Real Estate Buyout Agreement Template for Nigeria

The Real Estate Buyout Agreement is a crucial document used in Nigerian property transactions to formalize the transfer of real estate ownership from seller to buyer. This agreement type is essential when conducting property transactions in Nigeria, where land ownership and transfer are primarily governed by the Land Use Act of 1978 and various state-specific regulations. The document incorporates mandatory requirements such as Governor's Consent, proper property registration, and compliance with local land use regulations. It's particularly important in commercial real estate transactions, corporate acquisitions, and high-value residential property transfers. The agreement provides comprehensive coverage of all aspects of the property transfer, including due diligence requirements, warranties, payment terms, and post-completion obligations, while ensuring compliance with Nigerian anti-money laundering regulations and property transfer laws.

1. Parties: Identification of the seller and buyer, including full legal names, addresses, and registration details for corporate entities

2. Background: Context of the transaction, including brief property history and current ownership status

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

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

5. Purchase Price: Agreed purchase price, payment terms, and payment schedule

6. Due Diligence: Seller's obligations to provide documentation and buyer's right to investigate title and property condition

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

8. Seller's Representations and Warranties: Seller's assertions about property ownership, condition, and absence of encumbrances

9. Buyer's Representations and Warranties: Buyer's assertions about capacity to purchase and source of funds

10. Completion: Process and requirements for closing the transaction

11. Post-Completion Obligations: Actions required after completion, including registration and handover

12. Risk and Insurance: Allocation of risk and insurance requirements before and after completion

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

14. Notices: How formal communications between parties should be made

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

16. Execution: Signature blocks and attestation requirements