Selling Home By Owner Contract Template for Nigeria

The Selling Home By Owner Contract is designed for use in Nigeria when property owners wish to sell their property directly without engaging a real estate agent. This document is crucial in the Nigerian real estate market, where the Land Use Act 1978 governs property transfers and requires specific compliance measures, including obtaining Governor's consent. The contract includes comprehensive provisions for property description, payment terms, warranties, and completion requirements, ensuring compliance with both federal and state-level regulations. It's particularly useful for private sellers who want to maintain control over their property sale while ensuring legal compliance and protection of their interests. The document incorporates necessary elements for property transfer in Nigeria, including considerations for both statutory and customary land rights where applicable.

1. Parties: Identification and details of the Seller and Buyer, including full legal names, addresses, and contact information

2. Background: Brief context of the sale, including property ownership history and intention to sell

3. Definitions: Key terms used throughout the agreement defined for clarity and legal certainty

4. Property Description: Detailed description of the property including address, land title details, and registration particulars

5. Purchase Price: Agreed purchase price, payment terms, and schedule of payments

6. Payment Terms: Detailed breakdown of payment structure, including deposits and completion payments

7. Conditions Precedent: Conditions that must be met before the sale can be completed, including Governor's consent requirements

8. Seller's Representations and Warranties: Seller's guarantees regarding property ownership, condition, and legal status

9. Buyer's Representations and Warranties: Buyer's confirmations regarding financial capacity and understanding of the purchase

10. Completion: Process and requirements for completing the sale, including documentation and timing

11. Risk and Insurance: Responsibility for property insurance and risk transfer timing

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

13. Governing Law: Confirmation of Nigerian law application and relevant state jurisdiction

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

15. Execution: Signature blocks and execution requirements