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The House Buying Contract is a fundamental legal document used in Nigerian property transactions for the transfer of residential property ownership. It serves as the primary agreement between a seller and buyer, incorporating crucial elements required under Nigerian law, particularly the Land Use Act of 1978. This document is essential for any residential property purchase in Nigeria, whether involving private individuals or corporate entities. It includes provisions for property transfer, payment terms, statutory compliance requirements such as governor's consent, and necessary warranties. The contract addresses specific Nigerian legal requirements while protecting both parties' interests through clear terms and conditions, title verification procedures, and completion mechanics. It's particularly important given Nigeria's unique land tenure system and the need for governmental approvals in property transfers.

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

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

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 basic terms

5. Purchase Price: Detailed breakdown of the purchase price, payment terms, and payment mechanics

6. Conditions Precedent: Conditions that must be satisfied before completion, including title verification and governor's consent

7. Seller's Warranties: Warranties regarding ownership, right to sell, property condition, and absence of encumbrances

8. Property Title: Details of the property title and transfer requirements under the Land Use Act

9. Completion: Process and requirements for completing the transaction

10. Risk and Insurance: Transfer of risk and insurance responsibilities

11. Default and Termination: Consequences of default and termination rights

12. Governing Law: Specification of Nigerian law and relevant state jurisdiction

13. Notices: Process for serving formal notices between parties

14. Boilerplate Clauses: Standard contract provisions including entire agreement, variation, and severance