Agreement For Sale Of Immovable Property Template for Nigeria

The Agreement For Sale of Immovable Property is a crucial legal instrument in Nigerian property transactions, essential for both commercial and residential property transfers. This document is required whenever there is a transfer of land, buildings, or other immovable property in Nigeria, ensuring compliance with the Land Use Act 1978 and other relevant property legislation. It serves as the primary contract governing the sale process, detailing everything from property description and purchase price to completion requirements and governmental approvals. The agreement must incorporate specific Nigerian legal requirements, particularly the necessity for Governor's Consent to property transfers, and typically includes provisions for title verification, payment terms, and warranty protections. It's commonly used by businesses, individuals, and organizations engaging in property acquisition or disposal, providing a legally robust framework for the transaction while accounting for local property law nuances.

1. Parties: Identification and details of the Vendor and Purchaser, including their full legal names, addresses, and registration details if companies

2. Background: Context of the transaction, including brief description of the property and the parties' intention to enter into the sale transaction

3. Definitions: Definitions of key terms used throughout the agreement, including 'Property', 'Completion Date', 'Purchase Price', etc.

4. Sale and Purchase: Core agreement to sell and purchase the property, including the basic terms of the transaction

5. Purchase Price: Details of the purchase price, payment terms, deposit requirements, and payment methods

6. Conditions Precedent: Required conditions to be satisfied before completion, including Governor's Consent under the Land Use Act

7. Completion: Process and requirements for completion of the sale, including timing and delivery of documents

8. Vendor's Warranties: Warranties regarding title, property condition, authority to sell, and absence of encumbrances

9. Property Title and Documentation: Details of the title documents, land registration particulars, and transfer requirements

10. Possession and Risk: Terms regarding transfer of possession and risk in the property

11. Costs and Taxes: Allocation of transaction costs, stamp duty, registration fees, and other expenses

12. Default and Remedies: Consequences of default and available remedies for both parties

13. Notices: Process for giving formal notices under the agreement

14. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes

15. Entire Agreement: Standard entire agreement clause and amendment provisions