A contract of sale of land is the first stage in a conveyancing transaction by which the purchase acquires equitable interest on the property and legal interest in acquired later at the completion stage. Unfortunately, this important stage in conveyancing is usually ignored by Nigerians.
The parties must have capacity; there must be an offer, an acceptance, a consideration an intention to enter into a legally binding relationship, in addition to the above, the special nature of the commodity on sale makes the sale of land to be regulated very closely by common law, the general principles of equity. Customary law, and statutes. Conveyancing is a generic property or interest in real property from one party to another.
Sale or contract for sale of land is a major part of property law practice in Nigeria. In the process, interest in land is transferred from a party to another, it is not just a mere agreement to purchase such land or the payment of price, but a complete procedure which has to be followed such as, the agreement to transfer interest in land, agreement and the payment of agreed price.
The Collens Gem English Dictionary defines contract as “The entering into agreement formal document recording agreement or agreement enforceable by law ”