Real Estate Purchase Contract Template for Nigeria

The Real Estate Purchase Contract is a fundamental legal instrument used in Nigerian property transactions to formalize the sale and purchase of real estate. It is essential for any property transfer in Nigeria, whether residential, commercial, or industrial. The document must comply with the Land Use Act of 1978 and other relevant Nigerian property laws, including state-specific regulations. This contract type is particularly important as it addresses unique aspects of Nigerian real estate law, such as the requirement for Governor's Consent for property transfers and the distinction between statutory and customary rights of occupancy. It serves as the primary document establishing the rights and obligations of both parties, detailing the property specifications, payment terms, and conditions for completion of the sale.

1. Parties: Identification of buyer and seller with full legal names, addresses, and registration details if companies

2. Background: Context of the transaction and brief property overview

3. Definitions: Key terms used throughout the agreement

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

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

6. Payment Structure: Breakdown of payment schedule, installments, and method of payment

7. Conditions Precedent: Conditions that must be met before completion, including title verification and governor's consent

8. Seller's Representations and Warranties: Seller's guarantees regarding property ownership, encumbrances, and condition

9. Buyer's Representations and Warranties: Buyer's guarantees regarding financial capacity and compliance with relevant laws

10. Completion: Process and requirements for closing the transaction

11. Title Transfer: Procedures for transferring title and obtaining necessary governmental approvals

12. Risk and Insurance: Allocation of risk and insurance requirements before completion

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

14. Governing Law: Specification of Nigerian law and relevant state jurisdiction

15. Dispute Resolution: Process for resolving disputes, including arbitration provisions

16. Notices: Method and addresses for formal communications

17. General Provisions: Standard boilerplate clauses including severability, entire agreement, and amendments