The Property Deposit Agreement is a critical document in Nigerian real estate transactions, used when a potential buyer wishes to secure their interest in a property by paying a deposit before completing the full purchase. This agreement typically follows initial negotiations and precedes the final sale agreement, operating within the framework of Nigerian property law, particularly the Land Use Act 1978 and state-specific property legislation. It should be used whenever a deposit is being paid for property purchase in Nigeria, whether for residential or commercial properties. The document includes crucial details such as property description, deposit amount, payment terms, conditions for refund or forfeiture, and completion timeframes. It serves to protect both parties' interests by clearly documenting the terms of the deposit and its role in the broader transaction, while ensuring compliance with Nigerian legal requirements for property transactions.
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1. Parties: Identification and details of the property seller/vendor and the potential buyer/purchaser
2. Background: Context of the transaction, including brief property description and purpose of the deposit
3. Definitions: Key terms used throughout the agreement including 'Property', 'Deposit', 'Completion Date', etc.
4. Property Details: Full legal description of the property including title information and registration details
5. Deposit Amount and Payment: Specification of deposit amount, payment method, and timing
6. Purpose of Deposit: Clear statement of deposit purpose and its role in the overall transaction
7. Duration and Completion: Timeframe for the full purchase completion and what happens to deposit during this period
8. Conditions for Refund: Circumstances under which the deposit will be refunded to the buyer
9. Forfeiture Conditions: Circumstances under which the deposit may be forfeited to the seller
10. Representations and Warranties: Basic warranties about property ownership and authority to sell
11. Governing Law: Specification of Nigerian law as governing law and relevant jurisdiction
12. Execution: Signature blocks and execution requirements
1. Deposit Holder: Required when deposit is held by a third party (e.g., lawyer or estate agent)
2. Interest on Deposit: Include when deposit will be held in an interest-bearing account
3. Multiple Installments: Include when deposit is to be paid in multiple installments
4. Due Diligence Period: Include when buyer requires a period for property investigation before deposit becomes non-refundable
5. Force Majeure: Include when parties want specific provisions for extraordinary events affecting the transaction
6. Anti-Money Laundering Compliance: Include when transaction value triggers AML requirements
7. Dispute Resolution: Include when parties want specific arbitration or mediation procedures
1. Property Description Schedule: Detailed property description including boundaries, features, and included fixtures
2. Payment Schedule: If deposit is in installments, detailed breakdown of payment dates and amounts
3. Title Documents: Copies of relevant title documents and land registration certificates
4. Property Condition Report: Current condition of property if relevant to deposit terms
5. Proof of Identity: Copies of parties' identification documents as required by Nigerian law
6. Authority Documents: Any power of attorney or corporate authorization documents if applicable
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking & Finance
Legal Services
Investment & Asset Management
Property Management
Urban Development
Residential Housing
Commercial Property
Relevant Teams
Legal
Real Estate
Property Management
Sales
Compliance
Finance
Business Development
Investment
Operations
Risk Management
Relevant Roles
Real Estate Manager
Property Developer
Legal Counsel
Contract Manager
Estate Agent
Property Manager
Investment Manager
Compliance Officer
Real Estate Director
Sales Manager
Transaction Manager
Corporate Lawyer
Property Consultant
Business Development Manager
Finance Manager
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