NIGERIAN LAW SCHOOL 2010 BAR FINALS QUESTIONS AND ANSWERS IN PROPERTY LAW PRACTICE
NIGERIAN BAR EXAMINATION-PART II FINAL
PROPERTY LAW PRACTICE
MONDAYS 9TH AUGUST, 2010 TIME: 3 HOURS
INSTRUCTIONS
THIS PAPER IS DIVIDED INTO 2 SECTION AND 2 ANSWER BOOKLETS ARE PROVIDED.
QUESTIONS 1 AND 4 ARE COMPULSORY. ONE OTHER QUESTION FROM EACH SECTION SHOULD BE ATTEMPTED.
QUESTIONS FORM EACH SECTION SHOULD BE ANSWERED ON A SEPARATE ANSWER BOOKLET.
WRITE YOUR EXAMINATION NUMBER ON EACH ANSWER BOOKLET.
SECTION 1
QUESTION 1 (COMPULOSORY)
Chief Emeka Bello an illiterate businessman who resides at 15, Bello Street, Ilori, Kwara State, is the owner of the following properties:
– A 3 storey building at 10, Mba Lane, Enugu State.
– An undeveloped 2 acres of land at Markurdi, Benue State.
– Ten 4-Bedroom bungalows at Bello Estate, Ikoyi Lagos
– A 2- storey building at Osogbo Street, Victoria Island, Lagos
– A block of 9 flats at Minna Street, Yola, Adamawa State; among others.
In order to raise money to develop the 2 acres of land at Markurdi, Chief Bello has decided to sell the properties in Enugu and Victoria Island, Lagos to Diamond Bank plc for N50Million and N70miollion respectively, he also decided to create a term of 15 years in favour of Green field Nigeria Limited of 12, Clegg Street, Yola in respect of the property in Yola; and use the properties at Bello Estate, Ikoyi, Lagos to secure a loan of N100million from Silver Linning Bank Plc.
1a. Answer the following questions:
i. List any five laws that will apply to the transaction between Chief Bello and Silver Linning Bank Plc.
ii. Assuming you act for Silver Linnig Bank Plc in the transaction, state the documents you would need to collect from chief Bello to enable you investigate the title to the properties. Would y our answer be different if the properties were located in Kaduna State?
iii. Assuming the mortgage was a legal mortgage and Chief Bello has defaulted in repaying the loan, what remedies are available to the bank?
iv. Ten days after the date for repayment of the loan, the bank advertised the properties for sale by auction. A week later, all the properties were sold for N160million to Chief Badmus who was unaware of the transaction between Chief Bello and Silver Lining Bank Plc. All the properties were professionally valued at N200million. As Chief Bellos Solicitor, advise him on t he validity of the sale general and his chances (if any) if getting his properties back.
v. Mention the taxes that will be paid in respect of the transaction between Chief Bello and Silver Lining Bank Plc.
vi. Assuming Mr. T.T.B. Amos received the sum of N20 million as stakeholder in the transaction between Chief Emeka Bello and Diamond Bank Plc and the money paid into his personal account. Comment on the proprietary of Mr. Amoss action. What remedies are available against him under the legal Practitioners Act
1b. Mention the document required to be prepared to complete the transaction between Chief Bello and Diamond Bank Plc. In respect of the property in Victoria Island, Lagos.
1c. the following clauses appear in the document embodying the transaction between Chief Bello and Greenfield Nigeria Limited:
I. Not to assign, sublet or otherwise part with possession of the demised premise or any part of it
II. To pay all rates, taxes and outgoings in respect of the demised premises.
Assuming you act for Greenfields Nigeria Limited, redraft the above clauses.
QUESTION 2
Mrs. Beulah Siwesi of No 2. Usuman Crescent, Maitama, Abuja wishes to send her son to Netherlands for his Masters degree. Unfortunately, she cannot afford to do so but she does not want to be left out since most of her friends have children abroad.
She has therefore decided to mortgage her duplex at No. 14 Abule Oja Street, Onike-Yaba, Lagos with Title No. LA/112/61 to Cosmos Microfiance Bank Limited of No. 14 Adetokunbo Ademola Street, Wuse II, Abuja.
Consequently, the parties executed a deed of Mortgage on 10th July, 2010 which was dully registered, stamped and Governors consent obtained on it. The mortgage was for the sum of Five Million naira only (N5,000,000.00) with 5% interest rate per annum payable by quarterly installment on the 1st day of each quarter in every year to be redeemed within 2 years
Answer the following questions:
a. Complete the attached from 5 (DETACH FROM AT PAGE 4 AND ATTACH TO ANSWER SCRIPT)
b. After the perfection of the transaction, the Bank granted additional five hundred thousand naira only (N500,000.00) to Mrs. Beulah Siwesi. What steps will the bank need to take to perfect this subsequent transaction.
c. Assuming in excise of its power of sale under the mortgage agreement, cosmos Microfinance Bank Limited sold the property and expended the proceeds of sale towards offsetting the principal and interest. The auctioneer is upset that his fees were not paid first. Advise the parties on the application of proceeds of sale of the mortgage property.
d. Assuming you act for Cosmos Microfinance Bank Limited, draft the search report to be submitted the Company Secretary of the Bank.
SPECIMEN FORM 5
CHARGE AND SUB-CHARGE
Title No:
.
Date:
In consideration of
.. the receipt whereof I hereby acknowledge, I
of
….
By this deed charge the land comprised in the title above referred to with the payment to
.. of
.
..on the
of
..2010
Of the principal sum of
.with the interest in the meantime at
..per cent per annum and if that sum in not so paid with interest as aforesaid on the day aforesaid, I further charge the said land with interest at the rate aforesaid on the principal money for the time being owing on this security payable
.. on the
.. in every year.
And I the said
.. apply to be registered as owner of the charge hereby created.
Signed and delivered by the said
.
.
(signature of registered owner of land
In my presence
In my presence
Signature
..
Address
..
Occupation
..
Sealed and delivered by the said
(sealed of owner of charge)
Director Director
QUESTION 3
3a. Chief Goodluck is the owner of a duplex located at Gwarinpa Estate, Abuja. He purchased the house from Alhaji Sambo at the cost of N100 million in 2007. Chief Goodluck instructed his Solicitor Mr. Ogoni to conduct the sale of the house to any prospective buyer on his behalf. In order to make the house look presentable, Chief Goodluck carried out extensive repairs and renovations on the house at the cost of N100,000.00.
The solicitor Mr. Ogoni later place an advertisement for the sale of the house in a national newspaper at the advertisement cost of N450,000.000.00. The house was eventually sold for N140 million to Chief Oshode in 2009 and a formal contract was executed to effect the transaction.
Answer the following questions:
I. Calculate the capital gains Tax Payable by Chief Goodluck in respect of the sale of the house to Chief Oshodi. State who between the parties should pay the tax.
II. Comment on the lack of Governors consent in the sale transaction.
III. Draft the commencement clause to the document in respect of t he transaction.
3b. After purchasing the property Chief Oshodi executed a lease with Mrs. Naubam Godwin, in which the lease will commence from the date the Abuja Municipal Council issues to the Lessee a Certificate of Occupancy and end 7 years after.
Answer the following questions:
I. Whether the lease is valid? Give reasons in support of your position.
II. Make a distinction between a rack rent and ground rent chargeable in lease
SECTION 2
PLEASE USE ANOTHER ANSWER BOOKLET FOR THIS SECTION
QUESTION 4 IS COMPUSLSORY. ONE OTHER QUESTION FROM THIS SECTION SHOULD BE ATTEMPED.
QUESTION 4 (Compulsory)
Dr. Hassan Odeh is a reputable consultant physician, resident in Markurdi, with a thriving medical practice. Unfortunately, he recently suffered a major financial set back due to a vicarious liability law suit instituted by an old patient, whereby the sum of N25 million was paid as judgment debt by Dr. Odeh.
Despite this distraught experience, he tried to revamp his finance and save his medical practice. He therefore decided to fall back on his land assets to raise the necessary funds.
Dr. Odeh engaged the services of his long time friend Magagi Akor Esq. and executed a power of attorney appointing Magaji Akor as his attorney to sell his 4 bedroom duplex at No. 4, High level, Markudi, for the sum of N8 million and to lease out his block of four 2 bedroom flats located at no. 7 Ogioko street, Otukpo, Benue State to Cappa & Co. Construction Company Limited at the annual rent of N300,000.00 per flat for 5 years.
i. Draft the Power of Attorney to be executed in favour of Magaji Akor.
ii. What precaution will you take regarding the execution of the document?
iii. Draft a standard covenant on Assignment to be included in the lease agreement.
iv. Assuming Cappa & Co Company Limited is desirous of transferring its unexpired residue to Miss Gbagi Udeh, what document will the parties execute?
v. Draft the rent clause to be included in the lease in the favour of Cappa & Co. Construction Company Limited.
QUESTION 5
Study this Agreement and offer a redraft where appropriate taking particular note of use of plain English.
THIS AGREEMENT made the 9th day of August 2010
BETWEEN
CHIEF Thomas Onigbanjo of 210 Joseph Street, Ikeja, Lagos, of the one part and Mr. Emeka and Mrs. Evelyn Obede of Wonder Bank Nigeria Limited, 2/4 Obed Street, Isolo, (in this agreement called the tenant) of the other part
WITNESSETH AS FOLLOWS:
In consideration of the rent herein reserved and the covenants hereinafter contained, the landlord hereby DEMISES to tenant ALL THAT self contained four (4) bedroom house with its appurtenances. Situate, being and lying at 17 Ire-Akari Estate, Isolo Lagos (called the demised premises) TO HOLD the same UNTO the lessee for a term of four (4) years certain commencing from the 1st day of April 2010 paying in advance the yearly rent of N750,000.00 (seven hundred and fifty thousand) Naira per annum, the sum of N1,500,000.00 representing the rent for the first two years having been paid.
THE TENANT COVENANTS:
a.
b.
c.
d.
e.
THE LANDLORD COVERNANT
IN WITNESS WHEREOF the parties have caused their respective hands and seals to be set hereunto the day and year first above written.
SIGNED, SEALED AND DELIVERED by the within named Landlord
Chief Thomas Onigbanjo
SIGNED, SEALED AND DELIEVERED by the within named Tenant Mr. Emeka Obed
.
Mr. Emeka Obed
5 (b). Mention five (5) crucial lessees covenants that need to be included in the above draft agreement.
5 (c). When would the lease expire?
5 (d). As solicitors to the parties, using the scale below, calculate your fees for acting for both parties.
The Lessors legal practitioner scale of charges for preparing , settling and completing the lease and counterpart shall be as follows:
Amount of Rent Amount of Remuneration
a. Where the rent does not exceed N100. N37.50 on the rental but not less than N25 in any
case
b. Whereby the rent exceeds N100 but N7.50 in respect of the first N100 of rent and N25
Does not exceeds N1,000. In respect of each subsequent N100 of rent or part
thereof
c. Where the rent exceeds N1,000 N37.50 in respect of the first N1000 of rent and
N25 in respect of each N100 of rent or part thereof up to N1,000 and N12.50 in respect of every subsequent N100 or part thereof.
QUESTION 6.
Alhaji Lamido Turaki is a businessman with vast interest in different sectors of the economy. He owns a posh twin duplex known as White Gold situate at No. 8 Yoruba Street, Kaduna which plot he got from the Kaduna State Government. He also owns plot 5A Lugard Drive, Ibara Housing Estate, Abeokuta which he bought form Alhaji Bunmi Abiola vide a Deed of Assignment executed on the 14th February 2002 and registered as 58/58/920 at the Lands Registry at Abeokuta.
Alhaji Bunmi had inherited the property under her late Fathers Will in 1999. Her Father was granted the plot by the Government of Ogun State vide a C of O in 1993. Alhaji Lamido Turaki has used the property at Abeokuta to secure a loan of N20 Million from Wema Bank Plc., at Lands Registry, Abeokuta on 44th March 2010.
On 2nd June 2010, Alhaji Turaki instructed his Solicitor Mr Adamu Sule to put the plot at Abeokuta up for sale to enable him raise an additional N30milion urgently needed for his business expansions.
Answer the following question:
a. If the property at Abeokuta was eventually sold for N50 million, calculate Mr. Adamu Sules fees using the fugures 22.50, 11.25 and 7.50 at the1st, 2nd, 3rd, and 4th stages respectively.
b. Assuming the said property at Abeokuta was brought by Golden Properties Ltd, draft the testimonium, execution and attestation clauses of the parties to the deed of assignment.
c. If you were the solicitor to Golden Properties Ltd, what requisitions (s) if any would you make as part of your investigations?
d. Assuming Mr. Adamu Sule sent a letter to Alhaji Turaki containing the fees to be paid to him and two weeks after Mr. Sule instituted an action for the recovery of the said fees. Advise him:
NIGERIAN LAW SCHOOL
PROPERTY LAW PRACTICE
AUGUST 2010
MARKING SCHEME
SECTION ONE
QUESTION 1 (COMPUSLSORY)
QUESTION 1 (a) (ii)
i. LAND USE ACT
II. LAND INSTRUMENT REGISTRATION LAW
III. STAMPED DUTIES ACT
IV. REGISTRATION OF TITLE LAW
V. COMPANIES AND ALLIED MATTERS ACT
VI. ILLITERATE PROTECTION ACT (LAW)
VII. LAND USE CHARGE LAW
VIII. MORTGAGE INSTITUTIONS ACT
IX. LEGAL PRACTIONERS ACT
X. RULES OF PROFESSIONAL CONDUCT (RPC)
2 ½ Marks (any five)
QUESTION 1 (a) (ii)
Documents to collect from vendor for investigation of title in RTL area:
a. Copy of title document from the vendor
b. Letter of authority form the vendor
c. Statutory declaration by the purchaser confirming the authority
3marks
Yes, my answer would be different because Kaduna is under the CA. The purchaser or his solicitor would need to collect the following documents from the vendor:
(2) Abstract of title and or
(3) Eptitome of title (2 marks)
QUESTION 1 (a) (iii)
Remedies available to a legal where a mortgagor defaults are:
a. Right of action in court, to recover principal and interests
b. Take possession of the security
c. Appoint a receiver
d. Power of sale
e. Foreclosure order
2 ½ marks
QUESTION 1 (a) (iv)
Once the power of sale has arisen, the mortgagee can sell and transfer good title to a purchaser- S.19, CA, S.123, PLC (Okonkwo v CCB PLC); NHDS Ltd v Moumuni; Eteh v NHDS Ltd. The sale of the property at low price alone, without more will not be ground to set aside the sale, except the it is sale at a gross undervalue-Eka-Eteh v NHDS Ltd; ACB Ltd v Ihekwoba. There appears to be no valid ground to set aside the sale. 3MARKS
QUESTION 1 (a) (v)
Taxes to be paid in respect of the transaction between Chief Bello and Silver Lining Bank Plc include the following:
a. Stamp duties
b. Land Use Charge
c. Consent fees
d. Personal Income Tax
e. Company Income Tax
f. Registration fee
3marks
QUESTION 1 (a) (vi)
Where clients money is paid to legal Practitioner, he is expected to pay the money into clients account and not into his personal account. And he must not touch the money for his personal use, and must not mix it with his personal money. A breach of this amounts to professional misconduct and if found guilty, he may face any of the following sanctions:
a. Striking his name off the Roll
b. Suspension from practice or
c. Admonition
d. Restitution
S. 12, LPA as Amended.
4marks
QUESTION 1 (b) (i)
RTL Form 7 (2marks)
QUESTION 1 (c)
Redraft of the clauses
I. COVENANT AGAINST ASSIGNMENT:
“Not to assign, sublet or otherwise part with possession of the demised premises or any part of it without the prior written consent of the lessor, such consent not to be unreasonably withheld or delayed in the case of reasonable and respectable persons.” 3 marks.
II. COVENANT TO PAY TAXES:
“To pay all rates, taxes and outgoings existing or subsequently imposed on the demised premise.” 2 marks
QUESTION 2 (a)
Completing RTL FORM 5
(CHAPTER R4)
CHARGE AND SUB-CHARGE
Title No:L LA/114/61 Date
..
In consideration of N5m, the receipt whereof I hereby acknowledge: I Mrs BEULAH SIWESI of NO.2 USUMA CRESCENT, MIATAMA, ABUJA by this deed charged the land comprised in the title above referred to with the payment to COSMOS MICRO FINANCE BANK LTD of 14, ADEKUNBO ADEMOLA STREET, WUSE II, AB on the 10th of JULY, 2010 of the principal sum of N5M with interest in the meantime at 5% per cent per annum and if that sum is not so paid with interest at the rate aforesaid on t he principal money for the time being owning on this security payable half-yearly quarterly on the (etc), in every year, (add any further provision required)
And I, the said COSMOS MICRO FINANCE BANK LTD apply to be registered as the owner of the charge hereby created.
Signed and delivered by the said
MRS. BEULAH SIWESI
This
in my presence (signature of registered owner of land)
..
(signature of witness)
(Address)
.
(occupation)
..
COMMON SEAL OF COSMOS MICRO F INANCE BANK PLC LTD WAS AFFIXED AND THE DEED DYLY DELIVERED IN THE PRESENCE OR
..
DIRECTOR SECRETARY
This
.. in my presence
..
(signature of witness)
(address)
.
(occupation)
..
5marks (1/2 for each of the items made bold)
QUESTION 2 (b)
To perfect the subsequent transaction the mortgagee only needs to up-stamp the additional Loan — -Owoniboys Technical Services Ltd v UBA- 2Marks
QUESTION 2 (c)
Upon the sale of security by a mortgagee, the proceeds of sale should be applied in the following order:
(1) Settle prior encumbrances
(2) Settle charges and costs incurred during sale
(3) Settle outstanding loan/principal and interest
(4) Return the balance (if any) to the mortgagor, in the absence of subsequent encumbrances
S.21 (3) C.A
S. 133. PCA. 4 Marks
QUESTION 2 (d)
Search Report
Gboola Udemadu & CO
LEGAL PRACTITIONERS
12, ASAM STREET, IKEJA, LAGOS
08029000007, yudabet09034@yahoo.com
Date: 11 August, 2010
Professor Ugo Ekanem,
33 Isale Eko Street,
Dolphin Estate,
Ikoyi, Lagos.
Dear Sir,
SEARCH REPORT ON THE PROPERTY AT 14, ABULE OJA STREET, ONIKE YABA, LAGOS STATE
Kindly refer to your letter dated 24 July 2010, ref no: pue/2345/2010 on the above heading and find below our report of the search.
1. Date of Search: 1 August 2010
2. Places of Search: Land Registry, Ikeja, Lagos
3. Name of Owner: MRS BEULAH SIWESI of .
4. Nature of Title: statutory right of occupancy
5. Particulars of Property: (insert particulars of the property)
6. Encumbrances Nil
7. Comment/Advice: Transaction advisable
Thanks, sir, for your cooperation.
Yours faithfully,
Gboola Udemadu Esq.
QUESTION 3 (a) (i)
Cost of house is N100 million
Cost of Sale is N140 million
Gain made
N40 Million
Minus Allowable income of
a. N100,00: cost of repairs and renovation of the house
b. N450, 000: cost of advertisement for sale of the house N550,000
Balance N39,450.000
10% paid as CGT on N39,450,000 = N3,945, 000
TOTAL CGT paid is N3,9450,000 (3Marks)
The person to pay the Capital Gains Tax is the Vendor/Seller of the property, that is Chief Goodluck. 2 marks
QUESTION 3 (a) (ii)
The consent of the Governor of a State is required for alienation of legal interest in land. Section 22 LUA. However, the consent is not required where the interest being transferred is merely an equitable title, as in the case of contract of sale. The absence of consent does not therefore vitiate the agreement. See International Textiles (Industries) Nigeria Limited vv. Aderemi, (1999) 8 NWLR part 614, p. 268; Awojugbagbe Light Industries Nig Ltd v Chinukwe & Ors. 3 marks.
QUESTION 3 (a) (iii)
THIS CONTRACT OFSALE /THIS CONTRACT made
Or
THIS LAND SALE AGREEMENT made
1 marks
QUESTION 3 (b) (i)
Generally, for a lease to be valid there must have the following elements:
a. Certainty of the parties
b. Certainty of the property
c. Certainty or term/duration
d. Exclusive possession and
e. The lease must have been created in due form.
The instant case revolves around the commencement date. If the commencement date is certain or reasonable from the wording of the lease, it will be valid so long as the event occurs. In the instant case, the commencement date can reasonably be inferred to be from the date the Municipal Council issues a certificate of occupancy to end 7 year after. The lease is hence valid. But where the event does not occur or is merely speculative, the lease is invalid, Okechuku v. onurah (2001) FWLR part 33, p.219; Bosah v. Oji, (2002) 6 BWLR, part 762, p 137. 4 marks
QUESTION 3 (b) (ii)
rack rents is rent paid on property based on the improvements or developments on the land, while ground rent is rent paid on the bare ground itself. 2 marks
SECTION TWO
QUESTION 4 (i)
POWER OF ATTORNEY
BY THIS POWER OF ATTORNEY made this ……. day of ……………….., 2012, I, Dr Hassan Odeh (DONOR) HEREBY APPOINT Magaji Akor, legal practitioner of . (DONEE) to be my lawful attorney and on my behalf and in my name to do all or any of the following:
1. To sell my property at No. 4, High Level, Makurdi for the sum of N8m
2. To lease my block of four 2 bedroom flats located at No. 7, Ogrioko Street, Otukpo, Benue State to Cappa & Co Company Ltd at annual r ent of N300,000.00 per flat for five years
3. AND to do all and any other things and to exercise all other powers as are necessary and incidental for the carrying out of the powers created above.
IT IS DECLARED that this Power of Attorney shall be irrevocable for a period of six (6) months from the date of its execution
IN WITNESS OF WHICH I, the Donor, has executed this Power of Attorney in the manner below the day and year first above written
SIGEND, SEALED, & DELIVERED by the DONOR
————————-
DR HASSAN ODEH
IN THE PRESENCE OF:
NAME:……………………………………………………………..
ADDRESS:……………………………………………………….
OCCUPATION:NOTARY PUBLIC
SIGN:…………………………………………………………………
10 MARKS (2 MARKS FOR EACH CLAUSE)
QUESTION 4 (ii)
There is no special precaution required in the execution of this very power of attorney. But to raise presumption of due execution, it should be attested by:
a. A notary public
b. Magistrate or
c. Judge
S. 118, Evidence Act; Ayiwoh V Akorede; Melwani V five Star Industries Ltd
4 MARKS
QUESTION 4 (iii)
Not to assign, sublet or otherwise part with possession of the demised premises or any part of it without the prior written consent of the lessor, such consent not to be unreasonably withheld or delayed in the case of reasonable and respectable persons.” 5 MARKS
QUESTION 4 (iv)
Deed of Assignment- 3 MARKS
QUESTION 4 (v)
PAYING in advance the yearly rent of N300,000 (three hundred thousand naira) in advance, the said sum having being paid before the execution of this lease OR
OR
Paying in advance the yearly rent of N300,000 (Three hundred thousand naira) per annum; the sum of N300,000 (Three hundred thousand naira) representing rent for the first one year having been paid (the receipt of which the lessor hereby acknowledges).
3 MARKS
QUESTION 5 (a)
THIS LEASE (mark) made this …..day of …….2010 (mark) BETWEEN Chief Thomas Onigbanjo of 210 Joseph Street, Ikeja, Lagos (The Lessor) (mark)of the one part AND Mr.Emeka Obed and Mrs. Evelyn Obed of Wonder Bank Nigeria Limited, 2/4 Obed Street, I Solo, (The Lessees) (mark)of the other part.
WITNESSES AS FOLLOWS:
In consideration of the rent (Mark for deleting herein) reserved and the covenants (mark for deleting hereinafter) contained, the Lessor DEMISES to the lessees (mark)ALL THAT self contained four (4) bedroom house with its appurtenancies situate or being or lying (Not all) (mark)at 17, Ire Akari Estate, Isolo, Lagos (the demised premises) TO HOLD (delete same mark) unto the Lessee for a term of four (4) years certain commencing from the 1 st day of April 2010 paying in advance the yearly rent of =N=1,500,000:00 (seven hundred naira only) representing rent for the first two (2) years having been paid.
THE LESSEE COVENANTS AS FOLLOWS:
a. XXXXXX
b. XXXXXXX
c. XXXXXX
THE LESSOR COVENANTS AS FOLLOWS:
a. XXXXXXX
b. XXXXXXX
IN WITNESS of which the parties have executed this Deed in the manner below the day and year first above written.
SIGNED SEALED AND DELIVERED by the Lessor
………………………………..
CHIEF THONAS ONIGBANJO
In the presence of:
NAME……………………………..
ADDRESS…………………………
OCCUPATION……………………..
SIGNATURE………………………… (mark for including the attestation clause)
SIGNED SEALED AND DELIVERED by the LESSEE
……… ……………………………..
MR EMEKA OBED (1mark)
In the presence of:
NAME……………………….
ADDRESS……………………..
OCCUPATION…………………
SIGNATURE………………………..
8 ½ MARKS (1/2 MARK FOR EACH POINT MADE BOLD ABOVE)
QUESTION 5 (b)
i. Covenant to pay rent
ii. Covenant to repair
iii. Covenant not to assign or sublet
iv. Covenant as to user
v. Covenant to pay rates and outgoings
vi. Covenant to insure
vii. Covenant not to alter the property
viii. Covenant granting Access to Less or
(2 ½ FOR ANY FIVE)
QUESTION 5 (c)
1st April 2014- 1 MARK
QUESTION 5 (d)
Lessors Solicitors fees:
1 st 100 = =N=37.50
900+100×25 = =N=225.00
1,499,00+100×12.50 = =N=187,375.00
= =N= 187,637.50
Lessees Solicitors fees
187,637.50+4 ==N=46,909.38
=N=234,546.00
4 MARKS
QUESTION 6 (a)
1st Step ;1000/ 1000 x22.50/1 =N225
2nd Step; 2000/100×22.50/1=N450
3rd Step ;17,000/100×11.25=N1,912.50
4th Step; 49,980,000/100×7.50/1=N3,748,500.00
5th Step; N3,748,500.00+N1,912.50 +N450 +N225= N3,751,751,087.50
4 MARKS
QUESTION 6 (b)
IN WITNESS OF WHICH the parties have executed this Deed in the manner below day and year first above written
SIGNED, SEALED AND DELIVERED BY
The ASSIGNOR ……………………………………………
ALHAJI LAMIDO TURAKI
IN THE PRESENCE OF;
NAME;
ADDRESS;
OCCUPATION;
The Common seal of Golden Properties Ltd/ ASSIGNEE was affixed and this Deed and the Deed was duly delivered
IN THE PRESENCE OF :
……………………………………. …………………………………..
DIRECTOR SECRETARY
3 MARKS
QUESTION 6 (c)
Requisitions that can be raised in respect of the Sale transaction between Alhaji Lamido Turaki and Golden properties Ltd are as follows:
1. Whether the Will of Alhajia Bunmis father could be made available?
2. Whether probate of the will of the will of Alhaja Bunmis father was obtained and if yes, if it can be made available?
3. Whether the mortgage of the property to Wema Bank had been liquidated?
4. If yes, whether there is any receipt acknowledging the repayment?
5. Whether there is any other encumbrance over the property?
(3MARKS FOR ANY THREE)
QUESTION 6 (d)
Steps to taken to perfect title of Golden properties Ltd are:
i. Consent of the Governor
ii. Stamping of the deed of assignment
iii. Registration of the deed of assignment
½ MARKS
QUESTION 6 (e)
The step to be taken in the procedure for recovery of professional fees are
i. Preparation of bills of charges containing principal items
ii. Signing the bills of charges and having it Dated
iii. Serve the bill of charges personally of by post on the client
iv. Wait for a period of 1 month
v. Go to High Court S.16, LPA; Okenka v Bakare; Aburime c NPA; Oyekanmi v NEPA; First Bank PLC v Ndoma Egba
It was improper for the Solicitor to rush to court within two weeks of a mere letter instead of a bill of charges.
3 ½ MARKS
FORM 5
{S.18}
Registration of Titles Law
(Chapter R4)
CHAGE AND SUB-CHARGE
Title NO:LA/112/61 Date …………………………….
In Consideration of N5M, the receipt whereof I hereby acknowledge I MRS BEULAH SIWE:SI of NO.2, USUMA CRESCENT ,MAITAMA, ABUJA by this deed charge the land comprised in the title
Above referred to with the payment to COSMOS MICRO FINANCE BANK LTD OF 14, ADETOKUNBO ADEMOLA STREET WUSELL, AB on the 10TH of JULY ,2010 of the principal sum of N5M with interest in the meantime at 5% per cent per annum and if that sum is not so paid with interest as aforesaid on the date aforesaid, I further charge the said land with interest at the rate aforesaid on the principal money for the time being owing on this security payable half yearly quarterly on the {etc}, in every year .{Add any further provisions required}.
And l, the said COSMOS MICRO FINANCE BANK LTD apply to be registered as the owner of the charge hereby created.
Signed and delivered by the said
MRS BEULAH SIWESI ……………………………………………
This ….in my presence (Signature of registered owner of land )
…………………………….
(Signature of witness)
(Address) ……………………..
(Occupation) ………………………
COMMON SEAL OF COSMOS MICRO FINANCE BANK LTD WAS AFFIXED AND THE DEED DEELIERED IN THE PRESENCE OF
…………………………….. ……………………………………….
DIRECTOR SECRETARY
…………………………
(Signature of witness)
(Address) …………………………….
(Occupation)………………………
5 MARKS ( ½ for each of the items made bold)
