A Deed of Conveyance in Nigeria is a legally binding document that transfers the ownership of real property from one party(the seller or grantor) to another party(the buyer or grantee).
Here are 12 important things to know about Deeds of Conveyance in Nigeria:
The deed of conveyance requires Legal ownership
A Deed of Conveyance is a legal requirement to establish ownership transfer of real property.
It must be executed in writing, signed by both parties and properly stamped to be legally valid.
Property Description
The deed should contain a clear and accurate description of the property being transferred, including its size, location, boundaries, and any distinguishing features.
Parties Involved
The deed should identify both parties involved in the transaction: the seller(grantor) and the buyer(grantee).
Their full names, addresses, and signatures should be included.
Consideration
Consideration refers to the monetary value exchanged for the property.
The deed should state the agreed-upon purchase price, and both parties must be in agreement.
Terms and Conditions
The deed may outline any terms and conditions of the sale, such as payment schedules, warranties, and obligations of both parties.
Witnesses
Nigerian law often requires that the deed be signed in the presence of witnesses who are not party to the transaction.
These witnesses must also sign the deed.
Stamp Duty
Stamp duty is a tax levied on legal documents, including deeds.
It’s important to ensure the deed is properly stamped to make it legally enforceable.
Registration
To protect the buyer’s interest and establish legal ownership, the deed should be registered with the relevant land registry or government authority.
Execution
The deed must be executed voluntarily and without any form of coercion or fraud. Both parties must fully understand the implications of the transaction.
Rights and Easements
The deed may address any rights, easements, or encumbrances associated with the property, such as access rights, utilities, or other restrictions.
Certified Copies
After execution and registration, it’s advisable to obtain certified copies of the deed for both parties’ records.
These copies serve as evidence of ownership.
Legal Assistance
Drafting and executing a Deed of Conveyance can be complex.
It’s recommended to seek legal assistance from a qualified lawyer or legal expert to ensure the process is carried out correctly.