Chief Joseph Lambe is the holder of the statutory right of occupancy in respect of the choice piece of land at Lambe Close, Ikoyi, Lagos State by virtue of the Federal Certificate of Occupancy No. FCO/111/2001 issued to him by the Minister of Lands and Urban Development sometime in 2007. Royal Estates Limited, a real estate development company, desirous of buying the property from Chief Lambe, entered into negotiation with him. N250m was agreed as the purchase price. A contract of sale was thereafter executed by both parties on 1st June 2015. Some of the clauses in the agreement are as follows:
The purchaser shall pay to the seller the sum of N25m being 10% of the purchase price as deposit before the execution of this contract.
Upon the execution of this agreement, the seller shall hand over possession of the land to the purchaser and the purchaser shall be at liberty to commence construction work on the land immediately.
Balance of the agreed purchase price shall be paid on or before 1st November, 2015
After payment of the deposit and execution of the contract of sale, the purchaser moved into possession and started construction of a 10 storey residential apartments on the land but did not pay balance of the purchase price as agreed. On the 1st December, 2015, the seller wrote a letter to the purchaser demanding that the purchaser pay the balance of purchase price or give up possession of the land. A similar letter was written on the 5th of January, 2016. On the 7th January 2016, the seller wrote another letter terminating the contract of sale and demanding that the purchaser vacate the land within 7 days of service of the letter. However, on the 8th of January, the purchaser paid the balance of purchase price which was promptly returned by the sellers.

In addition to the N25m paid as deposit, the purchaser has spent N75m on construction works on the land consisting of N15m for building plans and approvals, N10 for quantity surveying and N50m for piling. The projected annual income from the developed property is N60m. Do you think the purchaser has right on the land ?comment below

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