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Commercial Property Contract Of Sale

Commercial Property Contract Of Sale Template for Nigeria

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Key Requirements PROMPT example:

Commercial Property Contract Of Sale

"I need a Commercial Property Contract of Sale under Nigerian law for purchasing a three-story office building in Lagos, with specific provisions for existing tenants and completion scheduled for March 2025."

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Document background
The Commercial Property Contract of Sale is a fundamental document used in Nigerian real estate transactions for transferring ownership of commercial properties. It is essential for any business-to-business property transaction in Nigeria and must comply with the Land Use Act 1978, which requires obtaining Governor's consent for property transfers. This document is particularly important as it addresses unique aspects of Nigerian property law, including land use rights, consent requirements, and registration procedures. The contract includes comprehensive provisions covering property description, warranties, payment terms, completion requirements, and title transfer mechanisms, while accounting for local regulatory requirements and commercial practices. It's typically used for transactions involving office buildings, retail spaces, industrial facilities, or other business premises.
Suggested Sections

1. Parties: Details of the Vendor and Purchaser, including full legal names, registration numbers for companies, and addresses

2. Background: Context of the sale, brief description of the property, and purpose of the agreement

3. Definitions: Defined terms used throughout the agreement, including Property, Completion Date, Purchase Price, etc.

4. Sale and Purchase: Core agreement to sell and purchase the property, including the purchase price and payment terms

5. Property Details: Comprehensive description of the property, including boundaries, improvements, and registered title information

6. Conditions Precedent: Required conditions to be met before completion, including Governor's consent and other regulatory approvals

7. Vendor's Warranties: Warranties regarding title, property condition, encumbrances, and compliance with laws

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

9. Title and Registration: Provisions regarding transfer of title and registration requirements

10. Risk and Insurance: Allocation of risk and insurance responsibilities before and after completion

11. Costs and Taxes: Responsibility for transaction costs, stamp duty, and other taxes

12. General Provisions: Standard clauses including notices, governing law, and dispute resolution

Optional Sections

1. Environmental Matters: Specific provisions regarding environmental compliance and liabilities, used when the property has potential environmental concerns

2. Planning and Development: Provisions regarding existing or future development rights, used when development potential is material to the transaction

3. Tenant Rights: Provisions dealing with existing tenancies, used when the property is sold subject to leases

4. Service Contracts: Provisions regarding existing service contracts, used when there are ongoing service arrangements

5. Intellectual Property: Provisions regarding use of property name or associated IP, used for branded commercial properties

6. Break Clause: Conditions under which either party may terminate the agreement, used in complex transactions with extended completion periods

Suggested Schedules

1. Property Description Schedule: Detailed legal description of the property, including plans and drawings

2. Title Documents Schedule: List of all title documents and encumbrances affecting the property

3. Inventory Schedule: List of fixtures, fittings, and equipment included in the sale

4. Existing Tenancies Schedule: Details of any existing leases or tenancy agreements

5. Service Contracts Schedule: List of ongoing service contracts affecting the property

6. Completion Requirements Schedule: Detailed list of documents and requirements for completion

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

Commercial Property

Retail

Hospitality

Industrial

Manufacturing

Banking & Finance

Professional Services

Healthcare

Education

Relevant Teams

Legal

Real Estate

Facilities

Finance

Operations

Compliance

Risk Management

Business Development

Property Management

Asset Management

Relevant Roles

Real Estate Manager

Property Manager

Legal Counsel

Commercial Director

Chief Financial Officer

Facilities Manager

Business Development Manager

Investment Manager

Asset Manager

Compliance Officer

Risk Manager

General Counsel

Real Estate Director

Operations 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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