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Real Property Contract
"I need a Real Property Contract for the purchase of a commercial office building in Lagos, Nigeria, valued at ���500 million, with completion scheduled for March 2025, including provisions for existing tenant leases and staged payment terms."
1. Parties: Identification of the vendor/seller and purchaser/buyer with full legal names and addresses
2. Background: Context of the transaction including brief property history and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including boundaries, measurements, and registration particulars
5. Purchase Price: Agreed purchase price and payment terms including deposit requirements
6. Completion: Timeline and requirements for completion of the transaction
7. Title and Registration: Confirmation of vendor's title and process for title transfer
8. Governor's Consent: Provisions regarding obtaining necessary government consent as required by the Land Use Act
9. Vendor's Covenants: Warranties and representations by the vendor regarding the property
10. Purchaser's Covenants: Obligations and commitments of the purchaser
11. Conditions Precedent: Conditions that must be satisfied before completion
12. Risk and Insurance: Allocation of risk and insurance requirements until completion
13. Default Provisions: Consequences of default by either party
14. Notices: Process for serving formal notices between parties
15. Governing Law: Confirmation of Nigerian law as governing law and jurisdiction
16. Execution: Formal execution block for signing by parties
1. Environmental Matters: Required when property might have environmental concerns or requires environmental impact assessment
2. Planning Permissions: Included when property involves development rights or requires specific planning permissions
3. Tenant Rights: Required when property is sold subject to existing tenancies
4. Service Charges: Included for properties within estates or with shared facilities
5. Development Obligations: Required when property purchase includes development commitments
6. Agricultural Land Provisions: Required for rural or agricultural property transactions
7. Mineral Rights: Included when mineral rights are relevant to the transaction
8. Traditional Rights: Required when property is subject to traditional rights or community claims
1. Property Schedule: Detailed property description, boundaries, and plan
2. Title Documents: List of all title documents and evidence of ownership
3. Encumbrances Schedule: Details of any existing charges, mortgages, or encumbrances
4. Payment Schedule: Breakdown of payment terms and installments if applicable
5. Land Use Specifications: Details of permitted use and development restrictions
6. Completion Requirements: Checklist of documents required for completion
7. Property Inventory: List of fixtures, fittings, and contents included in sale
8. Required Consents: List of necessary governmental and regulatory approvals
Authors
Property
Land
Certificate of Occupancy
Right of Occupancy
Governor's Consent
Completion Date
Completion
Purchase Price
Deposit
Balance Purchase Price
Business Day
Land Registry
Land Use Act
Title Documents
Vendor
Purchaser
Encumbrances
Planning Laws
Permitted Use
Ground Rent
Transfer Documents
Effective Date
Legal Mortgage
Customary Rights
Force Majeure
Material Adverse Effect
Party/Parties
Property Documents
Requisite Consents
State
Statutory Declaration
Survey Plan
Term
Local Government Area
Improvements
Fixtures and Fittings
Development Plan
Environmental Laws
Lease Term
Occupation Date
Payment Date
Registration Fees
Stamp Duty
Title Defects
Vacant Possession
Working Days
Purchase Price
Payment Terms
Title Transfer
Governor's Consent
Warranties and Representations
Conditions Precedent
Due Diligence
Completion
Risk and Insurance
Default and Remedies
Force Majeure
Environmental Compliance
Land Use and Development
Customary Rights
Registration and Stamping
Notices
Assignment
Severability
Entire Agreement
Governing Law
Dispute Resolution
Confidentiality
Costs and Taxes
Planning and Zoning
Property Access
Vacant Possession
Encumbrances
Title Covenants
Indemnification
Traditional Rights
Local Government Compliance
Termination
Amendment
Survival
Time of Essence
Real Estate
Construction
Agriculture
Manufacturing
Retail
Hospitality
Healthcare
Education
Financial Services
Energy and Natural Resources
Industrial
Technology
Telecommunications
Religious Organizations
Non-Profit Organizations
Legal
Real Estate
Facilities Management
Compliance
Finance
Risk Management
Corporate Affairs
Administration
Property Management
Business Development
Operations
Real Estate Manager
Property Lawyer
Legal Counsel
Property Developer
Land Administrator
Facilities Manager
Corporate Real Estate Director
Property Investment Manager
Compliance Officer
Real Estate Agent
Property Surveyor
Chief Legal Officer
Real Estate Portfolio Manager
Asset Manager
Property Acquisition Manager
Risk Manager
Company Secretary
Chief Financial Officer
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