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The Condo Purchase Agreement is a vital legal instrument used in Nigerian real estate transactions for the purchase and sale of condominium units. This document is essential when transferring ownership of a condominium unit from a seller to a buyer, whether in newly developed properties or existing structures. It must comply with the Land Use Act of 1978, state-specific property laws, and relevant federal regulations governing real estate transactions in Nigeria. The agreement typically includes comprehensive details about the property, payment terms, warranties, and specific provisions relating to common areas and facilities management. It's particularly important in urban areas where condominium developments are common, such as Lagos, Abuja, and Port Harcourt. The document serves as the primary record of the transaction terms and protects both parties' interests while ensuring legal compliance with Nigerian property laws.

1. Parties: Identification of the seller and buyer with full legal names, addresses, and contact information

2. Background: Context of the transaction and brief description of the property being sold

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

4. Property Description: Detailed description of the condominium unit, including unit number, floor area, and common areas

5. Purchase Price: Agreed purchase price and payment structure, including deposit and balance payment terms

6. Payment Terms: Detailed breakdown of payment schedule, method of payment, and consequences of default

7. Title and Registration: Confirmation of seller's title and process for transfer of ownership

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

9. Seller's Representations and Warranties: Seller's guarantees regarding property ownership, condition, and encumbrances

10. Buyer's Representations and Warranties: Buyer's confirmations regarding financial capacity and understanding of purchase terms

11. Common Areas and Facilities: Rights and obligations regarding shared facilities and common areas

12. Service Charges and Maintenance: Obligations regarding maintenance fees and service charges

13. Risk and Insurance: Transfer of risk and insurance requirements

14. Default and Remedies: Consequences of breach and available remedies

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

16. Notices: Process for serving formal notices between parties

17. Entire Agreement: Confirmation that the agreement represents the complete understanding between parties