Overview Flashcards
(19 cards)
What is the primary goal of Property Law Practice?
To regulate the transactions and relationship of person to things, providing a framework for acquisition, enjoyment, and disposal of wealth.
This includes understanding various transactions affecting land and applicable laws.
List the various forms of transactions affecting land in Nigeria.
- Sale of land
- Leasehold
- Tenancy
- License
- Easement
- Mortgage
- Donation of power to deal with land
- Gift of land
- Pledge of land
- Real estate investment schemes
These transactions are integral to property law practice in Nigeria.
What are the duties of personal representatives in estate administration?
To wind up an estate, including identifying duties and liabilities
This involves obtaining probate and letters of administration.
What is a covenant in the context of property law?
A legally binding promise in a lease, mortgage, or assignment of leases.
Understanding covenants is crucial for applying legal principles in property transactions.
What is the Land Use Act?
A statute regulating land tenure and administration in Nigeria.
It is a critical component of Nigerian land law.
True or False: Customary law is a source of Nigerian land law.
True.
Customary law plays a significant role in property transactions in Nigeria.
What is required for the validity and revocation of Wills?
Specific conditions must be met, including legal formalities.
This is essential for ensuring that Wills are enforceable.
Fill in the blank: The _______ Act governs the administration of estates in Nigeria.
Administration of Estate Law.
This law outlines the processes involved in handling deceased estates.
What are some taxes payable in property transactions?
- Stamp duty
- Consent fees
- Registration fees
- Tenement rate
- Ground rent
- Capital gains tax
- Personal income tax
Understanding these taxes is crucial for compliance in property dealings.
What is the role of solicitors general in property law practice?
To provide legal guidance and representation in property transactions.
They play a vital role in ensuring legal compliance and protecting clients’ interests.
What is the purpose of due diligence in property transactions?
To conduct background checks and investigations to ensure the legitimacy of property titles.
This is essential for avoiding legal disputes.
What is the significance of the Legal Practitioners Act?
It regulates the practice of law in Nigeria, including the conduct of legal practitioners.
Compliance with this act is essential for maintaining professional standards.
What is required for drafting a professional Will?
Clear understanding of legal requirements and clients’ specifications.
Drafting a Will involves ensuring it meets legal standards to be valid.
What does the checklist of applicable statutes include?
- Land Use Act
- Evidence Act
- Companies and Allied Matters Act
- Stamp Duties Act
- Tenancy Law of Lagos
- High Court Civil Procedure Rules
A thorough understanding of these statutes is crucial for property law practice.
What is the duty of confidentiality in legal practice?
To protect client information and not disclose it without consent.
This is a fundamental ethical obligation for legal practitioners.
What are the ethical issues related to conflicts of interest?
Legal practitioners must avoid situations that compromise their impartiality.
This is critical for maintaining trust and integrity in legal practice.
What is the primary focus of the Finance Act 2021?
To amend various tax laws affecting financial and property transactions.
This act includes provisions related to stamp duty, capital gains tax, and personal income tax.
What is the significance of the Wills Law, Lagos State 2004?
It governs the making and execution of Wills in Lagos State.
Understanding this law is essential for practitioners dealing with estate planning.
What is the legal definition of property?
The right to possess, use, and enjoy land or chattel.
Property law encompasses both real and personal property.
