Contract To Sell Property Template for Nigeria

The Contract To Sell Property is a fundamental legal document used in Nigerian property transactions to formalize the agreement between a seller and buyer for the transfer of property ownership. This document is essential in both commercial and residential property transactions throughout Nigeria, where land ownership and transfer are primarily governed by the Land Use Act of 1978. The contract must incorporate specific requirements under Nigerian law, including provisions for obtaining Governor's consent, proper property description, and necessary warranties. It serves as the primary evidence of the transaction terms and is crucial for protecting both parties' interests, ensuring proper title transfer, and maintaining compliance with state and federal regulations. The document is particularly important given Nigeria's unique land tenure system where all land is technically held in trust by the government.

1. Parties: Identifies and provides full details of the seller and buyer, including names, addresses, and any registration numbers for corporate entities

2. Background: Establishes the context of the sale, confirms the seller's ownership and authority to sell

3. Definitions: Defines key terms used throughout the agreement

4. Property Description: Detailed description of the property being sold, including exact location, boundaries, and registered title information

5. Sale and Purchase: Core agreement to sell and purchase, including the basic obligations of both parties

6. Purchase Price: States the agreed purchase price and payment terms, including deposit arrangements

7. Conditions Precedent: Lists conditions that must be satisfied before completion, including obtaining Governor's consent

8. Completion: Details of the completion process, timing, and requirements

9. Seller's Warranties: Warranties regarding property title, condition, and other relevant aspects

10. Buyer's Warranties: Warranties regarding capacity to purchase and fund availability

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

12. Risk and Insurance: Allocation of risk and insurance responsibilities before completion

13. Notices: How formal notices under the agreement should be given

14. Governing Law: Confirms Nigerian law governs the agreement and jurisdiction for disputes

15. Execution: Signature blocks and execution formalities