��������Ƶ

The Builder Buyer Agreement is a crucial legal document used in Nigerian real estate transactions when a property is being constructed for sale. This agreement is essential for both residential and commercial construction projects, providing a legally binding framework that protects the interests of both the builder/developer and the buyer. The document must comply with Nigerian federal and state regulations, including the Land Use Act, National Building Code, and consumer protection laws. It typically includes detailed specifications about the property, construction quality standards, payment schedules, completion timelines, and possession terms. The Builder Buyer Agreement serves as the primary contract governing the relationship between the parties throughout the construction process and subsequent property transfer, incorporating necessary provisions for warranties, defect liability, and dispute resolution mechanisms specific to Nigerian jurisdiction.

1. Parties: Identification and details of the Builder/Developer and the Buyer/Purchaser

2. Background: Context of the agreement, including project overview and purpose

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Details: Specific details of the property being constructed/sold, including location and measurements

5. Consideration and Payment Terms: Purchase price, payment schedule, and payment methods

6. Construction Specifications: Building specifications, materials, and quality standards

7. Timeline and Possession: Construction timeline, completion date, and possession terms

8. Builder's Obligations: Responsibilities and commitments of the builder

9. Buyer's Obligations: Responsibilities and commitments of the buyer

10. Warranties and Representations: Warranties provided by the builder and representations by both parties

11. Defect Liability: Builder's liability for defects and the defect liability period

12. Title and Ownership: Provisions regarding property title and transfer of ownership

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

14. Force Majeure: Provisions for unforeseen circumstances affecting contract performance

15. Dispute Resolution: Procedures for resolving disputes between parties

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

17. Notices: Process and addresses for serving notices between parties

18. General Provisions: Standard boilerplate clauses including severability, entire agreement, and amendments