Document background
The Real Estate Purchase and Sale Agreement is a fundamental document used in Nigerian property transactions to formalize the transfer of real estate between parties. It is essential when any type of real property is being sold, whether residential, commercial, or industrial. The agreement must comply with Nigerian federal laws, particularly the Land Use Act of 1978, which requires obtaining Governor's Consent for property transfers. The document typically includes detailed property descriptions, purchase terms, warranties, and conditions precedent, while addressing specific Nigerian requirements such as land registration procedures and stamp duty obligations. It serves as the primary record of the transaction terms and protects both parties' interests throughout the property transfer process.
