The Bargain Sale Deed is a specialized legal instrument used in Nigerian property transactions where real estate is transferred at a price below its fair market value. This type of deed is commonly used in various scenarios including family transfers, charitable donations, or distressed sales. The document must comply with the Land Use Act of 1978 and other relevant Nigerian property laws, requiring specific formalities such as the Governor's consent, proper registration, and payment of appropriate stamp duties. It includes crucial elements such as party details, property description, consideration amount, warranties, and proper execution requirements. The deed serves both as a transfer document and evidence of the transaction, making it essential for property records and future title verification.
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1. Title and Date: Clearly states this is a Bargain Sale Deed and the date of execution
2. Parties: Identifies the Vendor/Seller and Purchaser/Buyer with their full legal names, addresses, and capacities
3. Recitals: Background information establishing the Vendor's ownership, right to sell, and intention to transfer
4. Definitions: Defines key terms used throughout the deed
5. Consideration: States the agreed purchase price and payment terms
6. Operative Part: The actual words of conveyance transferring the property
7. Description of Property: Detailed description of the property being transferred, including boundaries and measurements
8. Vendor's Covenants: Seller's warranties regarding title, right to sell, and freedom from encumbrances
9. Governor's Consent: Reference to obtaining necessary consent under the Land Use Act
10. Execution Clause: Formal execution block for parties' signatures and witness attestation
11. Authentication: Notarization or other required authentication details
1. Special Conditions: Include when there are specific conditions or restrictions on the property use
2. Environmental Warranties: Include for properties in industrial zones or with potential environmental concerns
3. Development Restrictions: Include when the property is subject to specific development limitations
4. Rights of Way: Include when there are existing easements or rights of way affecting the property
5. Payment Schedule: Include when payment is to be made in installments
6. Third Party Rights: Include when there are existing tenants or other third-party interests
7. Tax Provisions: Include specific tax arrangements or obligations when relevant
1. Property Description Schedule: Detailed technical description of the property, including survey plans and measurements
2. Title Documents: List of all relevant title documents and their details
3. Encumbrances Schedule: List of any existing charges, mortgages, or encumbrances affecting the property
4. Payment Schedule: Detailed breakdown of payment terms if not made in a single payment
5. Land Use Approvals: Copies of relevant land use approvals and permits
6. Survey Plan: Official survey plan and property drawings
7. Photographs: Recent photographs of the property and its boundaries
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