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Real Estate Buy And Sell Agreement

Real Estate Buy And Sell Agreement Template for Nigeria

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Key Requirements PROMPT example:

Real Estate Buy And Sell Agreement

"I need a Real Estate Buy and Sell Agreement for a residential property in Lagos, Nigeria, with a phased payment structure over 6 months and specific provisions for existing tenants who will remain in the property until March 2025."

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Document background
The Real Estate Buy And Sell Agreement is a crucial legal instrument used in Nigerian property transactions to formalize the transfer of real estate between parties. This document is essential when any real property is being sold or purchased in Nigeria, whether for residential, commercial, or industrial purposes. It must comply with the Land Use Act of 1978 and other relevant Nigerian property laws, including state-specific regulations. The agreement encompasses all necessary elements required for a valid property transfer, including property details, price, payment terms, warranties, and completion procedures. It serves both as a binding contract and as supporting documentation for property registration with relevant authorities. The document is particularly important given Nigeria's complex land tenure system and the need for clear documentation of property rights and obligations.
Suggested Sections

1. Parties: Identification and details of the seller and buyer, including full legal names, addresses, and registration details for corporate entities

2. Background: Context of the transaction, including 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 boundaries, measurements, and registration details

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

6. Payment Terms: Detailed payment schedule, method of payment, and consequences of default

7. Conditions Precedent: Conditions that must be satisfied before completion of the sale

8. Seller's Representations and Warranties: Seller's guarantees regarding property ownership, condition, and encumbrances

9. Buyer's Representations and Warranties: Buyer's guarantees regarding financial capacity and compliance with laws

10. Completion: Process and requirements for closing the transaction

11. Title Transfer: Procedures for transferring property title and registration requirements

12. Risk and Insurance: Allocation of risk and insurance requirements before and after completion

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

14. Notices: Process for formal communications between parties

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

16. Boilerplate Clauses: Standard contract clauses including severability, entire agreement, and amendment provisions

Optional Sections

1. Mortgage Financing: Include when buyer is obtaining mortgage financing, detailing lender requirements and conditions

2. Existing Tenancies: Include when property has existing tenants, addressing lease agreements and tenant rights

3. Property Management: Include for properties with management agreements or service contracts that need to be transferred

4. Environmental Matters: Include for properties requiring environmental assessments or with known environmental issues

5. Development Rights: Include when property has pending or approved development permits or rights

6. Special Conditions: Include for unique property features or transaction-specific requirements

7. Joint Ownership Provisions: Include when property is being purchased by multiple buyers

8. Foreign Investment Provisions: Include when buyer is a foreign entity, addressing specific regulatory requirements

Suggested Schedules

1. Property Details Schedule: Comprehensive property description, including plans, measurements, and photographs

2. Title Documents: Copies of title documents and registration certificates

3. Inventory Schedule: List of fixtures, fittings, and contents included in the sale

4. Payment Schedule: Detailed breakdown of payment installments and timing

5. Encumbrances Schedule: List of existing encumbrances, easements, or restrictions on the property

6. Due Diligence Results: Summary of property searches and due diligence findings

7. Required Consents: List of necessary governmental or regulatory approvals

8. Property Certificates: Relevant certificates including building approval, occupancy permit, etc.

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions
































Clauses






























Relevant Industries

Real Estate

Construction

Banking and Finance

Legal Services

Property Development

Urban Planning

Infrastructure

Hospitality

Retail

Commercial Property

Residential Property

Industrial Property

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Investment

Business Development

Finance

Operations

Risk Management

Corporate Affairs

Facilities Management

Relevant Roles

Real Estate Agent

Property Lawyer

Legal Counsel

Property Manager

Real Estate Developer

Investment Manager

Compliance Officer

Real Estate Broker

Property Valuer

Land Administrator

Real Estate Investment Analyst

Corporate Counsel

Transaction Manager

Property Portfolio Manager

Business Development Manager

Chief Legal Officer

Real Estate Finance Manager

Industries










Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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