Property Sales Agreement Template for Nigeria

The Property Sales Agreement is a crucial legal document used in Nigerian real estate transactions to formalize the transfer of property ownership between parties. It is essential for both commercial and residential property transactions and must comply with the Land Use Act of 1978 and other relevant Nigerian property laws. This document is typically used when transferring freehold or leasehold interests in land, buildings, or both, and requires specific provisions for obtaining Governor's consent, a unique requirement under Nigerian law. The agreement includes comprehensive details about the property, payment terms, conditions for completion, warranties, and risk allocation. It serves as the primary reference document throughout the transaction process and may be required by financial institutions, land registry offices, and other stakeholders involved in the property transfer process.

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

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

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

4. Sale and Purchase: Core agreement to sell and purchase the property, including the purchase price

5. Property Description: Detailed description of the property including boundaries and registration details

6. Payment Terms: Structure and timing of payments, including deposit and completion payment details

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

8. Completion: Process and requirements for completing the transaction

9. Vendor's Warranties: Warranties regarding title, property condition, and authority to sell

10. Purchaser's Warranties: Warranties regarding capacity to purchase and source of funds

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

12. Default and Termination: Consequences of default and termination rights

13. Notices: Process for giving formal notices under the agreement

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

15. Execution: Signature blocks and execution requirements