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Owner Financed Sales Contract
"I need an Owner Financed Sales Contract for a commercial property in Lagos State, Nigeria, with a 30% down payment and the remaining balance to be paid over 5 years starting March 2025, including provisions for early payment without penalties."
1. Parties: Identification of the Seller/Financier and Buyer/Borrower with full legal names and addresses
2. Background: Context of the transaction, including property ownership status and intention for owner-financing
3. Definitions: Key terms used throughout the agreement including Property, Purchase Price, Interest Rate, and Payment Terms
4. Sale Agreement: Core terms of the property sale including property description and purchase price
5. Payment Terms: Detailed structure of payments including down payment, installment amounts, payment schedule, and interest rate
6. Security Provisions: Legal mechanisms securing the seller's interest until full payment, including title retention
7. Property Possession and Usage: Terms governing the buyer's possession and use of the property during the financing period
8. Insurance and Maintenance: Requirements for property insurance and maintenance obligations
9. Default and Remedies: Consequences of payment default and available legal remedies
10. Transfer of Title: Process and conditions for final transfer of property title upon completion of payments
11. Representations and Warranties: Standard declarations by both parties regarding their capacity and the property's status
12. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes
13. Notices: Process for formal communications between parties
14. Execution: Signature blocks and attestation requirements
1. Property Management: Additional terms for property management during the financing period, used when the property is a commercial or rental property
2. Early Payment Provisions: Terms for early payment or complete buyout, included when early payment is allowed
3. Co-signer Provisions: Terms relating to co-signers or guarantors, used when additional security is required
4. Property Development: Terms governing any allowed or restricted development of the property, used for undeveloped land
5. Assignment and Transfer: Terms allowing or restricting the transfer of contract rights, used for longer financing periods
6. Special Use Conditions: Specific conditions relating to property use, included for properties with unique characteristics or restrictions
1. Schedule A - Property Description: Detailed legal description of the property including boundaries, title details, and registration information
2. Schedule B - Payment Schedule: Detailed amortization schedule showing all payments, interest calculations, and balance reductions
3. Schedule C - Property Condition Report: Documentation of property condition at time of contract
4. Schedule D - Required Insurance: Specific insurance requirements and minimum coverage amounts
5. Schedule E - Permitted Uses: Detailed list of permitted and prohibited uses of the property
6. Appendix 1 - Title Documents: Copies of relevant title documents and certificates
7. Appendix 2 - Property Plans: Survey plans, building plans, and other relevant property drawings
8. Appendix 3 - Required Consents: Copies of necessary governmental or regulatory approvals
Authors
Property
Purchase Price
Down Payment
Principal Balance
Interest Rate
Payment Date
Due Date
Default Rate
Monthly Payment
Term
Commencement Date
Completion Date
Title Documents
Permitted Use
Business Day
Force Majeure Event
Insurance Requirements
Land Registry
Local Government Authority
Material Adverse Change
Mortgage
Notice
Outstanding Balance
Parties
Payment Schedule
Property Rights
Registration Fees
Security Interest
Stamp Duty
State Authority
Title
Transfer Documents
Encumbrances
Default Event
Governing Law
Improvements
Late Payment Fee
Legal Charges
Maintenance Obligations
Possession Date
Property Taxes
Survey Plan
Transfer of Title
Payment Terms
Title and Ownership
Property Transfer
Security Interest
Interest Rate
Default and Remedies
Insurance
Property Maintenance
Representations and Warranties
Force Majeure
Assignment
Property Use and Possession
Risk and Liability
Registration and Stamp Duty
Costs and Taxes
Dispute Resolution
Termination
Notices
Indemnification
Governing Law
Amendment and Modification
Entire Agreement
Severability
Property Description
Title Investigation
Early Payment
Late Payment
Default Interest
Property Inspection
Compliance with Laws
Land Use Restrictions
Recording and Registration
Real Estate
Construction
Property Development
Banking and Finance
Legal Services
Agriculture (for farmland)
Commercial Property
Residential Property
Industrial Property
Legal
Real Estate
Property Management
Finance
Compliance
Risk Management
Documentation
Business Development
Investment
Operations
Real Estate Attorney
Property Lawyer
Real Estate Agent
Property Manager
Legal Counsel
Contract Manager
Property Developer
Financial Controller
Real Estate Investment Manager
Land Administrator
Compliance Officer
Title Officer
Property Rights Specialist
Real Estate Transaction Coordinator
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