Wholesale Real Estate Purchase Agreement Template for Nigeria

The Wholesale Real Estate Purchase Agreement is a specialized legal instrument used in Nigerian real estate transactions where an investor intends to purchase property rights for subsequent reassignment or resale. This document is particularly relevant in scenarios involving large-scale property acquisitions, development projects, or investment opportunities. It must comply with the Nigerian Land Use Act, which vests all land in state governors, and accommodate state-specific requirements for property transfers. The agreement typically includes detailed provisions for property description, purchase terms, assignment rights, due diligence processes, and closing requirements. It serves as a crucial tool for real estate investors, developers, and property companies engaging in wholesale property transactions, providing necessary legal protections while facilitating efficient property transfers in the Nigerian market.

1. Parties: Identification of the seller, wholesale buyer (assignor), and their complete contact details and registration information

2. Background: Context of the transaction, including property overview and purpose of the wholesale agreement

3. Definitions: Key terms used throughout the agreement, including property description, assignment rights, and transaction-specific terminology

4. Property Details: Comprehensive description of the property, including legal description, boundaries, and registration details as per Land Registry requirements

5. Purchase Price and Payment Terms: Detailed breakdown of purchase price, earnest money requirements, and payment schedule

6. Assignment Rights: Specific terms regarding the wholesale buyer's right to assign the contract to an end buyer

7. Due Diligence: Buyer's rights and timeframes for property inspection, title search, and other investigations

8. Seller's Representations and Warranties: Seller's declarations regarding property ownership, encumbrances, and condition

9. Buyer's Representations and Warranties: Wholesale buyer's declarations regarding financial capacity and intended compliance

10. Closing Requirements: Conditions precedent, required documentation, and closing process details

11. Title Transfer: Process and requirements for transferring title, including Land Use Act compliance

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

13. Risk and Insurance: Allocation of risk and insurance requirements during the contract period

14. Notices: Protocol for official communications between parties

15. Governing Law: Specification of Nigerian law as governing law and relevant jurisdiction

16. Execution: Signature blocks and attestation requirements