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Commercial Property Sales Agreement

Commercial Property Sales Agreement Template for Nigeria

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Key Requirements PROMPT example:

Commercial Property Sales Agreement

"I need a Commercial Property Sales Agreement for selling a multi-story office building in Lagos, Nigeria, with completion planned for March 2025; the building has existing tenants whose rights need to be protected in the agreement."

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Document background
The Commercial Property Sales Agreement is a vital legal document used for transferring ownership of commercial real estate in Nigeria. It's essential for any business-to-business or significant commercial property transaction in the Nigerian market. This agreement must comply with the Land Use Act 1978 and other relevant Nigerian property laws, including requirements for governor's consent and proper registration. The document is typically used when selling office buildings, retail spaces, industrial properties, or other commercial real estate assets. It includes comprehensive details about the property, parties involved, purchase price, payment terms, completion requirements, and warranties. The agreement also addresses specific Nigerian legal requirements such as land use considerations, title verification, and transfer procedures. It's designed to protect both buyer and seller interests while ensuring compliance with local regulations and commercial practice.
Suggested Sections

1. Parties: Identification of seller and purchaser with full legal names and addresses

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

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

4. Sale and Purchase: Core agreement to sell and purchase the property

5. Purchase Price: Amount, payment terms, and method of payment

6. Deposit: Amount, payment timing, and handling of deposit

7. Completion: Completion date, requirements, and process

8. Title and Transfer: Details of title transfer process and requirements under Nigerian law

9. Seller's Warranties: Warranties regarding ownership, authority to sell, and property condition

10. Property Condition: State of the property and any included fixtures and fittings

11. Risk and Insurance: Transfer of risk and insurance requirements

12. Land Use Act Compliance: Specific provisions ensuring compliance with Land Use Act requirements

13. Notices: Process for giving notices under the agreement

14. Governing Law: Confirmation of Nigerian law as governing law

15. Dispute Resolution: Process for resolving disputes

Optional Sections

1. Tenant Rights: Required if property is sold subject to existing tenancies

2. Environmental Matters: Required if property has specific environmental concerns or requirements

3. Planning Permissions: Required if property involves specific planning permissions or restrictions

4. Service Contracts: Required if property has ongoing service contracts to be transferred

5. Development Rights: Required if sale includes specific development rights or restrictions

6. Mortgage Details: Required if property is subject to existing mortgage

7. Tax Considerations: Required if special tax arrangements apply to the transaction

Suggested Schedules

1. Property Description: Detailed description of property including boundaries and registration details

2. Title Documents: List of all title documents and certificates

3. Fixtures and Fittings: Inventory of included and excluded fixtures and fittings

4. Property Certificates: Copies of relevant property certificates and permits

5. Completion Requirements: Detailed list of documents required for completion

6. Environmental Reports: Any relevant environmental surveys or reports

7. Property Plans: Site plans, floor plans, and other relevant drawings

8. Existing Tenancies: Details of any existing lease agreements

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
Clauses
Parties
Definitions
Sale and Purchase
Purchase Price
Payment Terms
Deposit
Title Transfer
Warranties and Representations
Property Condition
Due Diligence
Completion
Land Use Compliance
Governor's Consent
Environmental Compliance
Property Access
Risk and Insurance
Default
Force Majeure
Assignment
Confidentiality
Notices
Costs and Taxes
Stamp Duty
Entire Agreement
Severability
Amendments
Waiver
Third Party Rights
Governing Law
Dispute Resolution
Indemnification
Property Registration
Planning and Zoning
Service Contracts
Vacant Possession
Title Covenants
Survival
Further Assurance
Relevant Industries

Real Estate

Commercial Property Development

Retail

Manufacturing

Hospitality

Healthcare

Education

Banking and Finance

Industrial

Logistics

Office Space Management

Warehousing

Agriculture

Relevant Teams

Legal

Real Estate

Property Management

Finance

Operations

Compliance

Risk Management

Facilities Management

Business Development

Corporate Affairs

Relevant Roles

Real Estate Manager

Property Developer

Commercial Director

Legal Counsel

Property Manager

Facilities Manager

Chief Financial Officer

Business Development Manager

Investment Manager

Asset Manager

Compliance Officer

Risk Manager

Company Secretary

Managing Director

Operations Director

Industries
Land Use Act 1978: Fundamental law governing land ownership and administration in Nigeria, establishing that all land is held in trust by state governors for the benefit of all Nigerians
Nigerian Contract Law: General principles of contract law governing formation, terms, and enforcement of commercial agreements
Stamp Duties Act: Requires proper stamping of property sale agreements and specifies applicable duties and fees
Federal Environmental Protection Agency Act: Establishes environmental standards and requirements that may affect commercial property use and transfer
Nigerian Urban and Regional Planning Act: Governs zoning, building permits, and development of commercial properties
Capital Gains Tax Act: Regulates taxation on property sales and capital gains from property transactions
Registration of Titles Law: Governs the registration of property titles and maintenance of land registers
Money Laundering (Prohibition) Act: Requires due diligence and documentation of property transactions to prevent money laundering
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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