Part Payment in Real Estate Transactions
Good morning & Happy New Week.
Do you know, that in a Real Estate transaction, when part payment has been made, the deal is as good as done?
This is the position of the Supreme Court of Nigeria in MINI LODGE LTD & ANOR V. NGEI & ANOR (2009) LPELR 1877 (SC) where the Supreme Court stated that:
“In a contract for sale of property, where part payment was paid, the law is that the contract for purchase has been concluded and is final, leaving the payment of the balance outstanding to be paid. The contract for the sale and purchase is absolute and complete for which each party can be in breach for non-performance and for which an action can be maintained for specific performance.”
Per ADEKEYE, J.S.C ( P. 41, paras. B-D)
Have an amazingly productive week ahead. Thank you.
Legal Practitioners And Consultants Properties.
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