NATURE AND VALUE OF PURCHASE RECEIPT IN CONVEYANCING TRANSACTIONS
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Date
2019-04
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Faculty of Law, Novena University, Ogume, Delta State, Nigeria
Abstract
Conveyance, generally refer to transfer of interest or the document through which an interest in land is transferred from one person to another. The document must transfer the interest in land to the purchaser and extinguish the vendor of his interest. In other words, a conveyance is concerned with change of ownership or change of title to land. Conveyance is in the nature of a contract and therefore to have a valid conveyance, the purchaser must furnish consideration usually money to enable the vendor transfer his title in the land to the purchaser after receiving the money. When the purchaser has paid money to the vendor, it is obligatory on the vendor to issue a receipt either in a printed form or on a piece of paper to acknowledge payment of money made by the purchaser pending the execution of a formal conveyance. A receipt generally is that document or a piece of paper, which signifies that goods or services have been paid for. In case of a conveyance, it signifies that the purchaser has paid for the interest or title of the vendor in the piece of land or landed property, which has been transferred to the purchaser. The question being considered in this paper is, of what probative value is a receipt in a conveyance? Is a right just a mere piece of paper that only acknowledge payment or does it have legal consequences that can warrant a decree of specific performance? In considering the above issues, this paper considers the nature of a receipt generally. It also examines the circumtances when the value of a purchase receipt will be more than ordinary acknowledgement of payment and as such constitute a registrable instrument in a conveyance. It then analyses the value of a registered purchase receipt and recommends a standard format for a purchase receipt in a conveyance to enable it attract legal consequences to such extent as to render unnecessary the usual dichotomy between equitable interest and legal interest in property.
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Keywords
Nature and value, purchase receipt, conveyancing
Citation
Law Journal Vol. 7 April 2019