Land Contract Purchase Agreement Template for Nigeria

The Land Contract Purchase Agreement is a crucial legal instrument used in Nigerian property transactions to formalize and document the transfer of land ownership. This document is essential when purchasing any land in Nigeria, whether for commercial, residential, or industrial purposes. It must comply with the Land Use Act of 1978, which vests all land in the state governors, and requires specific provisions for obtaining governor's consent for transfer. The agreement includes comprehensive details about the property, parties involved, purchase price, payment terms, warranties, and various conditions that must be met for valid transfer. It also addresses unique aspects of Nigerian land law, including consideration of both statutory and customary land rights where applicable. This document is particularly important given Nigeria's complex land tenure system and the need to ensure proper documentation for land registry purposes.

1. Parties: Identification of the Vendor and Purchaser with full legal names, addresses, and contact details

2. Background: Context of the transaction, including brief description of the property and intention to sell/purchase

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

4. Property Description: Detailed legal description of the land, including boundaries, measurements, and registration particulars

5. Purchase Price: Agreed purchase price and payment terms, including deposit and installment arrangements

6. Title and Documentation: Vendor's warranties regarding title, required documentation, and proof of ownership

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

8. Completion: Terms and process for completing the transaction, including timing and location

9. Representations and Warranties: Warranties by both parties regarding their capacity and authority to enter into the agreement

10. Vendor's Covenants: Vendor's obligations regarding the property until completion

11. Purchaser's Covenants: Purchaser's obligations regarding payment and compliance with transfer requirements

12. Risk and Insurance: Allocation of risk and responsibility for insurance until completion

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

14. Notices: Process for serving formal notices between parties

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

16. Execution: Signature blocks and execution formalities