BARR, CHIGOZIE EZEKIEL
victorezekielc@gmail.com/+2348034997413
The various transactions that are affecting property
are:
Pledge of land
– This
exist where a person referred to generally as the ‘Pledgor’ gives or deposits
any land or interest in land to another party, referred to as the ‘Pledgee” in
which the person depositing the property binds himself to do or forbear from
doing a particular thing. In this case, only possession is given as the title
or the legal interest in the land is not transferred. In a pledge, land is
usually put as a security to get something from the Pledgee. In an action to
prove a pledge of land before a court, it is generally accepted that the person
alleging pledge must establish (a) the
pledge itself; (b) the parties to
the pledge; (c) the witnesses, time
and circumstances of the pledge; and (d)
the consideration for the pledge – Anyaegbunam v. Osaka (2000) FWLR (pt. 27) p.
1942. The right of the Pledgor to recover possession of the land
remains with him and is never extinguished hence the cliché: “once a pledge,
always a pledge”. Finally, in a pledge, the land is redeemable however how long
it might have been in possession of the Pledgee – Akuchie v. Nwamadi (1992) 8 NWLR
(Pt. 258) p. 214 at 226.
Gift of land –
This in
property practice is the voluntary transfer or conveyance of any interest in
land made gratuitously to a recipient and without any consideration paid by the
recipient. The essential quality of a gift is that it lacks the element of
bargain based on quid pro quo by
which a sale is characterized – Dung v. Chollom (2003) FWLR (Pt. 220) p. 738
at 745. There are certain conditions which must exist to make a gift
valid (a) intention of the donor to
make the gift; (b) completed act of
delivery to the recipient; and (c) acceptance
of the gift by the beneficiary (recipient) – Achodo v. Akagha (2003) FWLR (Pt.
186) p. 612. Once a gift of land has been made and accepted, the
grantor’s right over the land is destroyed and he cannot lay claim to it
thereafter – Anyaegbum v. Osaka (supra) where
the SC held that the donor has no right to revoke the gift once it has been
accepted. However, where it is subject to forfeiture, it amounts to a tenancy
not a gift.
Sale of land – A contract of sale of land
is an agreement whereby the vendor promises to sell and the purchaser to buy
the land in question. It is a binding agreement that the courts will enforce if
necessary. The most important significance of this agreement is that it allows
the purchaser ample time to investigate the title of the vendor.
Leases or
leasehold –
This is a written agreement under which a property owner (landlord) allows another (tenant) to use the property for a specified period
of time and rent and known as a Landlord/Tenant relationship. A tenancy is a lease under 3 years while a lease is
one above 3 years.
Mortgage and
Charge of land – This is generally the conveyance of a legal or equitable interest in a
property with a provision for redemption, that is, the conveyance shall become
void or the interest shall be re-conveyed upon the repayment of the loan – Per
Amaizu JCA, in B.O.N Ltd v. Akintoye (1999) 12 NWLR (Pt. 392) p. 403. The
borrower is called the mortgagor or charger while the lender is the mortgagee or charge. The lender may sell the security to realize
the money advanced where the borrower fails to repay.
Donation of
power – This
is an agency relationship by which a person gives power to another so that the
agent acts on behalf of the principal in respect of specific transactions
affecting land, such as to let out premises and collect rent, or to sell
property and execute the document of sale.
ADMINISTRATION
OF ESTATES LAW - This law regulates the administration of the estate of a deceased
person who dies intestate or testate. The law substitutes local provision on
intestate succession with English law on intestate.
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