POWER OF ATTORNEY - RECEIPT CLAUSE NOTE

• Prima facie evidence of payment.
• No other receipt will be accepted.
• It ranks prior to subsequent purchaser for value without notice.
• Authority to buyer to pay vendor's solicitors.
• It is sufficient evidence that consideration has been furnished.

WORDS OF GRANT

"The Assignor hereby ASSIGNS…."

PARCEL CLAUSE

"All that property (3-Bedroom Flat Apartment) situate at No. 1 Mavis Road, Oshodi, Lagos particularly described by the Survey Plan No. MR 1234 attached to the schedule"

HABENDUM

"To hold unto the unexpired residue subject to the terms specified in the Certificate of Occupancy"

3. MISCELLANEOUS PART

SAFE CUSTODY AND ACKNOWLEDGEMENT CLAUSE

Acknowledgment for production means that the purchaser or any person claiming through him may request for the production of the title document at his own expense usually for citing or making copies. Safe Custody on the other hand means that the vendor will take reasonable care to ensure the safety of the document against the risk of loss, destruction etc. See section 89 of Property and Conveyancing Law. An example is drafted below:

"The Vendor hereby acknowledges the right of the purchaser to call for the production of the original title deeds anytime the need arises and to undertake the safe custody of the title deeds."

INDEMNITY CLAUSE

Indemnity clause means reimbursement against anticipated loss. This clause is very important due to the nature of land holding under the Land Use Act in Nigeria which provides that the entire land in a state belong to the Governor who may grant a right of occupancy under his hand. For example,

"The Vendor covenants to pay the Purchaser reimbursement against any anticipated loss or encumbrance"

4. CONCLUDING PART

TESTIMONIUM

Testimonium provides a link between the execution and the attestation portion and the other parts of the deed. It must be noted that what is contained in the testimonium has some relevance with the capacity of the parties. For instance,

"IN WITNESS OF WHICH THE PARTIES HAVE EXECUTED THIS DEED THE DAY