Real Estate Contract Addendum Template for Nigeria

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Key Requirements PROMPT example:

Real Estate Contract Addendum

"I need a Real Estate Contract Addendum to modify the completion date of a commercial property purchase in Lagos to March 15, 2025, and update the payment schedule to include three installments instead of the original lump sum payment."

Document background
The Real Estate Contract Addendum is a crucial document used in Nigerian property transactions when parties need to modify an existing real estate agreement without creating an entirely new contract. This document type is commonly required when circumstances change after the original agreement is signed, such as adjustments to property specifications, payment terms, completion dates, or other material terms. It must comply with Nigerian property law, including the Land Use Act of 1978 and state-specific real estate regulations. The addendum ensures that any modifications are legally binding while preserving the validity of the original agreement. It's particularly important in Nigeria's dynamic real estate market, where changes to property transactions often need to be documented formally to ensure enforceability and protect all parties' interests.
Suggested Sections

1. Parties: Identification of all parties to the original agreement and the addendum, including their legal capacity and addresses

2. Background: Reference to the original agreement including its date and purpose, and the reason for this addendum

3. Definitions: Key terms used in the addendum, including any new terms not defined in the original agreement

4. Reference to Original Agreement: Specific citation of the original agreement sections being modified or supplemented

5. Modifications: Clear statement of the specific changes, additions, or deletions being made to the original agreement

6. Effect on Original Agreement: Statement confirming that all other terms of the original agreement remain in full force and effect

7. Integration: Statement that this addendum forms part of the original agreement

8. Governing Law: Confirmation that Nigerian law governs the addendum

9. Execution: Signature blocks for all parties and witnesses as required under Nigerian law

Optional Sections

1. Additional Representations and Warranties: Used when the modification requires new assurances from either party

2. Payment Terms Modification: Include when the addendum affects pricing, payment schedules, or financial terms

3. Timeline Amendments: Used when modifying completion dates, inspection periods, or other time-sensitive provisions

4. Property Description Updates: Include when the modification involves changes to the property description or boundaries

5. Regulatory Compliance: Used when the modification needs to address specific regulatory requirements or zoning changes

6. Force Majeure Updates: Include when adding or modifying provisions for unforeseen circumstances

7. Dispute Resolution Modifications: Used when changing how disputes related to the modified terms will be handled

Suggested Schedules

1. Schedule A - Modified Terms: Detailed listing of all terms being modified from the original agreement

2. Schedule B - Updated Property Details: Any new or modified property specifications, boundaries, or features

3. Schedule C - New Payment Terms: If applicable, detailed breakdown of modified payment structures or schedules

4. Schedule D - Timeline Changes: Detailed timeline modifications if any completion dates or deadlines are being changed

5. Appendix 1 - Required Governmental Approvals: Copies of any new required permits or governmental approvals

6. Appendix 2 - Updated Property Documents: Any new surveys, plans, or property-related documents

7. Appendix 3 - Supporting Documentation: Any additional documents referenced in the addendum

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

Relevant legal definitions
Clauses
Relevant Industries

Real Estate

Construction

Banking & Finance

Property Development

Agriculture (for farmland)

Retail

Industrial

Hospitality

Healthcare

Education

Commercial Office Space

Residential Development

Manufacturing

Warehousing & Logistics

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Facilities

Operations

Contract Administration

Risk Management

Asset Management

Business Development

Investment

Finance

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Legal Counsel

Contract Manager

Property Developer

Estate Surveyor

Facilities Manager

Real Estate Investment Manager

Compliance Officer

Real Estate Portfolio Manager

Property Acquisition Manager

Legal Administrator

Real Estate Operations Director

Title Officer

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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