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The Real Estate Sales Contract For Sale By Owner is essential for property transactions in Nigeria where owners choose to sell their property directly without real estate agent involvement. This document type emerged from the need for standardized, legally compliant property transfers while minimizing transaction costs. It must conform to Nigerian property law, particularly the Land Use Act of 1978, and includes crucial elements such as property description, price, payment terms, and conditions for Governor's consent. The contract is designed to protect both parties' interests while ensuring compliance with federal and state regulations. It's particularly relevant in an environment where direct property sales are becoming more common, and sellers seek to maintain greater control over the sales process while ensuring legal certainty.

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

2. Background: Context of the transaction, including brief property history and current ownership status

3. Definitions: Key terms used throughout the agreement, including Property, Completion Date, Purchase Price, etc.

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

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

6. Conditions Precedent: Essential conditions to be met before completion, including Governor's consent and title verification

7. Seller's Representations and Warranties: Seller's declarations regarding property ownership, encumbrances, and legal status

8. Buyer's Representations and Warranties: Buyer's declarations regarding financial capacity and compliance with relevant laws

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

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

11. Costs and Taxes: Allocation of transaction costs, including registration fees, stamp duty, and taxes

12. Risk and Insurance: Transfer of risk and insurance responsibilities

13. Default and Remedies: Consequences of breach and available remedies for both parties

14. Notices: Method and addresses for formal communications between parties

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

16. Execution: Signature blocks and execution requirements