Free Essay

Deed of Sale of Property

In: Business and Management

Submitted By babanhishma
Words 545
Pages 3
DEED OF SALE THIS DEED OF SALE is made this 25th day of November. 2014 BETWEEN HASSAN KACHALLA of College of Administrative and Business Studies potiskum, Potiskum Local Government Area, Yobe State [hereinafter referred to as ‘THE VENDOR’ which expression shall include His Heirs, Personal Representatives & Assigns] of the one part. AND MUSA SULEIMAN of Masakan Makafi Bolewa A Ward Potiskum, Potiskum Local Government Area, Yobe State [hereinafter referred to as ‘THE PURCHASER’ which expression shall include his Heirs, Personal Representatives & Assigns] of the other part.
1] The Vendor is the owner of all that developed residential house measuring 450sqm, covered by Customary Right of Occupancy No. 002023 dated 19/3/2008 issued by Potiskum Local Government Counsel in favor of the vendor. The house is hereinafter referred to as ‘’THE PROPERTY’’.
2] The property is fenced containing a four bedroom flat, a fish pond, a single room and a gate, lying and situate at Malo Garba Street, Tudun Wada layout Potiskum, Yobe State.
3} The Purchaser, under power of attorney donated him by the heirs of late Alhaji Malinta Mohammed dated 24|11|2014 is willing to purchase the property for the sole benefit of the heirs named in the power of attorney.
3] Now the vendor desires to sell the property to the purchaser for a consideration of Two Million and Three Hundred Thousand Naira [#2,300,000:00] only free from any encumbrance.
NOW IT IS HEREBY AGREED AS FOLLOWS;- a] The property is free from any encumbrance, b] The vendor has a good title to transfer in the property, c] The vendor undertakes to assist the purchaser or sign any document that may be brought by the purchaser to perfect the purchaser’s title over the property. c] The vendor further undertakes to indemnify the purchaser to the cost of the property, if it is later discovered that the vendor did not transfer good title to the purchaser abinitio.
In pursuance to this agreement and in consideration of the payment of the aforesaid sum of #2,300,000:00 now paid unto the vendor by the purchaser [the receipt of which the vendor hereby acknowledged] the vendor doth hereby transfer and or assign all his rights and interest in and over the property to the purchaser free from any encumbrance.
All original documents in respect of the property in possession of the vendor have been handed over to the purchaser. IN WITNESS WHEREOF THE PARTIES have set their respective hands & seals the day and year first above written
BY THE WITHIN NAMED VENDOR ---------------------------------in the presence of
Name …………………………………………………………………..


BY THE WITHIN NAMED PURCHASER -----------------------------------
In the presence of
Name ………………………………………………

Name ………………………………………………
Occupation…………………………………………. Prepared by
Address………………………………………………. A.Abdullahi Esq
Signature…………………………………………….. A. Abdullahi & Co No. 153 Ahmadu Bello way potiskum Yobe State.

Dated this 25th Day of November, 2014.

Prepared by
A.Abdullahi Esq
A. Abdullahi & Co
No. 153 Ahmadu Bello way potiskum
Yobe State.

Similar Documents

Free Essay

Anderson Street

...Whenever a transaction of property takes place in the real estate industry, there is a purchase and sale agreement form that needs to be signed and agreed upon by both the buyer and seller. The form will have the terms and conditions, as outlined in Exhibit 2, of the sale. This is the same case whenever a landlord, should Charlie Leonard proceed to purchase the property, leases out his/her property to tenants; an agreement must be signed between the lessor and lessee that details all the terms and conditions of the lease. Both parties’ names will be listed on the top of the sale agreement and each will be classified as the “Seller” and “Buyer”. These two terms are used for the rest of the agreement to make transparent each side’s responsibilities. The buildings, structures, improvements, and fixtures are important as property age over time and so in certain circumstances, parts of the property (ex: windows, doors, fences) will need to be replaced. Again, the seller and buyer will discuss which side will be footing the cost of these repairs. Leonard, in Exhibit 1, has budgeted repairs to be around 5%, or roughly $2,200. One of the most important parts of the sale agreement is the purchase price, agreed upon by both the buyer and seller. A security deposit is necessary to show that the buyer is committed to this transaction while the payment is due whenever the transaction of the deed takes place. Title deeds also play an important factor as they consist of documents that......

Words: 478 - Pages: 2

Premium Essay

Case Digest Modina

...evidenced by deed of sale. Modina then filed Complaint for Recovery of Possession with Damages before the Regional Trial Court of Iloilo City. On the other hand, Merlinda, the wife of Ramon, presented also a complaint which is to make the deed of sale between her husband and Modina null and void. ISSUE: The first issue raised was that whether the sale of the parcel of land should be nullified or not. Second is that whether the petitioner, Modina, was a purchaser in good faith or not. Third is whether the decision of the trial court was in excess of jurisdiction or the court's acting beyond the limits of its power; and lastly whether or not only three-fourths of subject lots should be returned to the private respondent. RULING: The court declares the sale of land between Chiang and Modina as null and void. This is because under Art. 1490, husband and wife are prohibited to sell properties to each other. Not being the owner of the land, Ramon Chiang cannot sell the land to Modina. The sale by Ramon Chiang in favor of Modina is, likewise, void and inexistent. As for the second issue, the court concluded that Modina is not a purchaser in good faith. It was found that there were circumstances known to Modina which rendered their transaction fraudulent under the circumstances. Circumstances which indicated of bad faith on Modina, is that he asked his nephew to investigate the origin of the property and the latter learned that the land formed part of the properties of......

Words: 1181 - Pages: 5

Free Essay

True Facts Gaite executed a deed of assignment in favor of a single proprietorship owned by him. For some reasons, Fonacier revoked the agency, which was acceded to by Gaite, subject to certain conditions, one of which being the transfer of ores extracted from the mineral claims for P75,000, of which P10,000 has already been paid upon signing of the agreement and the balance to be paid from the first letter of credit for the first local sale of the iron ores. To secure payment, Fonacier delivered a surety agreement with Larap Mines and some of its stockholders, and another one with Far Eastern Insurance. When the second surety agreement expired with no sale being made on the ores, Gaite demanded the P65,000 balance. Defendants contended that the payment was subject to the condition that the ores will be sold. Issue: (1) Whether the sale is conditional or one with a period (2) Whether there were insufficient tons of ores Held: (1) The shipment or local sale of the iron ore is not a condition precedent (or suspensive) to the payment of the balance of P65,000.00, but was only a suspensive period or term. What characterizes a conditional obligation is the fact that its efficacy or obligatory force (as distinguished from its demandability) is subordinated to the happening of a future and uncertain event; so that if the suspensive condition does not take place, the parties would stand as if the conditional obligation had never existed. A contract of sale is normally commutative......

Words: 9967 - Pages: 40

Premium Essay

Law 531 address potential real property issues consist of six methods. Real property is immovable or attached to immovable land or building (cheeseman, 2010). The issues that can arise in real property is transfer of ownership, which there are four forms or ownership, one joint tenancy, tenancy in common, tenancy by the entiety and community property (cheeseman, 2010). With each form there are legal issues that can arise with the transfer of ownership, example of a few is transfer by sale, tax sale, gift, will or inheritance, and adverse possession. A sale is the most common for transferring ownership rights in real property the statue of fraud are required, and a contract must be presented in writing. The seller delivers the deed to the buyer and the buyer pays the purchase price at closing or settlement. Tax sale is if the owner fails to pay the real property tax, the government can put a lien on the property for the amount of the taxes (cheeseman, 2010). If unpaid the property can be sold at tax sale auction. Gift, will, or inheritance the gift is made when the deed of the property is delivered by the doner for the donee. No consideration is necessary. Adverse possession this is when the real property is given wrongfully possesses the title of the property. The transfer of the property is involuntary and does not require the delivery of a deed. To receive the deed they must one have the property 10-20 years, two occupy the property, three physically occupy......

Words: 330 - Pages: 2

Premium Essay

Ca Exam Prep

...Manager of Technology, Editorial: John Barans Frontlist Buyer, Manufacturing: Kevin Kluck Art Director: Bethany Casey Content Project Manager: D. Jean Buttrom Production Service: Pre-Press/PMG-India Cover Designer: Pop Design Works, Cover Images: © Getty Images © 2009 Cengage Learning ALL RIGHTS RESERVED. No part of this work covered by the copyright hereon may be reproduced or used in any form or by any means—graphic, electronic, or mechanical, including photocopying, recording, taping, Web distribution, information storage and retrieval systems, or in any other manner—except as may be permitted by the license terms herein. For product information and technology assistance, contact us at Cengage Learning Customer & Sales Support, 1-800-354-9706 For permission to use material from this text or product, submit all requests online at Further permissions questions can be emailed to Library of Congress Control Number: 2008926512 Student Edition ISBN 13: 978-0-324-64498-2 Student Edition ISBN 10: 0-324-64498-1 Student Edition with CD ISBN 13: 978-0-324-64497-5 Student Edition with CD ISBN 10: 0-324-64497-3 Cengage Learning 5191 Natorp Boulevard Mason, OH 45040 USA Cengage Learning products are represented in Canada by Nelson Education, Ltd. For your course and learning solutions, visit Purchase any of our products at your local college store or at our preferred online store......

Words: 64373 - Pages: 258

Free Essay

Law of Sales

...Deed of Sale vs. Equitable Mortgage Posted on November 11, 2009 by lexposition • Posted in Civil Law • Tagged mortgage, sale • Under the Civil Code, an agreement that, on its face, looks like a sale may be considered an equitable mortgage. Article 1602 of the Civil Code provides: Art. 1602. The contract shall be presumed to be an equitable mortgage, in any of the following cases: (1) When the price of a sale with right to repurchase is unusually inadequate; (2) When the vendor remains in possession as lessee or otherwise; (3) When upon or after the expiration of the right to repurchase another instrument extending the period of redemption or granting a new period is executed; (4) When the purchaser retains for himself a part of the purchase price; (5) When the vendor binds himself to pay the taxes on the thing sold; (6) In any other case where it may be fairly inferred that the real intention of the parties is that the transaction shall secure the payment of a debt or the performance of any other obligation. In any of the foregoing cases, any money, fruits, or other benefit to be received by the vendee as rent or otherwise shall be considered as interest which shall be subject to the usury laws. In Rockville Excel International Exim Corporation vs. Spouses Oligario Culla and Bernardita Miranda, G.R. No. 155716, October 2, 2009, the Supreme Court faced the issue of whether a Deed of Absolute Sale is really an absolute sale of real......

Words: 1101 - Pages: 5

Premium Essay

Business Law Assignment courts. Stare decisis is a term used in the common law to mean that decisions made in court cases should be based on previous decisions. It simply means that the decision should stand. It therefore means that in business, this is a principle that can assure a business person of the ruling of a case that is similar to the previous. Rulings in business cases are hence made predictable. Bailment It is where a person delivers his personals to someone else for safety keeping. Bailor is the one delivering property while the one receiving is the bailee. It involves delivery of goods to somebody else in trust creating a contract either express or implied. The bailee must be willing to possess the property physically but is not entitled to use it. In business transactions, the bailee has both the duty of care and responsibility to re-deliver the property. Statute of frauds This is a requirement that certain contracts like sale of goods that exceeds a certain value, land sale or a guarantee of debt be made in writing and then signed to prevent perjury and fraud. Two sophisticated business corporations may enter into a joint venture say of about 10 years. There are different negotiations that they engage in and one party promises that it will join the negotiations in time. In case the party fails to honor the negotiations, the second party (business partner in the venture) can use statute of frauds in a court case as an affirmative defense in breach of an agreed contract.......

Words: 2476 - Pages: 10

Free Essay


...1983, the appellees and Alejandria Pineda, together with the latter’s spouse Alfredo Caldona, executed an ‘Agreement to Exchange Real Properties’ . In the agreement, the parties agreed to: 1) exchange their respective properties; 2) Pineda to pay an earnest money in the total amount of $12,000.00 on or before the first week of February 1983; and 3) to consummate the exchange of properties not later than June 1983. It appears that the parties undertook to clear the mortgages over their respective properties. At the time of the execution of the exchange agreement, the White Plains property was mortgaged with the Government Service Insurance System (GSIS) while the California property had a total mortgage obligation of $84,000.00. “In the meantime, the appellees were allowed to occupy or lease to a tenant Pineda’s California property and Pineda was authorized to occupy appellees’ White Plains property . Pursuant to the exchange agreement, Alejandria Pineda paid the appellees the total amount of $12,000.00 broken down as follows: 1) $5,000.00, on January 1983; 2) $4,000.00 on April 1983; 3) $3,000.00 on January 1985 . “On December 18, 1984, unknown to the appellees, Alejandria Pineda and the appellants Adeodato C. Duque, Jr. and Evangeline Mary Jane Duque executed an ‘Agreement to Sell’ over the White Plains property whereby Pineda sold the property to the...

Words: 1097 - Pages: 5

Premium Essay

G.R No. 172733

...SPS. CORNELIO JOEL I. ORDEN and MARIA NYMPHA V. ORDEN, and REGISTER OF DEEDS OF NEGROSORIENTAL, Petitioners, versus SPS. ARTURO AUREA and MELODIA C. AUREA, SPS. ERNESTO P. COBILE and SUSANA M. COBILE, and FRANKLIN M. QUIJANO, Respondents. G.R. No. 172733 August 20, 2008 Fact This case is about the legal consequence when spouses Ernesto P. Cobile and Susana M. Cobile, respondents in a contract to Deed of Absolute Sale selling on parcel of land fail to make a promissory due date. When there is a contact, Deed of Absolute Sale and Joint Affidavit between petitioners Orden and respondents Cobile, respondents Cobile paid the amount of 384,000.00 pesos as a partial payment to petitioners Orden. Moreover, there is an evidence receipt that respondents Cobile paid partial payment. Thus, Orden, petitioners and Cobile respondents make a promissory that respondents Cobile promise to pay petitioners Orden the amount of 566,000.00 pesos on or before October 31, 1994 and the remaining balance will be paid soon as the titles of the properties shall have been transferred to respondents Cobile. However, respondents Cobile fail to pay the amount 566,000.00 pesos due to October 31, 1994 and they paid 354,596.28 as representing a partial payment through Arturo Aurea. Petitioners Orden informed respondents Cobile that if respondents Cobile fail to pay the remaining balances dated March 11, 1995, petitioners Orden will contract other interested investors. Since respondents Cobile did...

Words: 790 - Pages: 4

Premium Essay

Business Law Assignment In addition, we gladly acknowledge the valuable cooperation and assistance we have received from the employees of high court. It will be really injustice if we do not thank them because without their cooperation we could not do anything. Table of content Part -1 • IMMOVABLE PROPERTY ONLY • SALE • MORTGAGE • LEASE • EXCHANGE • GIFTS • ACTIONABLE CLAIM Part – 2 • Definition of Mortgage • References to mortgagors and mortgagees to include persons deriving title from them. • Rights and Liabilities of Mortgagor Right of mortgagor to redeem. • Obligation to transfer to third party instead of re-transference to mortgagor. • Right to inspection and production of documents. • Right to redeem separately or simultaneously. • Accession to mortgaged property • Right of usufructuary mortgagor to recover possession. • Accession acquired in virtue of transferred ownership. • Improvements to mortgaged property. • Renewal of mortgaged lease. • Implied contracts by mortgagor. • Conclusion: Transfer Of Property (Executive Summary) The most usual way of acquiring an interest in property is as the...

Words: 6363 - Pages: 26

Premium Essay

Air Conditioner

...Section 58(a) of Transfer of Property Act as "the transfer of an interest in specific immovable property for the purpose of securing the payment of money advanced or to be advanced by way of loan, an existing or future debt, or the performance of an engagement which may give rise to a pecuniary liability" It works on the simple idea of lien over another's property and is effected as an instrument between the lender and borrower. The borrower seeks a loan against the security of his property. This is done by transferring an interest of the immovable property to the lender and it entails pecuniary/financial liability as well. The person who advances loan against security is referred to as the 'mortgagor' and the one who seeks loan is the "mortgagee". Mortgages can be on any freehold or leasehold immovable property. Definitions: 1. Debt / Mortgage Money: The principal borrowed from the lender. The borrower in addition to the principal has to pay the interest levied on it. 2. Redemption: It means that the interest transferred to the mortgagee during the transaction at the time of the execution of mortgage would be vested back in the mortgagor at the time of recovery. 3. Mortgage Deed: It is a legal instrument in accordance with the mortgage law in India and duly stamped under Indian Stamp Act, 1889. It is legally binding on both parties in the mortgage deal. It contains details of the property owner, location of the property, size of property, amount of......

Words: 1652 - Pages: 7

Free Essay

Prop Outline

...Property Outline 1. Concept of Property a. Res = a thing or object, a piece of property b. 6 theories used to Justify the private property system i. The Economic Theory 1. Private rights arise in property based on external cost factors seeking to maximize societal efficiency ii. The Occupation Theory 2. Occupation or Possession of a thing justifies legal protection iii. The Labor Theory 3. Moral right to ownership or control over things produced from one’s labor iv. The Contract Theory 4. Private property is a result of contracts between individuals and the community v. The Natural Rights Theory 5. “natural law” dictates the recognition of private property vi. The Social Utility Theory 6. The law should promote the maximum fulfillment of human needs and aspirations, and private property is on of those needs c. The Bundle of Rights (D.U.P.E.D) vii. Property consists of the following rights in regards to a “res” or thing 7. Right to Dispose of property (alienate/transfer) 8. Right to Use how you want 9. Right to Possess how you want 10. Right to Exclude others from your property 11. Right to Damages from others who violate your bundle viii. The more of the above rights that one has in regards to a res, the greater the significance of...

Words: 5593 - Pages: 23

Premium Essay

Real Estate Law Final Study Guide

...with a corporate resolution | True | A deed need not have consideration to be valid | False | A deed that covenants only against the lawful claims of people claiming by, though, or under the grantor is a limited warranty deed | True | A default by a landlord under the lease generally gives the tenant the right to | Sue the landlord for performance | A determination as to whether property is located in a flood hazard zone is made by the title examiner | False | A farm owner who gives a person permission to fish in his lake gives the person | License | A fee simple absolute estate has a potential infinite duration and unrestricted inheritability | True | A fee simple on condition subsequent estate automatically expires on the happening or nonhappening of the event stated in the deed of conveyance or the will creating the estate | False | A fixture is classified as real property | True | A foreign person affidavit is for the benefit of the purchaser | True | A foreign person affidavit is for the benefit of the seller | False | A foreign person affidavit is signed by the purchaser | False | A foreign person affidavit is signed by the seller | True | A hazard waste indemnity found in many real estate contracts is for the benefit of the seller | False | A judgment that has been recorded in the public records becomes a lien on all property of the judgment debtor owned at the time of recording as well as any future property acquired by the debtor |......

Words: 3883 - Pages: 16

Premium Essay

Porters 5 Forces on Axis Bank

...Mid-Term Exam Rooks Summer 2005 1. An agent is showing a property that belongs to a seller with AIDS. What should the agent do? A. Disclose this fact since it is a material fact B. Disclose this fact only if asked C. Never disclose this fact D. Withdraw from the listing 2. In an in-house transaction, all of the following are true EXCEPT: A. A broker can present an offer on one of his own listings B. The broker will negotiate only on behalf of the seller C. The broker must obtain both parties’ written consent D. The broker owes certain fiduciary duties to each party 3. For which of the following would a lender be least likely to require deposits into an impound account? A. Mortgage interest B. Homeowners' association fees C. Property taxes D. Annual assessments 4. Under the Fair Housing and Employment Act, a person who has suffered from discrimination in housing may receive: A. an opportunity to buy or rent the property if it is still available B. an opportunity to buy or rent a similar property C. money damages D. Any of the above 5. A prudent lender who is deciding whether or not to make a real estate loan to a prospective borrower will ensure that: A. the market value of the property is greater than the loan amount B. the borrower's credit is satisfactory C. the borrower has adequate cash reserves after paying the downpayment and closing costs D. All of the above 6. A man owns a house and has a first deed of trust executed against the home. He has a......

Words: 7101 - Pages: 29

Premium Essay


...examples include mortgage, deed of trust, security deed, or trust deed. The security instrument identifies and encumbers the real property used as collateral for the note. It is notarized and recorded with the county in which the property is located. Once recorded, it secures an interest in, or lien against, the property. In title theory states, a mortgage is used and it conveys ownership to the lender. A clause in the mortgage provides that title reverts back to the borrower when the loan is paid. In lien theory states, the mortgage creates a lien only on the property and the title remains with the borrower. The lien is removed when all the payments have been made. With a Deed of Trust there are three parties involved; the Trustor (borrower), the Beneficiary (lender or note holder), and the Trustee (third party holding title to the property, normally a title company or attorney). With a mortgage document, there are only two parties involved, the borrower and the lender. With a Deed of Trust, the borrower conveys title to a trustee who will hold title to the property for the benefit of the lender. The title remains in trust until the loan is paid. Certain language is vital in a security instrument. When reviewing, look for the following terms: Due on Sale Clause: This clause allows the (note holder, lender, etc.) to demand immediate payment of the note if the property is sold without their written consent. The purpose of the due on sale clause is to prevent......

Words: 583 - Pages: 3