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The For Sale By Owner Home Purchase Contract is designed for use in Nigerian real estate transactions where property owners choose to sell their properties directly to buyers without engaging real estate agents. This approach, while potentially cost-saving, requires a comprehensive legal framework to ensure compliance with Nigerian property laws and regulations. The document incorporates essential elements required by Nigerian law, including Land Use Act compliance, state-level property registration requirements, and necessary contractual protections for both parties. It is particularly useful in urban and developing areas where direct property sales are common, and includes provisions for both residential and commercial properties. The contract addresses specific Nigerian legal requirements such as governor's consent, perfect title transfer, and proper registration of instruments, while maintaining clarity for non-legal users.

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

2. Background: Brief context of the transaction and confirmation of seller's ownership rights

3. Definitions: Key terms used throughout the agreement defined for clarity

4. Property Description: Detailed description of the property including address, land title details, and registration particulars

5. Purchase Price: Agreed purchase price, payment terms, and deposit requirements

6. Payment Terms: Schedule of payments, method of payment, and consequences of default

7. Conditions Precedent: Conditions that must be met before the sale can proceed, including title verification and government approvals

8. Seller's Representations and Warranties: Seller's guarantees regarding property ownership, condition, and absence of encumbrances

9. Buyer's Representations and Warranties: Buyer's confirmations regarding financial capacity and understanding of property condition

10. Closing Process: Steps for completing the transaction, including document signing and key handover

11. Risk and Insurance: Allocation of risk and responsibility for insurance before and after closing

12. Default and Remedies: Consequences of breach by either party and available remedies

13. Notices: How formal communications between parties should be made

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

15. Execution: Signature blocks and execution requirements