Real Estate Contract Of Sale Template for Nigeria

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Key Requirements PROMPT example:

Real Estate Contract Of Sale

"I need a Real Estate Contract of Sale for a commercial property in Lagos, Nigeria, with completion scheduled for March 2025, including specific provisions for existing tenant rights and an ongoing lease agreement."

Document background
The Real Estate Contract of Sale is a fundamental legal document used in Nigerian property transactions to facilitate the transfer of real estate from one party to another. It is essential for any property sale in Nigeria and must comply with the Land Use Act of 1978, which vests all land in the state governors. The document serves as the primary agreement between buyer and seller, detailing the terms of sale, property description, price, payment terms, and completion requirements. It includes provisions for obtaining the Governor's consent, which is mandatory for property transfers in Nigeria. This contract type is used across various sectors, from residential to commercial property transactions, and requires careful consideration of state-specific land laws and registration requirements.
Suggested Sections

1. Parties: Identification of the seller and buyer with full legal names, addresses, and contact details

2. Background: Context of the transaction and brief description of the property being sold

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 and payment terms including deposit and balance payment schedule

6. Title and Ownership: Seller's warranties regarding ownership, title, and right to sell the property

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

8. Completion: Details of the completion process, timing, and requirements

9. Seller's Covenants: Seller's promises regarding the property and obligations up to completion

10. Buyer's Covenants: Buyer's obligations including payment terms and compliance with registration requirements

11. Risk and Insurance: Transfer of risk and insurance responsibilities

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

13. Notices: How formal notices between parties should be given and received

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

15. Execution: Signature blocks and attestation requirements

Optional Sections

1. Third Party Rights: Required when there are existing tenants or other parties with rights over the property

2. Planning Permissions: Include when the property involves ongoing or pending development permits

3. Environmental Matters: Required for properties in environmentally sensitive areas or with potential contamination

4. Service Charges: Include for properties within estates or with shared facilities

5. Tax Matters: Required when there are specific tax implications or arrangements

6. Mortgage Details: Include when the property has existing mortgage or buyer requires mortgage financing

7. Joint Ownership Provisions: Required when multiple buyers are purchasing the property

8. Development Restrictions: Include when there are specific building or development restrictions on the property

Suggested Schedules

1. Property Schedule: Detailed property description, including land area, buildings, and improvements

2. Title Documents: List of all title documents including Certificate of Occupancy or other relevant documents

3. Inventory: List of fixtures, fittings, and contents included in the sale

4. Payment Schedule: Detailed breakdown of payment terms and installments if applicable

5. Property Plans: Survey plans, building plans, and other relevant technical drawings

6. Encumbrances: List of any existing charges, encumbrances, or restrictions on the property

7. Required Consents: List of necessary governmental and regulatory approvals

8. Due Diligence Report: Summary of property investigations and searches conducted

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

Legal Services

Property Development

Hospitality

Retail

Manufacturing

Agriculture

Education

Healthcare

Relevant Teams

Legal

Real Estate

Facilities Management

Finance

Compliance

Property Management

Asset Management

Investment

Operations

Risk Management

Relevant Roles

Real Estate Manager

Property Lawyer

Legal Counsel

Property Developer

Real Estate Agent

Facilities Manager

Commercial Director

Chief Financial Officer

Property Acquisition Manager

Compliance Officer

Real Estate Investment Manager

Asset Manager

Property Portfolio Manager

Land Administrator

Title Registration 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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