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The Home Buying Contract is a crucial legal document used in Nigerian property transactions to formalize the sale and purchase of residential properties. It serves as the primary agreement between sellers and buyers, incorporating essential elements required by Nigerian federal and state laws, particularly the Land Use Act of 1978. This document is necessary whenever a residential property transaction occurs in Nigeria, ensuring proper documentation of the transfer of ownership rights, payment terms, and respective obligations of the parties. It includes specific provisions for obtaining necessary governmental approvals, such as the Governor's consent, and addresses local property registration requirements. The contract protects both parties' interests by clearly stating the conditions of sale, warranties, and remedies while ensuring compliance with Nigerian property law requirements.

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

2. Background: Context of the transaction, including brief property description and intention to sell/purchase

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

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

5. Purchase Price: The agreed purchase price and payment terms, including deposit arrangements

6. Payment Structure: Breakdown of payment installments, timing, and method of payment

7. Conditions Precedent: Conditions that must be met before the sale can proceed, including title verification and governor's consent

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

9. Buyer's Representations and Warranties: Buyer's guarantees regarding financial capacity and compliance with relevant laws

10. Completion: Details of the completion process, including timing and requirements

11. Transfer of Title: Process and requirements for transferring property title to the buyer

12. Costs and Taxes: Allocation of transaction costs, including registration fees, stamp duty, and legal fees

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

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

15. Notices: Process for sending formal notices between parties

16. Execution: Signature blocks and execution requirements