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Bargain Sale Deed

Bargain Sale Deed Template for Nigeria

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Key Requirements PROMPT example:

Bargain Sale Deed

"I need a Bargain Sale Deed for transferring a commercial property in Lagos State to a charitable organization at 60% of market value, with completion scheduled for March 2025 and including special provisions for existing tenant rights."

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Document background
The Bargain Sale Deed is a specialized legal instrument used in Nigerian property transactions where real estate is transferred at a price below its fair market value. This type of deed is commonly used in various scenarios including family transfers, charitable donations, or distressed sales. The document must comply with the Land Use Act of 1978 and other relevant Nigerian property laws, requiring specific formalities such as the Governor's consent, proper registration, and payment of appropriate stamp duties. It includes crucial elements such as party details, property description, consideration amount, warranties, and proper execution requirements. The deed serves both as a transfer document and evidence of the transaction, making it essential for property records and future title verification.
Suggested Sections

1. Title and Date: Clearly states this is a Bargain Sale Deed and the date of execution

2. Parties: Identifies the Vendor/Seller and Purchaser/Buyer with their full legal names, addresses, and capacities

3. Recitals: Background information establishing the Vendor's ownership, right to sell, and intention to transfer

4. Definitions: Defines key terms used throughout the deed

5. Consideration: States the agreed purchase price and payment terms

6. Operative Part: The actual words of conveyance transferring the property

7. Description of Property: Detailed description of the property being transferred, including boundaries and measurements

8. Vendor's Covenants: Seller's warranties regarding title, right to sell, and freedom from encumbrances

9. Governor's Consent: Reference to obtaining necessary consent under the Land Use Act

10. Execution Clause: Formal execution block for parties' signatures and witness attestation

11. Authentication: Notarization or other required authentication details

Optional Sections

1. Special Conditions: Include when there are specific conditions or restrictions on the property use

2. Environmental Warranties: Include for properties in industrial zones or with potential environmental concerns

3. Development Restrictions: Include when the property is subject to specific development limitations

4. Rights of Way: Include when there are existing easements or rights of way affecting the property

5. Payment Schedule: Include when payment is to be made in installments

6. Third Party Rights: Include when there are existing tenants or other third-party interests

7. Tax Provisions: Include specific tax arrangements or obligations when relevant

Suggested Schedules

1. Property Description Schedule: Detailed technical description of the property, including survey plans and measurements

2. Title Documents: List of all relevant title documents and their details

3. Encumbrances Schedule: List of any existing charges, mortgages, or encumbrances affecting the property

4. Payment Schedule: Detailed breakdown of payment terms if not made in a single payment

5. Land Use Approvals: Copies of relevant land use approvals and permits

6. Survey Plan: Official survey plan and property drawings

7. Photographs: Recent photographs of the property and its boundaries

Authors

Alex Denne

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

alex.den.21@genieai.co
Relevant legal definitions






























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Relevant Industries

Real Estate

Construction

Agriculture

Industrial Manufacturing

Commercial Development

Residential Development

Hospitality

Retail

Healthcare

Education

Religious Organizations

Non-Profit Organizations

Banking and Finance

Energy and Natural Resources

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Corporate Secretariat

Facilities Management

Investment

Operations

Risk Management

Document Management

Relevant Roles

Real Estate Manager

Property Lawyer

Compliance Officer

Land Administrator

Property Director

Legal Counsel

Real Estate Development Manager

Asset Manager

Property Acquisition Manager

Title Officer

Corporate Secretary

Facilities Manager

Real Estate Investment Manager

Property Rights Specialist

Development Director

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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