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The Private Property Sale Agreement is a crucial legal instrument used in Nigerian property transactions to document and formalize the transfer of private property ownership. It is essential for both residential and commercial property sales, incorporating specific requirements under Nigerian law, particularly the Land Use Act 1978. This document is used when parties have agreed to the sale of property and need to formalize the terms, conditions, and obligations of the transaction. It includes detailed information about the property, parties involved, purchase price, payment terms, warranties, and completion requirements. The agreement must comply with state-specific requirements, as property matters in Nigeria are subject to both federal and state regulations. It serves as evidence of the transaction and protects both parties' interests by clearly defining their rights and responsibilities throughout the sale process.

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

2. Background: Context of the sale, brief property history, and purpose of the agreement

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

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

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

6. Seller's Representations and Warranties: Seller's declarations regarding property ownership, encumbrances, and condition

7. Buyer's Representations and Warranties: Buyer's declarations regarding capacity to purchase and source of funds

8. Conditions Precedent: Conditions that must be satisfied before completion

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

10. Title Documents and Transfer: Process for transfer of title and required documentation

11. Risk and Insurance: Transfer of risk and insurance requirements

12. Default and Remedies: Consequences of breach and available remedies

13. Notices: How formal notices between parties should be given

14. Governing Law: Confirmation of Nigerian law as governing law

15. Execution: Signature blocks and execution requirements