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Commercial Real Estate Contract

Commercial Real Estate Contract Template for Nigeria

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Key Requirements PROMPT example:

Commercial Real Estate Contract

"I need a Commercial Real Estate Contract for purchasing a three-story office building in Lagos business district, with completion planned for March 2025; the property will be used as our company's new headquarters."

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Document background
The Commercial Real Estate Contract serves as the primary document for commercial property transactions in Nigeria, structured to comply with the Land Use Act of 1978 and other relevant federal and state property laws. This agreement is essential for any business or individual seeking to purchase or sell commercial real estate in Nigeria, whether for office space, retail locations, industrial facilities, or other commercial purposes. It includes crucial elements such as property description, price terms, conditions precedent, warranties, and completion requirements, while addressing specific Nigerian legal considerations such as governor's consent, perfect title requirements, and state-specific property regulations. The document is designed to protect both parties' interests while ensuring smooth transaction completion and proper property registration.
Suggested Sections

1. Parties: Identification of all parties to the contract, including full legal names, addresses, and registration details for corporate entities

2. Background: Context of the transaction, including property overview and purpose of the agreement

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

4. Property Description: Comprehensive legal description of the property, including boundaries, measurements, and registration details

5. Purchase Price and Payment Terms: Details of the purchase price, payment schedule, and method of payment

6. Conditions Precedent: Conditions that must be satisfied before completion, including title verification and regulatory approvals

7. Seller's Representations and Warranties: Seller's declarations regarding property ownership, condition, and legal status

8. Buyer's Representations and Warranties: Buyer's declarations regarding legal capacity and financial ability to complete the purchase

9. Completion: Requirements and procedures for closing the transaction

10. Title and Registration: Provisions regarding transfer of title and registration requirements under Nigerian law

11. Risk and Insurance: Allocation of risk and insurance requirements before and after completion

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

13. Notices: Process and requirements for formal communications between parties

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

15. Execution: Signature blocks and execution requirements

Optional Sections

1. Environmental Matters: Specific provisions regarding environmental compliance and liabilities, required when property has potential environmental concerns

2. Planning and Development: Provisions regarding development rights and restrictions, included when future development is contemplated

3. Tenant Rights: Provisions regarding existing tenancies, required when property is sold subject to existing leases

4. Foreign Investment Provisions: Special provisions required when buyer is a foreign entity, addressing NIPC requirements

5. Special Purpose Vehicle: Provisions related to creation or use of SPV for property ownership, when applicable

6. Property Management: Transitional provisions regarding property management, relevant for income-producing properties

7. Tax Matters: Special tax considerations and allocations, when complex tax structures are involved

Suggested Schedules

1. Property Details: Detailed technical description of the property, including plans and surveys

2. Title Documents: List and copies of relevant title documents and encumbrances

3. Due Diligence Reports: Summary of due diligence findings and outstanding matters

4. Existing Tenancies: Details of existing lease agreements and tenant obligations

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

6. Payment Schedule: Detailed breakdown of payment terms and installments

7. Required Consents: List of required regulatory and third-party consents

8. Property Management Agreements: Details of existing property management arrangements

9. Environmental Reports: Environmental assessment reports 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
Business Day
Completion
Completion Date
Conditions Precedent
Consideration
Deposit
Effective Date
Encumbrances
Environmental Laws
Force Majeure
Governor's Consent
Improvements
Land Use Act
Material Adverse Change
Parties
Permitted Use
Property
Property Documents
Purchase Price
Purchaser
Registration Fees
Related Parties
Relevant Authority
Representatives
Seller
Stamp Duty
State
Title Documents
Transfer Documents
Vendor
Warranties
Working Hours
Certificate of Occupancy
Ground Rent
Land Registry
Planning Laws
Property Rights
Survey Plan
Clauses
Property Description
Purchase Price
Payment Terms
Title Transfer
Conditions Precedent
Representations and Warranties
Due Diligence
Completion
Land Use and Zoning
Environmental Compliance
Registration Requirements
Governor's Consent
Property Inspection
Insurance
Risk Transfer
Default and Remedies
Force Majeure
Assignment
Notices
Stamp Duty
Tax Matters
Dispute Resolution
Governing Law
Entire Agreement
Severability
Amendment
Waiver
Costs and Expenses
Confidentiality
Further Assurance
Time of Essence
Counterparts
Survival
Third Party Rights
Property Management
Existing Tenancies
Planning Permissions
Title Covenants
Service Charges
Property Access
Relevant Industries

Real Estate

Banking & Financial Services

Retail

Manufacturing

Hospitality

Healthcare

Technology

Education

Logistics & Warehousing

Professional Services

Energy & Utilities

Construction & Development

Relevant Teams

Legal

Real Estate

Finance

Compliance

Operations

Facilities Management

Risk Management

Business Development

Corporate Affairs

Investment

Relevant Roles

Real Estate Manager

Property Developer

Commercial Director

Legal Counsel

Chief Financial Officer

Facilities Manager

Property Valuer

Investment Manager

Real Estate Broker

Compliance Officer

Risk Manager

Corporate Secretary

Business Development Manager

Operations Director

Industries
Land Use Act of 1978: Fundamental Nigerian law governing land ownership and administration, establishing that all land is held in trust by state governors for the benefit of all Nigerians
Nigerian Contract Law: Governs the formation and enforcement of contracts, including requirements for valid contracts, terms and conditions, and remedies for breach
Companies and Allied Matters Act (CAMA) 2020: Relevant for commercial property transactions involving corporate entities, governing business operations and corporate property ownership
Federal Environmental Protection Agency Act: Establishes environmental standards and requirements for commercial properties, including environmental impact assessments
Registration of Titles Law: Governs the registration of property titles and maintenance of land records in Nigeria
Stamp Duties Act: Requires proper stamping of property documents and payment of appropriate duties for valid registration
Urban and Regional Planning Law: Governs zoning, land use, and development requirements for commercial properties in urban areas
Landlord and Tenant Law: Regulates the relationship between property owners and tenants in commercial lease arrangements
Nigerian Investment Promotion Commission Act: Relevant for foreign investment in Nigerian commercial real estate, establishing guidelines and protections
Money Laundering (Prohibition) Act: Ensures compliance with anti-money laundering regulations in real estate transactions
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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