CHAPTER ONE
GENERAL INTRODUCTION
1.1 Introduction
A contract of sale of land is the first stage in a conveyancing transaction by which the purchase acquires equitable interest on the property and legal interest in acquired later at the completion stage. Unfortunately, this important stage in conveyancing is usually ignored by Nigerians.
The parties must have capacity; there must be an offer, an acceptance, a consideration an intention to enter into a legally binding relationship, in addition to the above, the special nature of the commodity on sale makes the sale of land to be regulated very closely by common law, the general principles of equity. Customary law, and statutes. Conveyancing is a generic property or interest in real property from one party to another.
Sale or contract for sale of land is a major part of property law practice in Nigeria. In the process, interest in land is transferred from a party to another, it is not just a mere agreement to purchase such land or the payment of price, but a complete procedure which has to be followed such as, the agreement to transfer interest in land, agreement and the payment of agreed price.
The Collens Gem English Dictionary defines contract as “The entering into agreement formal document recording agreement or agreement enforceable by law ”.
In Nigeria there are two clear and distinct ways in which land is sold and title validly transferred following a sale.
(a) Through customary law or,
(b) Through received English law.
The two ways are distinct and mutually exclusive and it is important for a party claiming title to kind to show clearly, carefully, and fully the nature of the sale transaction in order to establish the applicable law to
the transaction While a valid sale of land under customary law does not require a conveyance as
obtained under English law, a valid transfer or sale under English law requires payment of the money or
consideration, acknowledgement of the money or consideration, acknowledgement of receipt of purchase
money and execution of deed of conveyance in favour of the purchaser Applicable Law
The principal statute on the formation of contract of sale of land is section 4 of the statute of frauds 1677 (U.K) and its local equivalent section 5 of the law Reform (contract) Act (No 64) of 1961.
Section 4 of the act provides
No action shall be brought upon any contract for the sale or other disposition of land or any interest in land, unless the agreement upon which such action is brought or some memorandum or note thereof, is in writing and signed by the party to be charged or by some person thereunto by him lawfully authorized.
The act does not apply to a contract for sale of land under native law and custom. Under native law where the indigene are predominantly illiterate the requirement of writing is not essential in fact document are unknown to nature law. But every valid sale of land under native law satisfy the following
a. The payment of the purchase price;
b. The purchaser is put in possession and
c. The transaction is in the presence of witnesses
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