Real Estate Purchase Agreement Contract Template for Nigeria

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Key Requirements PROMPT example:

Real Estate Purchase Agreement Contract

"I need a Real Estate Purchase Agreement Contract for a commercial property in Lagos, Nigeria, valued at ₦100 million, which includes provisions for existing tenants and requires completion by March 2025."

Document background
The Real Estate Purchase Agreement Contract is a fundamental legal document used in Nigerian property transactions to formalize the transfer of real estate from one party to another. It is essential for any property purchase in Nigeria, whether residential, commercial, or industrial. The agreement must comply with the Land Use Act of 1978 and other relevant Nigerian property laws, including the crucial requirement for Governor's Consent. This document typically includes detailed property descriptions, purchase price, payment terms, warranties, and conditions precedent to completion. It addresses specific Nigerian legal requirements such as land registration, stamp duty payments, and title verification procedures. The agreement serves as the primary document protecting both buyer's and seller's interests while ensuring the transaction meets all legal requirements for property transfer in Nigeria.
Suggested Sections

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

2. Background: Context of the transaction including brief property description and intention to sell/buy

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

4. Property Details: Comprehensive description of the property including boundaries, title details, and registration particulars

5. Purchase Price: Agreed purchase price and payment terms including deposit and completion payment details

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

7. Seller's Representations and Warranties: Seller's declarations regarding property ownership, encumbrances, and condition

8. Buyer's Representations and Warranties: Buyer's declarations regarding capacity to purchase and source of funds

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

10. Title Documents and Transfer: Process for transferring title and required documentation

11. Costs and Taxes: Allocation of transaction costs, stamp duty, and other taxes

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

13. Notices: Process for giving formal notices under the agreement

14. Governing Law and Jurisdiction: Confirmation of Nigerian law application and jurisdiction

15. Entire Agreement: Standard boilerplate confirming this is the complete agreement between parties

Optional Sections

1. Existing Tenancies: Required if property is sold subject to existing tenancies, detailing tenant rights and obligations

2. Property Management Until Completion: Used for properties requiring management between exchange and completion

3. Environmental Matters: Required for properties with potential environmental issues or compliance requirements

4. Planning Permissions: Needed if property involves ongoing or required planning permissions

5. Certificate of Occupancy Status: Required if Certificate of Occupancy is pending or requires regularization

6. Service Charge Provisions: Required for properties within estates or with shared facilities

7. Developer's Obligations: Required for new-build properties or off-plan purchases

8. Mortgage Details: Required if property is being purchased with mortgage financing

Suggested Schedules

1. Property Description Schedule: Detailed property description including plans, boundaries, and features

2. Title Documents Schedule: List and copies of all relevant title documents

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

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

5. Required Consents Schedule: List of all required governmental and regulatory consents

6. Existing Tenancies Schedule: Details of any existing tenancies including lease terms

7. Outstanding Works Schedule: List of any works to be completed before completion

8. Property Certificate Schedule: Copies of relevant certificates including Certificate of Occupancy

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

Industrial

Agriculture

Education

Healthcare

Relevant Teams

Legal

Real Estate

Facilities

Finance

Compliance

Corporate Services

Property Management

Business Development

Risk Management

Operations

Relevant Roles

Legal Counsel

Real Estate Manager

Property Developer

Facilities Manager

Commercial Director

Chief Financial Officer

Property Investment Manager

Compliance Officer

Real Estate Attorney

Land Administrator

Property Acquisition Manager

Real Estate Portfolio Manager

Corporate Services Director

Development Director

Asset Manager

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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