Post Completion Stage and Search Reports for Land Transactions

These flashcards cover the legal procedures and requirements for the post completion stage of a land sale, including governor's consent, stamping, registration, and the drafting of search reports.

What are the three main components of the post completion stage in a land sale contract?

The three components are consent, stamping, and registration.

Which sections of the Land Use Act provide for the governor's consent?

Sections 22 and 26 of the Land Use Act.

What specific form is required for the application for governor's consent?

Application for governor's consent form 1.

How many years of tax clearance are required for the parties involved in a governor's consent application?

Three years tax clearance of the parties.

What additional documents are required for governor's consent if one of the parties is a corporate body?

The Certified True Copy (CTC) of the certificate of incorporation, the CTC of Memorandum and Articles of Association, the CTC of Forms of Particulars of Directors, and Tax Clearance of at least two of the directors.

Who must sign the application for the governor's consent?

The application should be signed by the purchaser and the vendor.

Within what timeframe must stamping be completed following the execution of the deed of assignment?

Stamping must be done within thirty days of execution of the deed of assignment.

At what rate is stamping paid?

It is paid at Valorem.

What is the deadline for registering the deed of assignment?

The deed of assignment must be registered within sixty days.

What document is compulsory to submit for the registration of a deed of assignment?

Submission of a survey plan is compulsory for registration.

Where is the registration of the deed of assignment performed?

Registration is done by submitting a copy and counterpart of the document at the land registry.

What particulars are required to draft a deed of assignment?

The names and addresses of parties, particulars of witnesses, particulars of property, consideration, capacity of the vendor, quantum of interest conveyed, other terms agreed upon, and whether any party is illiterate, blind, or a corporate body.

What is a search report?

A search report is a letter written to a purchaser by a lawyer who conducted the investigation to his client at the end of the investigation.

What are the contents of a standard search report?

The lawyer's letterheaded paper, reference number, date of report, name and address of client, salutations, heading and title, introductory paragraph, date of search, places of search, particulars of the owner, particulars of the property, nature of interest, encumbrances (if any), comments, advice or opinion, and complimentary closing.