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Assignment Of Purchase And Sale Agreement Template for Nigeria

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Key Requirements PROMPT example:

Assignment Of Purchase And Sale Agreement

"I need an Assignment of Purchase and Sale Agreement under Nigerian law for transferring rights to a commercial property in Lagos, with completion scheduled for March 2025; the original purchase agreement includes special conditions for property development that need to be maintained."

Document background
The Assignment Of Purchase And Sale Agreement is a crucial document in Nigerian property transactions where the original purchaser wishes to transfer their rights and obligations under a purchase agreement to a new party. This document is commonly used in situations where the original purchaser cannot or chooses not to complete the purchase, or wants to transfer their interest before the completion of the original transaction. It must comply with Nigerian property law, particularly the Land Use Act, and typically requires specific governmental approvals, including the Governor's consent for land transactions. The agreement includes comprehensive details about the original purchase agreement, the property in question, consideration for the assignment, and various representations and warranties to protect all parties involved. It's particularly important in commercial real estate transactions and development projects where property interests are frequently transferred.
Suggested Sections

1. Parties: Identification of the Assignor (original purchaser), Assignee (new purchaser), and Original Seller (from the original purchase agreement)

2. Background: Recitals explaining the original purchase agreement, the intent to assign, and any relevant property details

3. Definitions: Definitions of key terms used throughout the agreement, including the Original Agreement, Property, Assignment Date, etc.

4. Assignment: Core provision transferring all rights, title, and interest in the original purchase agreement from Assignor to Assignee

5. Consideration: Details of the payment or other consideration for the assignment

6. Assignor's Representations and Warranties: Assignor's confirmations regarding their right to assign, status of the original agreement, and property details

7. Assignee's Covenants: Assignee's commitments to perform all obligations under the original purchase agreement

8. Completion: Details of the completion process, including timing, location, and requirements

9. Notices: Procedure for giving notices under the agreement

10. Governing Law and Jurisdiction: Confirmation of Nigerian law as governing law and jurisdiction details

Optional Sections

1. Consent Requirements: Section detailing requirements for obtaining necessary consents (e.g., Governor's consent under the Land Use Act) - include if property is subject to specific consent requirements

2. Original Seller's Consent: Section addressing the original seller's consent to the assignment - include if required by the original purchase agreement

3. Tax Provisions: Specific provisions regarding tax obligations - include if there are significant tax implications

4. Further Assurance: Additional commitments to execute further documents - include for complex transactions

5. Costs: Allocation of costs related to the assignment - include if not straightforward

6. Confidentiality: Provisions regarding confidentiality of the transaction - include for sensitive or high-value transactions

Suggested Schedules

1. Schedule 1 - Original Purchase Agreement: Copy or details of the original purchase and sale agreement being assigned

2. Schedule 2 - Property Details: Detailed description of the property, including title information and any encumbrances

3. Schedule 3 - Outstanding Obligations: List of any outstanding obligations under the original purchase agreement

4. Schedule 4 - Required Consents: List of required consents and their status

5. Appendix A - Form of Notice to Original Seller: Template notice informing the original seller of the assignment

6. Appendix B - Completion Requirements: Detailed list of documents and requirements for completion

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Relevant Industries

Real Estate

Construction

Commercial Property

Retail

Industrial

Hospitality

Healthcare

Education

Agriculture

Oil and Gas

Manufacturing

Infrastructure Development

Relevant Teams

Legal

Real Estate

Property Management

Commercial

Finance

Compliance

Corporate Secretariat

Operations

Asset Management

Investment

Relevant Roles

Real Estate Manager

Property Development Manager

Legal Counsel

Contract Manager

Commercial Director

Chief Financial Officer

Property Acquisition Manager

Facilities Manager

Asset Manager

Investment Manager

Development Director

Compliance Officer

Company Secretary

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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