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Sale Of Land II Flashcards

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1
Q

What is the primary duty of a vendor after the exchange of contracts?

A

To deduce his title

This involves proving or establishing his title before the purchaser.

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2
Q

What is an Abstract of Title?

A

A precis or summary of contents and events affecting the land during its devolution from the original owner to the current vendor.

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3
Q

What is an Epitome of Title?

A

A schedule of events with copies of documents of title arranged chronologically, showing the nature of transactions affecting the land.

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4
Q

What are the six columns in an Epitome of Title?

A
  • Date
  • Nature of Transaction
  • Parties
  • Original or Abstract
  • No of Documents
  • Whether Original Will Be Released at Completion
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5
Q

When is a good title deduced?

A

When the vendor has:
* Disclosed an unbroken chain of succession
* A good root of title
* Deduced his title for the statutory period
* Shown his land has no encumbrance or has arrangements to discharge the same.

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6
Q

What is the statutory period of search for former Eastern and Northern States?

A

40 years (S. 1 & 2 Vendor and Purchaser Act 1874)

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7
Q

What constitutes a good root of title?

A
  • Conveys legal title
  • Adequate description of the property
  • No evidence of fraud or cause to doubt genuineness
  • Not subject to a higher interest other than statutory limitation under the Land Use Act
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8
Q

Give an example of a good root of title.

A

A deed of Assignment duly executed and perfected.

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9
Q

What is an example of a bad root of title?

A

An unregistered Deed of Assignment.

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10
Q

What does ‘Investigation of Title’ entail?

A

The process of confirming the genuineness and authenticity of the documents the vendor has relied on to establish his title.

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11
Q

Why is it necessary to confirm the story of devolution of title on vendor?

A

To avoid the consequences of Notice which defeats the defense of BFP.

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12
Q

What are some methods of conducting an effective investigation of title?

A
  • Searches
  • Physical Inspection
  • Investigation of family history
  • Examination of abstracted documents
  • Examination of CTC of judgment if any
  • Requisition
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13
Q

What is a Requisition on Title?

A

Written questions from the purchaser to the vendor concerning doubts arising from the purchaser’s investigation of title.

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14
Q

What must the vendor do in response to Requisitions?

A

The vendor must answer questions raised, and failure to answer attracts an order of specific performance.

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15
Q

What is included in a Search Report?

A
  • Description of property
  • Date of search
  • Place of search
  • Name of owner of property
  • Nature of interest
  • Any encumbrance
  • Advice
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16
Q

What does ‘Completion’ refer to in the sale of land?

A

The final stage of the conveyancing process where parties conclude the processes that vest legal title in the purchaser.

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17
Q

What is a Completion Statement?

A

A statement of the financial commitments of the parties and any financial obligations they are expected to meet towards the successful completion of the transaction.

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18
Q

What items must be collected by the Assignee at completion?

A
  • A properly executed deed of assignment
  • Original title documents
  • Receipt of payment of ground rents and other rates and taxes
  • Keys if property developed
  • Notice to tenants if sold subject to tenancies
  • Receipts of chattels if sold along with the property
  • Notice of assignment of insurance policy if applicable
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19
Q

What is the procedure for perfecting title post-completion?

A
  • Consent
  • Stamping
  • Registration
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20
Q

Who has the legal obligation to process the consent for alienation of land?

A

The holder of right of occupancy, which is the assignor.

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21
Q

What are the consequences of failing to pay stamp duty?

A

The document becomes non-registrable and inadmissible in court.

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22
Q

What requirements must be met for registration of documents transferring interest in land?

A
  • Due execution of instrument
  • Survey plan attached
  • Consent of the Government endorsed
  • Must be stamped
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23
Q

What is required for the registration of documents that transfer interest in land?

A

The requirements for registration include:
* Due execution of instrument
* Survey plan attached
* Consent of the Gov endorsed on it
* Must be stamped

These requirements ensure that the registration process adheres to legal and procedural standards.

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24
Q

What is the first step in the procedure for registration?

A

Presentation of document at Lands Registry

This initial step is crucial for initiating the registration process.

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25
What must be done after the presentation of the document at the Lands Registry?
Assessment and payment of registration fee ## Footnote This step involves evaluating the document for any applicable fees that must be paid for registration.
26
What does the Land Registrar provide after registering an instrument?
Certificate of registration ## Footnote This certificate serves as proof that the instrument has been officially registered.
27
Under what conditions can registration be refused?
Registration can be refused for: * Non-fulfillment of conditions of registration * Document declared void by law * Prohibited from registration by law * Not a true copy of the original * Not in compliance with regulation under the law ## Footnote These conditions ensure that only valid and legal documents are registered.
28
What is the effect of non-registration of an interest in land?
Interest of purchaser remains equitable ## Footnote This means that the purchaser's rights are not fully protected against third parties without registration.
29
What can be a consequence of non-registration regarding priority?
Loss of Priority ## Footnote This is illustrated in cases such as Fakoya v. St Paul’s church, Sagamu; Kayode v. Odutola; Okoye v. Dumez Nig Ltd.
30
Fill in the blank: Ethical issues in registration include failure to investigate and _______.
Suppression of defects in title ## Footnote Ethical considerations are crucial to maintain integrity in the registration process.
31
What are some unethical practices in the registration process?
Unethical practices include: * Non-disclosure of real nature of interest * Completion in a place outside office * Collusion with Officers in Stamp Duties Office to pay less stamp duty ## Footnote Such practices undermine the legal framework and can lead to disputes.
32
What is the primary duty of a vendor after the exchange of contracts?
To deduce his title ## Footnote This involves proving or establishing his title before the purchaser.
33
What is an Abstract of Title?
A precis or summary of contents and events affecting the land during its devolution from the original owner to the current vendor.
34
What is an Epitome of Title?
A schedule of events with copies of documents of title arranged chronologically, showing the nature of transactions affecting the land.
35
What are the six columns in an Epitome of Title?
* Date * Nature of Transaction * Parties * Original or Abstract * No of Documents * Whether Original Will Be Released at Completion
36
When is a good title deduced?
When the vendor has: * Disclosed an unbroken chain of succession * A good root of title * Deduced his title for the statutory period * Shown his land has no encumbrance or has arrangements to discharge the same.
37
What is the statutory period of search for former Eastern and Northern States?
40 years (S. 1 & 2 Vendor and Purchaser Act 1874)
38
What constitutes a good root of title?
* Conveys legal title * Adequate description of the property * No evidence of fraud or cause to doubt genuineness * Not subject to a higher interest other than statutory limitation under the Land Use Act
39
Give an example of a good root of title.
A deed of Assignment duly executed and perfected.
40
What is an example of a bad root of title?
An unregistered Deed of Assignment.
41
What does 'Investigation of Title' entail?
The process of confirming the genuineness and authenticity of the documents the vendor has relied on to establish his title.
42
Why is it necessary to confirm the story of devolution of title on vendor?
To avoid the consequences of Notice which defeats the defense of BFP.
43
What are some methods of conducting an effective investigation of title?
* Searches * Physical Inspection * Investigation of family history * Examination of abstracted documents * Examination of CTC of judgment if any * Requisition
44
What is a Requisition on Title?
Written questions from the purchaser to the vendor concerning doubts arising from the purchaser’s investigation of title.
45
What must the vendor do in response to Requisitions?
The vendor must answer questions raised, and failure to answer attracts an order of specific performance.
46
What is included in a Search Report?
* Description of property * Date of search * Place of search * Name of owner of property * Nature of interest * Any encumbrance * Advice
47
What does 'Completion' refer to in the sale of land?
The final stage of the conveyancing process where parties conclude the processes that vest legal title in the purchaser.
48
What is a Completion Statement?
A statement of the financial commitments of the parties and any financial obligations they are expected to meet towards the successful completion of the transaction.
49
What items must be collected by the Assignee at completion?
* A properly executed deed of assignment * Original title documents * Receipt of payment of ground rents and other rates and taxes * Keys if property developed * Notice to tenants if sold subject to tenancies * Receipts of chattels if sold along with the property * Notice of assignment of insurance policy if applicable
50
What is the procedure for perfecting title post-completion?
* Consent * Stamping * Registration
51
Who has the legal obligation to process the consent for alienation of land?
The holder of right of occupancy, which is the assignor.
52
What are the consequences of failing to pay stamp duty?
The document becomes non-registrable and inadmissible in court.
53
What requirements must be met for registration of documents transferring interest in land?
* Due execution of instrument * Survey plan attached * Consent of the Government endorsed * Must be stamped
54
What is required for the registration of documents that transfer interest in land?
The requirements for registration include: * Due execution of instrument * Survey plan attached * Consent of the Gov endorsed on it * Must be stamped ## Footnote These requirements ensure that the registration process adheres to legal and procedural standards.
55
What is the first step in the procedure for registration?
Presentation of document at Lands Registry ## Footnote This initial step is crucial for initiating the registration process.
56
What must be done after the presentation of the document at the Lands Registry?
Assessment and payment of registration fee ## Footnote This step involves evaluating the document for any applicable fees that must be paid for registration.
57
What does the Land Registrar provide after registering an instrument?
Certificate of registration ## Footnote This certificate serves as proof that the instrument has been officially registered.
58
Under what conditions can registration be refused?
Registration can be refused for: * Non-fulfillment of conditions of registration * Document declared void by law * Prohibited from registration by law * Not a true copy of the original * Not in compliance with regulation under the law ## Footnote These conditions ensure that only valid and legal documents are registered.
59
What is the effect of non-registration of an interest in land?
Interest of purchaser remains equitable ## Footnote This means that the purchaser's rights are not fully protected against third parties without registration.
60
True or False: Non-registered interests in land are admissible in evidence.
False ## Footnote This is supported by the case Ogunbambi v. Abowab, emphasizing the importance of registration for evidentiary purposes.
61
What can be a consequence of non-registration regarding priority?
Loss of Priority ## Footnote This is illustrated in cases such as Fakoya v. St Paul’s church, Sagamu; Kayode v. Odutola; Okoye v. Dumez Nig Ltd.
62
Fill in the blank: Ethical issues in registration include failure to investigate and _______.
Suppression of defects in title ## Footnote Ethical considerations are crucial to maintain integrity in the registration process.
63
What are some unethical practices in the registration process?
Unethical practices include: * Non-disclosure of real nature of interest * Completion in a place outside office * Collusion with Officers in Stamp Duties Office to pay less stamp duty ## Footnote Such practices undermine the legal framework and can lead to disputes.

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