Property Deed Guidance

Summary

The conversation involves understanding and drafting a property deed, focusing on buyers acceptance, tenancies, risk transfer, indemnification, and governing law. A simplified deed template was provided, but it is not legally binding without a lawyers guidance. Consulting a lawyer is recommended for a complete version tailored to Lagos laws.

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Tenancies and Notices The Buyer acknowledges that: (a) the Property is a landed building with tenants in occupation and that the [AGENT NAME] has issued notices introducing the Buyer as the new owner/landlord to the tenants on [DATE], which the Buyer hereby ratifies and adopts; and (b) with effect from the Effective Date, the Buyer assumes and will perform all landlord obligations, and will indemnify and hold the Seller harmless from and against all claims, demands, liabilities, charges and expenses (including service charges, rates, utilities, and statutory levies) relating to periods on or after the Effective Date.
It seems like you’re dealing with a property transaction involving tenancies and notices. Here's some general guidance:
- Tenant Notices: Ensure that all tenant notices are properly documented and acknowledged by the tenants.
- Landlord Obligations: As the new landlord, you are responsible for all obligations, including maintenance and addressing tenant concerns, from the Effective Date.
- Indemnification: You are indemnifying the seller for any issues arising after the Effective Date, so it’s crucial to ensure all terms and conditions are clear.
If you have specific concerns or need further clarification, feel free to ask.
Transfer of Risk and Outgoings All risk, costs and outgoings relating to the Property (including maintenance, utilities, rates, levies, service charges, security, and tenant‑related obligations) transfer to and are for the account of the Buyer from the Effective Date. The Buyer will indemnify the Seller against any claim or liability arising from or relating to the period on or after the Effective Date, except to the extent arising from the Seller’s fraud or wilful misconduct.
It seems like the buyer has agreed to take on all responsibilities and risks associated with the property from the Effective Date and indemnify the seller against future claims. Do you have any specific concerns or need clarification on any part of this agreement?
Governing Law and Jurisdiction Acknowledgment The Buyer acknowledges that this Deed is a legally binding instrument under the laws of Lagos State and the Federal Republic of Nigeria and irrevocably submits to the exclusive jurisdiction of the courts of Lagos State (without prejudice to any concurrent federal jurisdiction), subject to any dispute resolution clause expressly set out in this Deed. Estoppel and Waiver of Inconsistent Claims The Buyer will not seek to rescind, avoid or challenge this Deed, nor bring any claim inconsistent with the acknowledgments and declarations in this clause, except in the case of fraud or wilful misconduct.
Case Rating: *
It seems like you have a comprehensive property deed agreement. Generally, the buyer's acceptance of the property "as-is" and the assumption of all associated risks and obligations are clear. If you have specific concerns about this agreement, such as any potential hidden liabilities or terms that seem unfair, you may want to consult with a lawyer for personalized advice. If you have any further questions or need clarification on specific clauses, feel free to ask!
write the full deed
Case Rating: *
Creating a comprehensive deed involves several complexities and legal requirements. Below is a simplified template for what a basic deed might look like, but please consult a lawyer for a finalized and legally binding document.
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DEED OF SALE
THIS DEED OF SALE is made on [DATE] between:
*. Seller:
Name: [SELLER NAME]
Address: [SELLER ADDRESS]
*. Buyer:
Name: [BUYER NAME]
Address: [BUYER ADDRESS]
PROPERTY:
Description: [PROPERTY DESCRIPTION]
CONSIDERATION:
Amount: [AMOUNT]
TERMS AND CONDITIONS:
*. Buyer’s Acceptance and Declaration:
- The Buyer acknowledges receipt of the Old Deed dated [DATE].
- The Buyer accepts the property "as-is."
*. Tenancies and Notices:
- Acknowledges existing tenants and responsibilities as a landlord.
*. Transfer of Risk and Outgoings:
- All risk and costs transfer to the Buyer from the Effective Date.
*. Indemnification:
- Buyer indemnifies the Seller against claims post-Effective Date.
*. Governing Law and Jurisdiction:
- Governed by the laws of Lagos State, Nigeria.
*. Estoppel and Waiver of Inconsistent Claims:
- Buyer will not challenge this Deed except in cases of fraud.
SIGNATURES:
Seller: ___________________ Date: __________
Buyer: ___________________ Date: __________
Witness: __________________ Date: __________
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Please ensure this template is reviewed and customized by a legal professional to suit your specific situation and adhere to local laws.
is this full
Case Rating: *
The simplified template you provided outlines the key elements of a deed of sale, but it is not full or legally binding without the guidance of a qualified lawyer. Ensure it is customized to your specific needs and complies with local laws in Lagos. If you need more detailed assistance, consulting a lawyer is advisable.
what was the ask
The primary ask from the conversation appears to be guidance on understanding and drafting a property deed. The user is seeking clarification on the various aspects of the deed, including buyer's acceptance, tenancies, transfer of risk, indemnification, and governing law. They also requested a full deed template, which was provided in a simplified form, with the advice to consult a lawyer for a complete and legally binding version tailored to their specific needs and local laws in Lagos.