Document background
The Seller Financing Purchase Agreement is a vital legal instrument in the Nigerian real estate market, particularly useful when traditional bank financing is either unavailable or unfavorable. This document type is commonly used in both commercial and residential property transactions where sellers are willing to accept periodic payments rather than a full upfront payment. The agreement must comply with Nigerian property law, particularly the Land Use Act 1978, and incorporate elements of both sales and financing arrangements. It includes crucial details about the property transfer, purchase price, financing terms, security arrangements, and default remedies. The document is especially relevant in scenarios involving private property sales, commercial real estate transactions, or situations where buyers seek alternative financing options. It provides a structured framework for documenting the seller's role as both property vendor and financier while ensuring adequate legal protection for all parties involved.
