Purchase And Sale Contract For Residential Property Template for Nigeria

The Purchase And Sale Contract For Residential Property is a vital legal instrument in Nigerian property transactions, designed to facilitate the transfer of residential property ownership while ensuring compliance with Nigerian legal requirements, particularly the Land Use Act 1978. This document is essential when selling or purchasing residential property in Nigeria, whether it's a house, apartment, or other residential units. It captures crucial details including property description, purchase price, payment terms, conditions precedent (including government consent requirements), warranties, and completion procedures. The agreement is structured to address specific Nigerian legal requirements, including state government consent for property transfers, proper title documentation, and registration requirements. It's particularly important given Nigeria's unique land tenure system where state governors hold land in trust for the people, requiring specific provisions for transfer of rights of occupancy.

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

2. Background: Recitals explaining the context of the sale, including confirmation of the Vendor's right to sell the property

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

4. Property Description: Detailed description of the property including its location, boundaries, and registration particulars

5. Purchase Price: The agreed purchase price and payment terms, including deposit arrangements

6. Conditions Precedent: Conditions that must be satisfied before completion, including title verification and government consent

7. Vendor's Representations and Warranties: Warranties regarding ownership, encumbrances, and condition of the property

8. Purchaser's Representations and Warranties: Warranties regarding the purchaser's ability to complete the purchase

9. Completion: Details of the completion process, including timing and documentation requirements

10. Title Documents and Transfer: Provisions regarding the transfer of title and handling of documentation

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

12. Default and Remedies: Consequences of default by either party and available remedies

13. Costs and Taxes: Allocation of transaction costs, stamp duty, and other taxes

14. Notices: Process for serving notices between parties

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

16. Execution: Signature blocks and execution requirements