Real Estate Purchase Offer Template for Nigeria

The Real Estate Purchase Offer is a crucial document in Nigerian property transactions, serving as the formal initiation of a property purchase process. It is typically used when a prospective buyer has identified a property of interest and wishes to formalize their intention to purchase. The document must carefully consider the requirements of the Land Use Act of 1978 and other relevant Nigerian legislation, including state-specific regulations. It includes essential details such as property description, purchase price, payment terms, conditions precedent (including Governor's Consent requirements), due diligence provisions, and closing requirements. This document is particularly important in the Nigerian context due to the complexity of land tenure systems and the need to address both statutory and customary land rights. The offer can be used for various types of real estate transactions, including residential, commercial, and industrial properties, and must be structured to protect both parties while ensuring compliance with local legal requirements.

1. Parties: Identification of the potential buyer (offeror) and seller (property owner), including full legal names, addresses, and contact information

2. Background: Brief context of the transaction and acknowledgment of the seller's ownership/right to sell

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

4. Property Description: Detailed description of the property including address, boundaries, registration particulars, and title information as per the Land Registry

5. Purchase Price: The offered amount, currency, payment terms, and deposit requirements

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

7. Due Diligence Period: Timeframe and terms for conducting property investigations, title searches, and other necessary checks

8. Conditions Precedent: Conditions that must be satisfied before the transaction becomes binding, including Governor's Consent requirements

9. Seller's Representations and Warranties: Seller's guarantees regarding property ownership, absence of encumbrances, and other material facts

10. Buyer's Representations and Warranties: Buyer's guarantees regarding financial capacity and other relevant declarations

11. Closing Requirements: Documentation and actions required to complete the transaction

12. Default and Remedies: Consequences of breach by either party and available remedies

13. Governing Law: Specification of Nigerian law as governing law and relevant jurisdiction

14. Notices: Process and addresses for formal communications between parties

15. Execution: Signature blocks and attestation requirements