Real Estate Purchase Form Template for Nigeria

The Real Estate Purchase Form is a crucial document used in Nigerian property transactions, designed to facilitate the legal transfer of real estate ownership while ensuring compliance with Nigerian law, particularly the Land Use Act of 1978. This document is essential when purchasing any type of real estate in Nigeria, whether residential, commercial, or industrial property. It includes comprehensive details about the property, parties involved, purchase price, payment terms, warranties, and specific requirements for governor's consent and registration. The form is structured to protect both buyers' and sellers' interests while addressing unique aspects of Nigerian property law, such as the requirement for governor's consent for assignment of interest in land. It serves as both a legal record of the transaction and a guide to ensure all necessary steps in the property transfer process are properly documented and executed.

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

2. Background: Context of the transaction and confirmation of seller's right to sell

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

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

5. Purchase Price: Statement of purchase price and payment terms

6. Payment Structure: Breakdown of payment schedule including deposits and completion payments

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

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

9. Buyer's Warranties: Warranties regarding capacity to purchase and source of funds

10. Completion: Process and requirements for completing the transaction

11. Post-Completion Matters: Requirements after completion including registration and transfer of title

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

13. Default and Remedies: Consequences of default by either party

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

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

16. Execution: Signature blocks and execution requirements