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Real Estate Swap Agreement

Real Estate Swap Agreement Template for Nigeria

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Key Requirements PROMPT example:

Real Estate Swap Agreement

"I need a Real Estate Swap Agreement for exchanging a commercial office building in Lagos for an industrial warehouse in Abuja, with completion planned for March 2025; the agreement needs to include provisions for existing tenants in both properties and address environmental compliance requirements."

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Document background
The Real Estate Swap Agreement is a specialized contract used when two or more parties wish to exchange real estate properties in Nigeria. This document is essential for transactions where parties prefer to exchange properties rather than conduct separate sale and purchase transactions. It must comply with Nigerian property law, particularly the Land Use Act, which requires obtaining Governor's Consent for property transfers. The agreement covers crucial elements including property descriptions, valuation mechanisms, title verification procedures, and completion requirements. It's particularly useful for portfolio optimization, strategic property exchanges, and situations where parties seek to avoid cash transactions. The document includes specific provisions for Nigerian regulatory compliance, tax implications, and local property transfer requirements.
Suggested Sections

1. Parties: Identification of all parties involved in the swap agreement

2. Background: Context of the transaction and brief description of the properties to be exchanged

3. Definitions: Key terms used throughout the agreement

4. Properties Description: Detailed description of both properties being exchanged, including their legal titles and encumbrances

5. Exchange Terms: Core terms of the property swap, including any monetary adjustments

6. Conditions Precedent: Requirements to be met before completion, including obtaining Governor's Consent under the Land Use Act

7. Representations and Warranties: Statements of fact and assurances from each party about their properties and authority to exchange

8. Completion Mechanics: Process and timing for completing the swap transaction

9. Title Transfer: Procedures for transferring title and registration requirements

10. Costs and Taxes: Allocation of transaction costs, stamp duties, and tax obligations

11. Risk and Insurance: Responsibility for property risks before and after completion

12. Governing Law and Jurisdiction: Specification of Nigerian law and relevant jurisdiction

13. Notices: Process for formal communications between parties

14. Boilerplate Provisions: Standard contract clauses including severability, entire agreement, and amendments

Optional Sections

1. Monetary Adjustments: Required when properties have different values and monetary compensation is involved

2. Tenant Provisions: Include when either property has existing tenants

3. Environmental Matters: Include when properties have potential environmental issues or require specific compliance

4. Development Obligations: Include when either property has ongoing or planned development requirements

5. Third Party Rights: Include when there are existing rights or easements affecting either property

6. Service Contracts: Include when transferring ongoing service contracts with the properties

7. Planning Permissions: Include when properties require specific planning or zoning considerations

Suggested Schedules

1. Property 1 Details: Comprehensive legal description, title documents, and plan of first property

2. Property 2 Details: Comprehensive legal description, title documents, and plan of second property

3. Title Documents: Copies of all relevant title documents and certificates of occupancy

4. Encumbrances: List of all existing encumbrances, liens, or charges on both properties

5. Due Diligence Reports: Property surveys, environmental reports, and other technical assessments

6. Completion Requirements: Checklist of documents required for completion

7. Form of Transfer Documents: Templates for title transfer documents and government applications

8. Existing Tenancies: Details of any existing lease agreements affecting either property

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Business Day
Certificate of Occupancy
Completion
Completion Date
Conditions Precedent
Consideration
Encumbrances
Environmental Laws
Exchange Properties
First Property
Second Property
Governor's Consent
Land Registry
Land Use Act
Material Adverse Effect
Monetary Adjustment
Parties
Permitted Encumbrances
Planning Laws
Property Documents
Property Rights
Relevant Authority
Representatives
Schedule
Stamp Duty
State
Surviving Provisions
Title Documents
Transfer Documents
Valuation
Working Hours
Relevant Industries

Real Estate

Commercial Property

Residential Property

Industrial Property

Agriculture

Retail

Hospitality

Manufacturing

Logistics

Urban Development

Relevant Teams

Legal

Real Estate

Property Management

Facilities

Compliance

Finance

Tax

Operations

Business Development

Risk Management

Relevant Roles

Real Estate Manager

Property Director

Legal Counsel

Corporate Lawyer

Property Developer

Asset Manager

Facilities Manager

Investment Director

Land Administrator

Compliance Officer

Real Estate Consultant

Property Portfolio Manager

Transaction Manager

Development Director

Industries
Land Use Act 1978: Fundamental law governing land ownership and administration in Nigeria, establishing that all land is held in trust by state governors for the benefit of Nigerian citizens
Nigerian Contract Law: Based on common law principles, governs the formation, terms, and enforcement of contracts including property agreements
Capital Gains Tax Act: Regulates taxation on capital gains from property disposals and exchanges in Nigeria
Federal Environmental Protection Agency Act: Establishes environmental standards and requirements that may affect property development and transfers
Registration of Titles Law: Governs the registration of property titles and maintenance of land registers in Nigerian states
Stamp Duties Act: Requires proper stamping of property documents and agreements to make them admissible in evidence
Land Registration Law: State-specific laws governing the registration of land instruments and maintaining proper records of land transactions
Urban and Regional Planning Law: Regulates land use, zoning, and development in urban areas, which may affect the permissible use of swapped properties
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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