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The Land Installment Contract is a crucial document in Nigerian real estate transactions where buyers seek to purchase property through periodic payments rather than immediate full payment. This arrangement is particularly relevant in the Nigerian market where access to traditional mortgage financing may be limited. The contract must comply with the Land Use Act 1978 and other relevant Nigerian legislation, requiring governor's consent for land transactions. It provides a structured approach to property acquisition while protecting both vendor and purchaser interests through clear terms on payments, possession, maintenance, and eventual title transfer. The document is essential for both residential and commercial property transactions, offering a viable alternative to traditional purchase methods while ensuring legal compliance and proper documentation of the transaction terms.

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

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

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

4. Sale and Purchase: Core agreement to sell and purchase the property, subject to installment terms

5. Purchase Price and Payment Terms: Total purchase price, down payment, installment amounts, payment schedule, and payment methods

6. Property Details: Detailed description of the property, including boundaries, improvements, and title information

7. Vendor's Representations and Warranties: Vendor's declarations regarding ownership, authority to sell, and property condition

8. Purchaser's Representations and Warranties: Purchaser's declarations regarding financial capacity and compliance with terms

9. Possession and Occupancy: Terms regarding property possession, maintenance responsibilities, and occupancy rights during the installment period

10. Title Transfer: Process and timing of title transfer, including Governor's consent requirements

11. Default and Remedies: Consequences of payment default or other breaches, including termination rights and procedures

12. Insurance and Risk: Requirements for property insurance and allocation of risk during the installment period

13. Costs and Taxes: Allocation of transaction costs, stamp duty, registration fees, and property taxes

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

15. Execution: Signature blocks and attestation requirements