Document background
The Building Purchase Contract is a fundamental legal document used in Nigerian property transactions for transferring ownership of built property from one party to another. It is essential for both commercial and residential property transactions in Nigeria, where land ownership is governed by the Land Use Act of 1978. This contract type must comply with federal and state property laws, including requirements for Governor's Consent, proper registration, and title transfer procedures. It contains detailed provisions covering property description, purchase price, payment terms, warranties, and completion requirements. The document is particularly important given Nigeria's dual system of land tenure and the need to ensure proper documentation for property rights. It serves as the primary agreement protecting both buyers' and sellers' interests while ensuring regulatory compliance in property transactions.
