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Commercial Real Estate Purchase And Sale Agreement

Commercial Real Estate Purchase And Sale Agreement Template for Nigeria

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Key Requirements PROMPT example:

Commercial Real Estate Purchase And Sale Agreement

"Need a Commercial Real Estate Purchase and Sale Agreement for a multi-tenant office building in Lagos, Nigeria, with existing leases to be transferred to the buyer, targeting completion by March 2025."

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Document background
The Commercial Real Estate Purchase And Sale Agreement is a crucial document used in Nigerian property transactions when transferring ownership of commercial real estate between parties. It is essential for any business-to-business property transaction in Nigeria and must comply with federal legislation (particularly the Land Use Act of 1978) and state-specific requirements. The agreement covers all aspects of the transaction, from initial property description and purchase price to closing conditions and post-closing obligations. It includes provisions for due diligence, title verification, and necessary governmental approvals, while addressing specific Nigerian requirements such as Governor's Consent for land transfers. This document is particularly important given Nigeria's unique land tenure system and the complexity of commercial property transactions in the country.
Suggested Sections

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

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

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

4. Property Description: Detailed description of the property, including boundaries and registration details

5. Purchase Price: Agreed purchase price and payment structure

6. Payment Terms: Details of payment schedule, deposit, and balance payment arrangements

7. Due Diligence: Buyer's right to investigate property title, condition, and compliance

8. Conditions Precedent: Conditions that must be satisfied before completion

9. Seller's Representations and Warranties: Seller's declarations about the property's condition and title

10. Buyer's Representations and Warranties: Buyer's declarations regarding capacity to purchase

11. Closing: Process and requirements for completing the transaction

12. Title Transfer: Procedures for transferring title under Nigerian law

13. Taxes and Costs: Allocation of transaction taxes, registration fees, and other costs

14. Default and Remedies: Consequences of breach and available remedies

15. Notices: How formal communications between parties should be made

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

17. Dispute Resolution: Process for resolving disputes

18. General Provisions: Standard boilerplate clauses including force majeure, entire agreement, etc.

Optional Sections

1. Environmental Matters: Required when property has potential environmental issues or requires environmental assessment

2. Tenant Rights: Needed when property has existing tenants and lease agreements

3. Development Rights: Include when property has pending or potential development permits

4. Government Approvals: Required when transaction needs specific government clearances

5. Broker Provisions: Include when real estate brokers are involved in the transaction

6. Financing Contingency: Required when purchase is contingent on buyer obtaining financing

7. Property Management Transition: Include when property has ongoing management services

8. Asset Transfer: Required when deal includes transfer of business assets beyond real estate

Suggested Schedules

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

2. Title Documents: List of title documents and certified copies

3. Existing Tenancies: Details of current lease agreements and tenant information

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

5. Environmental Reports: Environmental assessment reports and certificates

6. Planning Permits: Copies of existing planning permissions and applications

7. Property Tax Records: History of property tax payments and assessments

8. Service Contracts: List of ongoing service contracts affecting the property

9. Due Diligence Checklist: Comprehensive list of required due diligence items

10. Completion Checklist: List of items required for closing the transaction

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
Property
Purchase Price
Completion Date
Completion
Business Day
Land Use Act
Certificate of Occupancy
Governor's Consent
Due Diligence Period
Deposit
Encumbrances
Environmental Laws
Existing Leases
Force Majeure
Good Title
Improvements
Land Registry
Material Adverse Change
Permitted Use
Planning Laws
Purchase Documents
Registration Fees
Seller's Warranties
Stamp Duty
Survey Plan
Title Documents
Transfer Documents
Valuation Report
Vacant Possession
Working Day
Applicable Laws
Associated Rights
Building Permits
Common Areas
Default Event
Development Rights
Effective Date
Ground Rent
Interest Rate
Material Breach
Necessary Consents
Notice
Payment Date
Property Taxes
Purchase Rights
Regulatory Approvals
Security Interest
State Authority
Substantial Completion
Transaction Documents
Clauses
Property Description
Purchase Price
Payment Terms
Title Transfer
Due Diligence
Conditions Precedent
Representations and Warranties
Environmental Compliance
Regulatory Compliance
Property Inspection
Title Insurance
Land Use
Closing Conditions
Default
Remedies
Risk of Loss
Property Access
Brokers
Taxes
Transfer Fees
Environmental Matters
Existing Tenancies
Assignment
Force Majeure
Notices
Governing Law
Dispute Resolution
Severability
Amendment
Entire Agreement
Further Assurance
Confidentiality
Indemnification
Survival
Time of Essence
Costs and Expenses
Property Management
Insurance
Completion
Registration
Government Consents
Relevant Industries

Real Estate

Banking & Finance

Retail

Manufacturing

Hospitality

Healthcare

Education

Logistics & Warehousing

Office Space Development

Industrial Development

Commercial Agriculture

Energy & Resources

Technology

Relevant Teams

Legal

Finance

Real Estate

Operations

Compliance

Risk Management

Facilities Management

Corporate Development

Investment

Property Management

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Real Estate Director

Property Manager

Corporate Lawyer

Legal Counsel

Finance Director

Investment Manager

Facilities Manager

Risk Manager

Commercial Director

Development Director

Operations Manager

Asset Manager

Compliance Officer

Industries
Land Use Act of 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: Based on common law principles, governs the formation and enforcement of contracts, including real estate transactions
Federal Capital Territory Act: Specific regulations for land transactions in Abuja, the federal capital territory
Nigerian Urban and Regional Planning Act: Governs zoning, development permits, and land use regulations for commercial properties
Capital Gains Tax Act: Regulates taxation on property sales and capital gains from real estate transactions
Stamp Duties Act: Governs the payment of stamp duties on real estate documents and agreements
Environmental Impact Assessment Act: Requires environmental assessment for certain commercial properties and developments
Money Laundering (Prohibition) Act: Contains provisions for real estate transactions to prevent money laundering through property deals
Land Registration Laws: State-specific laws governing the registration of land titles and interests
Investment and Securities Act: Relevant for commercial real estate investments and securities aspects of property 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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