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Real Estate Contract Assignment Form

Real Estate Contract Assignment Form Template for Nigeria

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Key Requirements PROMPT example:

Real Estate Contract Assignment Form

"I need a Real Estate Contract Assignment Form for transferring my rights in a residential property in Lagos, Nigeria to a new buyer, with the assignment to be completed by March 2025, and the original purchase contract was with ABC Developers Ltd."

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Document background
The Real Estate Contract Assignment Form is a crucial document in Nigerian property transactions, used when an existing contract holder wishes to transfer their rights and obligations to a new party. This document is essential in situations involving property resale before completion, investment transfers, or corporate restructuring affecting property ownership. It must comply with the Land Use Act 1978 and other relevant Nigerian property laws, requiring specific governmental consents and proper registration. The form includes detailed information about the property, parties involved, financial terms, and necessary warranties and representations. It's particularly important in urban development areas and for properties under development where original purchase contracts need to be transferred.
Suggested Sections

1. Parties: Identifies and provides full details of the Assignor (original contract holder), Assignee (new contract holder), and Original Seller/Developer

2. Background: Outlines the existing contract being assigned, its date, and brief description of the property

3. Definitions: Defines key terms used throughout the document including Property, Original Contract, Assignment Date, etc.

4. Subject Matter of Assignment: Details of the contract rights being assigned and the property involved

5. Assignment and Consideration: Formal assignment clause and details of the payment or consideration for the assignment

6. Assignor's Representations and Warranties: Warranties regarding ownership, right to assign, no encumbrances, etc.

7. Assignee's Covenants: Assignee's obligations including assuming all responsibilities under the original contract

8. Completion Requirements: Requirements for completing the assignment including necessary government consents

9. Execution and Delivery: Details of how and when the assignment will be executed and delivered

Optional Sections

1. Consent of Original Seller: Required when original contract requires consent for assignment

2. Outstanding Payments: Used when there are remaining payments on the original contract

3. Development Obligations: Included when property involves ongoing development commitments

4. Third Party Rights: Needed when there are existing tenants or other third-party interests

5. Tax Provisions: Special tax considerations or obligations specific to the assignment

6. Dispute Resolution: Optional detailed dispute resolution procedures

Suggested Schedules

1. Schedule 1 - Property Details: Detailed description of the property including survey plans and title details

2. Schedule 2 - Original Contract: Copy of the original contract being assigned

3. Schedule 3 - Payment Schedule: Details of any remaining payments and payment terms

4. Schedule 4 - Required Consents: List of required governmental and third-party consents

5. Appendix A - Property Documents: Copies of relevant property documents including survey plans and title documents

6. Appendix B - Consent Forms: Templates or copies of necessary consent forms

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Assignment Date
Assignor
Assignee
Original Contract
Original Seller
Property
Certificate of Occupancy
Completion Date
Consideration
Effective Date
Encumbrances
Governor's Consent
Land Use Act
Original Purchase Price
Outstanding Balance
Permitted Use
Property Documents
Registration Requirements
Right of Occupancy
State Authority
Stamp Duty
Title Documents
Transfer Documents
Completion Requirements
Development Plans
Material Breach
Parties
Relevant Authority
Required Consents
Relevant Industries

Real Estate

Construction

Property Development

Banking and Finance

Legal Services

Urban Planning

Property Investment

Housing Development

Commercial Property

Residential Property

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Corporate Services

Business Development

Operations

Risk Management

Documentation

Land Administration

Relevant Roles

Real Estate Manager

Property Developer

Legal Counsel

Contract Administrator

Property Manager

Real Estate Agent

Land Administrator

Compliance Officer

Transaction Manager

Property Investment Manager

Real Estate Portfolio Manager

Development Director

Legal Director

Property Rights Administrator

Industries
Land Use Act 1978: The fundamental law governing land ownership and administration in Nigeria. It vests all land in the state governments and requires governor's consent for assignments of statutory rights of occupancy.
Contract Law of Nigeria: Based on common law principles, governs the formation, validity, and enforcement of contracts including assignments. Ensures the assignment meets basic contract requirements of offer, acceptance, consideration, and intent.
Property and Conveyancing Law: Regulates the transfer of property rights and interests, including the formal requirements for valid property transfers and assignments in Nigeria.
Stamp Duties Act: Requires proper stamping of legal documents including property assignments. Determines the appropriate duties payable on real estate transaction documents.
Registration of Titles Law: Governs the registration of property titles and interests in the lands registry, ensuring proper documentation and public record of property assignments.
Nigerian Urban and Regional Planning Act: Ensures compliance with zoning laws and land use regulations when transferring property rights.
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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