Document background
The Real Property Sales Agreement is a fundamental legal document used in Nigerian property transactions to formalize the transfer of land or building ownership. It is essential for any real estate transaction in Nigeria, whether for residential, commercial, or industrial properties. The agreement must comply with the Land Use Act 1978, which vests all land in the state governors, requiring their consent for property transfers. This document is crucial for establishing the terms of sale, securing the parties' rights, and ensuring proper documentation for land registry purposes. It includes critical elements such as property details, purchase price, payment terms, warranties, and completion requirements, while addressing specific Nigerian legal requirements such as governor's consent, stamp duty obligations, and registration procedures. The agreement serves as the primary evidence of the transaction and forms the basis for subsequent property registration and title transfer.
