Real Estate Offer And Acceptance Form Template for Nigeria

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Key Requirements PROMPT example:

Real Estate Offer And Acceptance Form

"I need a Real Estate Offer and Acceptance Form for purchasing a commercial property in Lagos, Nigeria, valued at ₦150 million, with a planned completion date of March 15, 2025, and including special provisions for existing tenant agreements."

Document background
The Real Estate Offer And Acceptance Form is a fundamental document in Nigerian property transactions, designed to initiate and formalize property sales in compliance with Nigerian law. It serves as the primary instrument for documenting the essential terms of a property transaction, including price, payment terms, and conditions of sale. This document is particularly important in the Nigerian context where land rights are governed by both statutory law (primarily the Land Use Act of 1978) and customary law. It is used when a potential buyer wishes to make a formal offer to purchase property and the seller wishes to accept those terms, creating a legally binding agreement. The form includes provisions for necessary government consents, land registration requirements, and other regulatory compliance matters specific to Nigerian real estate transactions. It forms the basis for subsequent property transfer documents and is essential for both residential and commercial property transactions.
Suggested Sections

1. Parties: Identification and details of the Seller/Vendor and Buyer/Purchaser, including full legal names, addresses, and contact information

2. Background: Brief context of the transaction and confirmation of the Seller's right to sell the property

3. Definitions: Key terms used throughout the document, including Property, Purchase Price, Completion Date, etc.

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

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

6. Payment Terms: Structure and timeline of payments, including deposit, stage payments if any, and final payment

7. Conditions Precedent: Conditions that must be satisfied before the sale becomes binding

8. Seller's Representations: Warranties and representations regarding property title, encumbrances, and condition

9. Buyer's Undertakings: Commitments and obligations of the buyer, including financing arrangements

10. Completion: Process and requirements for completing the transaction

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

12. Signing and Acceptance: Formal acceptance sections for both parties to execute the agreement

Optional Sections

1. Due Diligence Period: Terms for buyer's investigation period, used when buyer requires time to conduct property investigations

2. Financing Contingency: Conditions related to buyer's ability to secure financing, included when purchase depends on mortgage approval

3. Property Condition: Detailed description of property condition and any required repairs, used for properties needing renovation or repair

4. Tenant Rights: Details of existing tenancies and their impact on the sale, included for tenanted properties

5. Development Provisions: Special conditions for undeveloped land or properties requiring development, used for vacant land sales

6. Traditional Rights: Acknowledgment of any customary rights or traditional interests, used in areas where customary law is relevant

7. Special Use Conditions: Specific conditions related to property use or zoning requirements, included for properties with specific use restrictions

Suggested Schedules

1. Property Details Schedule: Comprehensive description of the property including exact measurements, boundaries, and features

2. Title Documents: List of all relevant title documents and registration details

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

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

5. Land Documents: Copies of relevant land documents, surveys, and plans

6. Required Consents: List of necessary government or regulatory approvals required

7. Property Photographs: Visual documentation of the property's current condition

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 Industries

Real Estate

Construction

Banking and Finance

Legal Services

Property Development

Urban Planning

Commercial Property

Residential Property

Agriculture (for farmland)

Industrial

Hospitality

Retail

Relevant Teams

Legal

Real Estate

Property Management

Facilities

Compliance

Investment

Operations

Commercial

Risk Management

Finance

Business Development

Administrative Services

Relevant Roles

Real Estate Agent

Property Lawyer

Property Manager

Legal Counsel

Property Developer

Investment Manager

Facilities Manager

Real Estate Investment Officer

Property Acquisition Manager

Real Estate Portfolio Manager

Land Administrator

Commercial Director

Property Surveyor

Real Estate Analyst

Compliance 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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