Form For Real Estate Purchase Agreement Template for Nigeria

The Form For Real Estate Purchase Agreement is a vital legal instrument used in Nigerian property transactions to formalize the transfer of real estate between parties. This document is essential when any real estate property is being bought or sold in Nigeria, whether between individuals, corporate entities, or a combination thereof. It must comply with the Land Use Act of 1978 and other relevant Nigerian property laws, requiring proper registration with state land registries. The agreement serves as a comprehensive framework covering all aspects of the transaction, from initial deposit to final transfer of title. It is designed to protect both parties' interests while ensuring the transaction meets all legal requirements for property transfer in Nigeria. The form is particularly important given Nigeria's unique land tenure system where state governors hold land in trust for the people.

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

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

3. Definitions: 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 terms

6. Payment Structure: Details of deposit, installments, and final payment arrangements

7. Conditions Precedent: Conditions that must be met before completion

8. Seller's Representations and Warranties: Seller's guarantees about the property's condition and title

9. Buyer's Representations and Warranties: Buyer's guarantees regarding capacity to purchase and fund the transaction

10. Due Diligence: Buyer's right to investigate the property and related documents

11. Title Transfer: Process and requirements for transferring property title

12. Closing Procedure: Steps for completing the transaction

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

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

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

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

17. Dispute Resolution: Process for resolving disputes

18. Execution: Signature blocks and execution requirements