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Real Estate Sales Agreement Template for Nigeria

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Key Requirements PROMPT example:

Real Estate Sales Agreement

"I need a standard Real Estate Sales Agreement for a residential property sale in Lagos, Nigeria, with completion planned for March 2025, including standard payment terms with a 10% deposit."

Document background
The Real Estate Sales Agreement is a crucial document used in Nigerian property transactions to formalize the transfer of real estate from one party to another. It is essential for both residential and commercial property sales throughout Nigeria's states and territories. The agreement must comply with the Land Use Act 1978 and relevant state property laws, including the requirement for Governor's consent for property transfers. This document typically includes detailed property descriptions, purchase price, payment terms, warranties, and completion requirements. It's particularly important as it serves as the primary evidence of the transaction and helps ensure legal compliance in a jurisdiction where property rights and transfer procedures are strictly regulated. The agreement should be customized based on the property type, transaction complexity, and specific state requirements while maintaining its core purpose of protecting both parties' interests in the property transfer.
Suggested Sections

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

2. Background: Context of the sale, brief description of the property, and intention of the parties

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

4. Property Description: Detailed description of the property including land area, boundaries, and improvements

5. Purchase Price: Agreed purchase price and payment structure

6. Payment Terms: Details of payment schedule, deposit requirements, and method of payment

7. Conditions Precedent: Conditions that must be satisfied before completion, including Governor's consent requirements

8. Completion: Process and requirements for completing the sale

9. Vendor's Warranties: Warranties regarding title, property condition, and authority to sell

10. Title and Documentation: Requirements for title transfer and necessary documentation

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

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

13. Governing Law: Specification of Nigerian law and relevant state jurisdiction

14. Notices: Process for serving notices between parties

15. General Provisions: Standard boilerplate clauses including severability, entire agreement, and amendments

Optional Sections

1. Environmental Matters: For properties where environmental issues are relevant, particularly commercial properties

2. Planning and Zoning: For properties where development or use restrictions are significant considerations

3. Tenant Rights: For properties sold with existing tenants or lease agreements

4. Special Conditions: For properties with unique features or circumstances requiring specific provisions

5. Anti-Money Laundering: For high-value transactions requiring additional compliance measures

6. Property Management: For properties with ongoing management requirements during the transition period

7. Development Rights: For undeveloped land or properties with development potential

Suggested Schedules

1. Schedule 1 - Property Details: Detailed property description, including survey plans and property measurements

2. Schedule 2 - Payment Schedule: Detailed breakdown of payment terms and installments

3. Schedule 3 - Title Documents: List of all title documents and required permits

4. Schedule 4 - Property Inventory: List of fixtures, fittings, and other items included in the sale

5. Schedule 5 - Required Consents: List of necessary governmental and regulatory approvals

6. Appendix A - Property Plans: Survey plans, architectural drawings, and property layouts

7. Appendix B - Land Documents: Copies of relevant land documents and certificates

8. Appendix C - Due Diligence Reports: Results of property searches and due diligence investigations

Authors

Alex Denne

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

Relevant legal definitions



















































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Relevant Industries

Real Estate

Construction

Banking & Finance

Hospitality

Retail

Manufacturing

Healthcare

Education

Agriculture

Commercial Property Development

Residential Property Development

Industrial

Oil & Gas

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Facilities

Investment

Operations

Risk Management

Finance

Corporate Affairs

Business Development

Asset Management

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Legal Counsel

Compliance Officer

Property Developer

Investment Manager

Facilities Manager

Real Estate Investment Officer

Corporate Lawyer

Contract Manager

Land Administrator

Property Acquisition Manager

Real Estate Portfolio Manager

Transaction 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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