Conveyance Agreement Template for Nigeria

The Conveyance Agreement is a crucial legal instrument in Nigerian property law, used to document and effect the transfer of real property interests between parties. It is essential for any transaction involving the sale or transfer of land, buildings, or other real estate assets in Nigeria. The document must strictly comply with the Land Use Act 1978, which vests all land in the state governors, requiring their consent for valid transfers. This agreement is particularly important as it serves multiple purposes: it evidences the transfer, contains vital warranties and covenants, details the property and consideration, and outlines the process for obtaining necessary governmental approvals. The document must be properly stamped and registered at the relevant land registry to be fully effective. Given Nigeria's unique land tenure system, special attention must be paid to state-specific requirements and customary law considerations where applicable.

1. Parties: Identification and details of the vendor/transferor and purchaser/transferee, including registration details for companies

2. Background: Recitals explaining the ownership history, reason for transfer, and confirmation of the vendor's right to transfer the property

3. Definitions: Definitions of key terms used throughout the agreement, including property description, completion date, and other relevant terms

4. Agreement to Transfer: Core covenant to transfer the property, including the precise nature of the interest being transferred

5. Consideration: Details of the purchase price, payment terms, and method of payment

6. Completion: Timing and mechanics of completion, including location, requirements for valid transfer, and timing of registration

7. Title Matters: Vendor's warranties regarding title, confirmation of good and marketable title, and disclosure of any encumbrances

8. Vendor's Covenants: Standard covenants including right to sell, quiet enjoyment, and freedom from encumbrances

9. Purchaser's Covenants: Obligations of the purchaser, including payment and compliance with transfer requirements

10. Governor's Consent: Provisions regarding obtaining necessary governmental consent as required by the Land Use Act

11. Registration: Requirements and process for registering the transfer at the appropriate land registry

12. Risk and Insurance: Transfer of risk and insurance obligations before and after completion

13. Notices: Method and addresses for serving notices under the agreement

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