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Contract For Sale Of Land By Offer And Acceptance Template for Nigeria

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Key Requirements PROMPT example:

Contract For Sale Of Land By Offer And Acceptance

"I need a Contract for Sale of Land by Offer and Acceptance for a commercial property in Lagos State, with a three-installment payment structure spread across January to March 2025, including specific provisions for obtaining Governor's consent and environmental compliance warranties."

Document background
The Contract For Sale Of Land By Offer And Acceptance is a fundamental document used in Nigerian land transactions to formalize the transfer of land rights between parties. This document type is particularly important in the Nigerian context due to the specific requirements of the Land Use Act 1978, which vests all land in the state governors. The contract is typically used when parties have agreed on essential terms and need to document them formally before proceeding to final transfer. It includes crucial elements such as property details, consideration, payment terms, conditions precedent (including Governor's consent requirements), and completion obligations. The document serves both as evidence of the transaction and as a legally binding agreement that protects both parties' interests while ensuring compliance with Nigerian land law requirements.
Suggested Sections

1. Parties: Identification of the Vendor and Purchaser with full legal names and addresses

2. Background: Brief context of the transaction and confirmation of the Vendor's right to sell the property

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

4. Property Description: Detailed description of the land being sold, including boundaries and registration particulars

5. Purchase Price: The agreed purchase price and payment terms

6. Payment Terms: Structure and timing of payments, including deposit and balance

7. Conditions Precedent: Conditions that must be satisfied before completion, including Governor's consent requirements

8. Vendor's Warranties: Warranties regarding title, encumbrances, and property condition

9. Completion: Terms and process for completing the transaction

10. Title Documents: Details of title documents to be handed over upon completion

11. Risk and Insurance: Allocation of risk and insurance requirements until completion

12. Default Provisions: Consequences of default by either party

13. Notices: How and where notices under the agreement must be served

14. Governing Law: Confirmation that Nigerian law governs the agreement

15. Execution: Execution blocks for all parties, including provision for attestation

Optional Sections

1. Special Conditions: Any special conditions specific to the property or transaction

2. Development Obligations: Used when the land requires specific development within a timeframe

3. Environmental Warranties: Required for industrial or previously developed land

4. Third Party Rights: When there are existing tenants or other third-party interests

5. Planning Permissions: When specific planning permissions are required for intended use

6. Customary Rights: When the land is subject to customary rights or traditional claims

7. Multiple Installments: Detailed payment schedule when purchase price is paid in installments

8. Agent Provisions: When the transaction involves estate agents or other intermediaries

Suggested Schedules

1. Property Schedule: Detailed property description, including survey plan and coordinates

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

3. Payment Schedule: Detailed breakdown of payment terms and dates

4. Encumbrances Schedule: List of any existing encumbrances or charges on the property

5. Completion Requirements: Checklist of documents and actions required for completion

6. Form of Transfer: Draft transfer document to be executed at completion

7. Due Diligence Results: Summary of property and title investigations

8. Required Consents: List of necessary governmental and regulatory consents

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

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Relevant Industries

Real Estate

Construction

Agriculture

Industrial

Commercial Property

Residential Property

Banking and Finance

Infrastructure Development

Mining

Hospitality

Retail

Education

Healthcare

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Facilities

Operations

Finance

Risk Management

Business Development

Investment

Administrative

Relevant Roles

Real Estate Lawyer

Property Manager

Land Administrator

Real Estate Agent

Property Developer

Legal Counsel

Compliance Officer

Land Surveyor

Property Valuer

Transaction Manager

Real Estate Investment Manager

Development Director

Facilities Manager

Chief Legal Officer

Real Estate Portfolio Manager

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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