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The Property Sale Agreement is a crucial legal document used in Nigerian property transactions to formalize the transfer of property ownership. It is essential for both residential and commercial property transactions and must comply with the Land Use Act 1978 and other relevant Nigerian property laws. This document is required whenever there is a transfer of property ownership in Nigeria, whether between individuals, companies, or other entities. The agreement includes detailed property descriptions, purchase terms, warranties, and specific Nigerian legal requirements such as Governor's Consent. It serves to protect both parties' interests and provides a clear framework for the transaction, including payment terms, completion procedures, and dispute resolution mechanisms. The document must be properly stamped and registered with relevant authorities to be legally effective.

1. Parties: Identification and details of the Vendor and Purchaser, including full legal names, addresses, and registration details if companies

2. Background: Brief context of the transaction and confirmation of the Vendor's right to sell the property

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

4. Property Description: Detailed description of the property being sold, including its location, boundaries, and registration details

5. Sale and Purchase: Core agreement to sell and purchase the property, including the purchase price and payment terms

6. Conditions Precedent: Conditions that must be satisfied before completion, including obtaining Governor's Consent

7. Vendor's Representations and Warranties: Warranties regarding property ownership, absence of encumbrances, and authority to sell

8. Purchaser's Representations and Warranties: Warranties regarding capacity to purchase and compliance with relevant laws

9. Completion: Details of the completion process, including timing, location, and documents to be delivered

10. Title Documents: List of title documents to be handed over and requirements for registration

11. Costs and Taxes: Allocation of transaction costs, stamp duty, and other applicable taxes

12. Risk and Insurance: Transfer of risk and insurance obligations until completion

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

14. Notices: Method and addresses for serving notices under the agreement

15. Governing Law and Jurisdiction: Confirmation of Nigerian law as governing law and jurisdiction for disputes