Offer To Purchase Land Template for Nigeria

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Key Requirements PROMPT example:

Offer To Purchase Land

"I need an Offer to Purchase Land document for acquiring a 2-hectare commercial property in Lagos State, Nigeria, with a phased payment structure and completion date set for March 2025, including specific conditions about existing tenant rights."

Document background
The Offer to Purchase Land is a crucial document in Nigerian real estate transactions, serving as the initial formal step in acquiring land rights. It is used when a potential buyer wishes to formalize their intention to purchase land and negotiate terms with the seller. The document must comply with the Land Use Act of 1978, which vests all land in the state government, and relevant state land laws. This document is particularly important in Nigeria due to the complex nature of land ownership, which often involves multiple layers of rights and requires various governmental approvals, including the Governor's consent for transfer of rights. The offer typically includes detailed property descriptions, purchase price, payment terms, conditions precedent, and due diligence requirements. It's essential for both private and commercial land transactions and forms the foundation for subsequent transfer documents.
Suggested Sections

1. Parties: Identification of the seller (vendor) and buyer (purchaser) with full legal names and addresses

2. Background: Context of the transaction and brief description of the property being offered for purchase

3. Definitions: Key terms used throughout the document including Property, Purchase Price, Completion Date, etc.

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

5. Purchase Price: The offered amount and payment terms including deposit and balance payment structure

6. Payment Terms: Detailed breakdown of how and when payments will be made, including deposit and balance payment schedules

7. Conditions Precedent: Essential conditions that must be met before the sale can proceed, including Governor's consent requirements

8. Due Diligence: Buyer's right to conduct property investigations and verify title

9. Completion: Terms and process for completing the transaction, including timing and documentation requirements

10. Representations and Warranties: Seller's declarations regarding ownership, encumbrances, and property condition

11. Default and Remedies: Consequences of breach by either party and available remedies

12. Notices: How formal communications between parties should be made and delivered

13. Governing Law: Specification that Nigerian law governs the agreement

14. Execution: Signature blocks and attestation requirements

Optional Sections

1. Seller's Covenants: Additional promises by the seller regarding the property - include when there are specific commitments needed regarding property maintenance or resolution of existing issues

2. Survey Requirements: Include when a new survey of the property is required as part of the transaction

3. Environmental Matters: Include for properties in industrial areas or where environmental concerns exist

4. Planning Permissions: Include when the purchase is conditional on obtaining specific planning or development permissions

5. Customary Law Considerations: Include when the property is subject to customary law rights or requirements

6. Tenant Rights: Include when the property is subject to existing tenancies

7. Development Requirements: Include when there are specific development obligations or restrictions that need to be acknowledged

8. Force Majeure: Include when parties want specific provisions for unforeseen circumstances affecting completion

Suggested Schedules

1. Property Schedule: Detailed technical description of the property including survey plans and coordinates

2. Title Documents: List of all relevant title documents and their details

3. Payment Schedule: Detailed breakdown of payment installments and timing if not paid in full

4. Encumbrances Schedule: List of any existing encumbrances, easements, or restrictions on the property

5. Due Diligence Checklist: List of required documents and verifications to be completed

6. Form of Transfer: Template for the final transfer document to be used upon completion

7. Required Consents: List of necessary governmental and regulatory approvals required

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

Clauses
Relevant Industries

Real Estate

Agriculture

Industrial Development

Commercial Property

Residential Development

Mining

Infrastructure

Hospitality

Retail

Manufacturing

Energy

Healthcare

Relevant Teams

Legal

Real Estate

Property Development

Facilities Management

Finance

Compliance

Operations

Project Management

Business Development

Investment

Risk Management

Corporate Affairs

Relevant Roles

Real Estate Manager

Property Development Manager

Land Acquisition Officer

Legal Counsel

Property Manager

Facilities Manager

Investment Manager

Project Manager

Chief Financial Officer

Development Director

Compliance Officer

Real Estate Agent

Construction Manager

Business Development Manager

Operations Director

Industries
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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