Residential Purchase Agreement Template for Nigeria

The Residential Purchase Agreement is a vital legal instrument used in Nigerian property transactions to formalize the sale and purchase of residential real estate. This document is essential when transferring ownership of residential property in Nigeria, whether it's a house, apartment, or other residential structure. It must comply with the Land Use Act of 1978, which vests all land in the state governors, and various state-specific property laws. The agreement covers crucial elements including property details, purchase price, payment terms, title verification, and the process for obtaining necessary governmental approvals. It's designed to protect both buyers' and sellers' interests while ensuring compliance with Nigerian federal and state regulations. The document becomes particularly important given Nigeria's unique land tenure system and the requirement for Governor's Consent in property transfers.

1. Parties: Identification of the seller and buyer with full legal names, addresses, and contact information

2. Background: Context of the transaction and brief description of the property being sold

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

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

5. Purchase Price: The agreed purchase price and payment terms including deposit requirements

6. Payment Terms: Detailed breakdown of payment schedule, method of payment, and consequences of default

7. Title and Ownership: Seller's warranties regarding ownership, title quality, and confirmation of authority to sell under the Land Use Act

8. Governmental Consent: Process and responsibilities for obtaining necessary governmental consents under the Land Use Act

9. Conditions Precedent: Conditions that must be met before completion, including title verification and government approvals

10. Completion: Details of the completion process, timing, and requirements for transfer of ownership

11. Seller's Covenants: Seller's promises regarding the property condition, encumbrances, and obligations until completion

12. Buyer's Covenants: Buyer's obligations regarding payment, cooperation in registration, and other responsibilities

13. Risk and Insurance: Allocation of risk and responsibility for insurance before and after completion

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

15. Notices: How formal communications between parties should be made and delivered

16. Governing Law: Confirmation that Nigerian law governs the agreement and specification of applicable state laws

17. Dispute Resolution: Process for resolving disputes, including jurisdiction and arbitration provisions