiture of Deposit — — — — — — 35
4.2.5 Vendor and Purchaser Summons — — — — 35
4.2.6 Lien — — — — — — — — — 36
4.3 Post Completion Remedies — — — — — 37
4.3.1 Covenants for Title — — — — — — 37
4.2.2 Setting the Transaction Aside — — — — 38
4.2.3 Rectification — — — — — — — 39
4.4 Effect of Breach of Contract — — — — — 39
4.4.1 Innocent Party put to Election — — — — 39
4.4.2 Trivial Breach — — — — — — — 40

CHAPTER FIVE
SUMMARY AND CONCLUSION
5.1 Summary — — — — — — — — 42
5.2 Findings — — — — — — — — 43
5.3 Recommendations — — — — — — 44
Bibliography — — — — — — — 47

INTRODUCTION  

A of sale of land is the first stage in a conveyancing transaction by which the purchase acquires equitable interest on the property and legal interest in acquired later at the completion stage. Unfortunately, this important stage in conveyancing is usually ignored by Nigerians. The must have capacity; there must be an offer, an acceptance, a consideration an intention to enter into a legally binding relationship, in addition to the above, the special nature of the commodity on sale makes the sale of land to be regulated very closely by common law, the general principles of equity.

, and statutes. Conveyancing is a generic property or interest in real property from one party to another. The sale or contract for the sale of land is a major part of property law practice in Nigeria. In the process, interest in land is transferred from a party to another, it is not just a mere to purchase such land or the payment of the price, but a complete procedure which has to be 18 followed such as, the agreement to transfer interest in land, agreement and the payment of the agreed price.

The  defines a contract as “The entering into agreement formal document recording agreement or agreement enforceable by law. In Nigeria, there are two clear and distinct ways in which land is sold and title validly transferred following a sale.  

(a)Through customary law or,  

(b)Through received English law.  

The two ways are distinct and mutually exclusive and it is important for a party claiming title to kind to show clearly, carefully, and fully the nature of the sale transaction in order to establish the applicable law to the transaction.

BIBLIOGRAPHY

Books

Adubi, C.O., Drafting Conveyances and wills, Lagos: Light House
Publishing Company Limited, 1995
Barnsley, D.G., Barnsley Conveyance Law and Practice London:
Butterwoths, 1988.
Black, H.C., Black’s Law Dictionary (6th Ed.) St. Paulminn: Wesr
Publishing Co., 1990
Dadem, Y.Y. D, Property Law Practice in Nigeria Jos: University
Press Limited, 2009.
Hallett, V.G.H., Hallettees Conveyancing Precedents, London: Sweet &
Maxwell, 1965.
Harpum, C., Megarry and Wade, the Law of Real property, London:
sweet Maxwell, 2000.
Imhanobe, S.O., Understanding Legal Drafting and Conveyancing,
Abuja: Sylvester Imhanobe Legal Research Ltd., 2002
Oakley, A.J., Megarry’s manual of the law of Real Property (8th ed) .
London: sweet and Maxwell, 2002.
Oluyede, P.A.O., Nigerian Conveyancing Practice, Drafting and
Precedents, Ibadan: Heinemann educational; Books (Nigeria) Plc, 1994

Journals

Akintola, S.O., & Taiwo, E.A., “The Purchaser Pendents Lite and the
Issue of Notice: the Modern Approach” in Nigerian Law and Practice
Journal, Vol. 7, 2003-2006.
Attah, M., “Dealings in Land through Power of Attorney – A Quagmire
for Donees?” in Nigerian Law and Practice Journal, Vol. 8, 2007
Dadem, Y.Y.D., “Registration of Title: Onagoruwa v. Akinremi
Revisited” in Modern Practice Journal of Finance and investment Law,
Vol. 8, Nos. 3-4 July/October, 2004
Dadem, Y. “Protection of Illiterate Persons in Conveyancing
Transactions: Faulting the Laws”, in Smith, I.O. (ed.) Law and Real
Property Rights in Nigeria, University of Lagos, 2008 pp. 197-216.