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Commercial Property Contract

Commercial Property Contract Template for Nigeria

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Key Requirements PROMPT example:

Commercial Property Contract

"I need a Commercial Property Contract for the purchase of a three-story office building in Lagos, Nigeria, with completion scheduled for March 2025; the contract should include specific provisions for parking facilities and building maintenance obligations."

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Document background
The Commercial Property Contract is a fundamental legal instrument used in Nigerian real estate transactions for the transfer or lease of commercial real estate assets. It is essential for businesses engaging in property acquisition, disposal, or leasing within Nigeria's commercial real estate sector. The document ensures compliance with the Land Use Act of 1978 and other relevant Nigerian property laws, while addressing specific requirements of state land bureaus and local authorities. This contract type is particularly important given Nigeria's complex land tenure system and the need for proper documentation in commercial property transactions. It includes comprehensive provisions for property transfer, payment terms, warranties, and regulatory compliance, making it suitable for various commercial property transactions from office spaces to industrial facilities.
Suggested Sections

1. Parties: Identification and details of the seller/lessor and buyer/lessee, including registration numbers for companies

2. Background: Context of the transaction and brief description of the property

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Details: Comprehensive description of the property, including boundaries and registered title information

5. Transaction Terms: Core commercial terms including price/rent, payment terms, and completion date

6. Seller's Warranties: Warranties regarding ownership, condition, and legal status of the property

7. Buyer's Obligations: Key obligations of the buyer including payment terms and due diligence requirements

8. Completion Requirements: Details of what must occur at completion, including documentation and payments

9. Title and Registration: Provisions regarding transfer of title and registration requirements

10. Risk and Insurance: Allocation of risk and insurance requirements

11. Default and Remedies: Consequences of default and available remedies

12. Notices: Process for serving formal notices between parties

13. Governing Law: Confirmation of Nigerian law and jurisdiction

14. Execution: Signature blocks and execution formalities

Optional Sections

1. Environmental Matters: Required when the property has specific environmental concerns or requirements

2. Planning Permissions: Needed when the property requires specific planning permissions or has development potential

3. Tenant Provisions: Required when the property is sold subject to existing tenancies

4. Service Charge: Needed for properties in multi-let buildings or developments

5. Construction Warranties: Required for newly constructed or recently renovated properties

6. VAT Elections: Needed when the transaction involves VAT options

7. Conditions Precedent: Required when completion is subject to specific conditions being met

8. Property Management: Needed for properties requiring specific management arrangements

Suggested Schedules

1. Property Description Schedule: Detailed property description, including plans and boundaries

2. Title Documents: Copies of relevant title documents and land certificates

3. Inventory: List of fixtures, fittings, and equipment included in the sale

4. Existing Tenancies: Details of any existing tenants and lease terms

5. Property Searches: Results of legal and environmental searches

6. Service Contracts: Details of ongoing service contracts to be transferred

7. Planning Permissions: Copies of relevant planning permissions and certificates

8. Environmental Reports: Environmental surveys and compliance certificates

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Applicable Laws
Building
Business Day
Certificate of Occupancy
Completion
Completion Date
Confidential Information
Consideration
Contract Period
Deed of Assignment
Deposit
Effective Date
Encumbrances
Environmental Laws
Fixtures and Fittings
Force Majeure
Governor's Consent
Ground Rent
Improvements
Land Use Act
Legal Requirements
Material Adverse Effect
Notices
Parties
Permitted Use
Planning Laws
Power of Attorney
Premium
Property
Purchase Price
Purchaser
Relevant Authority
Right of Occupancy
Seller
Service Charge
State Land Registry
Statutory Declarations
Survey Plan
Term
Title Documents
Transaction Documents
Transfer Documents
Utilities
Vendor
Warranties
Clauses
Property Description
Sale and Purchase
Consideration
Title and Ownership
Warranties and Representations
Due Diligence
Conditions Precedent
Completion
Payment Terms
Property Transfer
Governor's Consent
Registration Requirements
Environmental Compliance
Planning and Development
Utilities and Services
Insurance
Risk Allocation
Default and Remedies
Force Majeure
Dispute Resolution
Confidentiality
Notices
Assignment and Transfer
Severability
Entire Agreement
Amendments
Governing Law
Jurisdiction
Stamp Duty
Tax Obligations
Existing Tenancies
Property Management
Access Rights
Maintenance Obligations
Indemnification
Termination
Survival
Costs and Expenses
Third Party Rights
Compliance with Laws
Anti-corruption
Authority and Capacity
Relevant Industries

Real Estate

Commercial Property Development

Retail

Banking & Finance

Manufacturing

Hospitality

Healthcare

Education

Professional Services

Logistics & Warehousing

Industrial

Technology

Relevant Teams

Legal

Real Estate

Finance

Operations

Compliance

Risk Management

Facilities Management

Business Development

Property Management

Asset Management

Relevant Roles

Real Estate Manager

Property Developer

Commercial Director

Legal Counsel

Property Lawyer

Facilities Manager

Chief Financial Officer

Property Investment Manager

Business Development Manager

Operations Director

Compliance Officer

Real Estate Agent

Property Surveyor

Asset Manager

Risk Manager

Industries
Land Use Act of 1978: Fundamental legislation governing land ownership and administration in Nigeria. It vests all land in the state governors and establishes the system of statutory and customary rights of occupancy.
Registration of Titles Act: Governs the registration of property titles and maintenance of land registers in Nigeria, ensuring proper documentation of property ownership and transfers.
Nigerian Contract Act: Provides the legal framework for formation and enforcement of contracts, including commercial property agreements.
Federal Environmental Protection Agency Act: Establishes environmental standards and requirements that may affect commercial property use and development.
Companies and Allied Matters Act (CAMA) 2020: Relevant for commercial property transactions involving corporate entities, governing business operations and corporate property ownership.
Capital Gains Tax Act: Regulates taxation on profits from property disposals and transfers.
Stamp Duties Act: Governs the payment of stamp duties on property documents and commercial agreements.
Investment and Securities Act: Relevant for commercial property investments and securities involving real estate assets.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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