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Real Estate Sellers Contract

Real Estate Sellers Contract Template for Nigeria

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Key Requirements PROMPT example:

Real Estate Sellers Contract

"I need a Real Estate Sellers Contract for a commercial warehouse property in Lagos Industrial Estate, valued at ₦500 million, with specific provisions for environmental compliance and hazardous material handling requirements, to be completed by March 2025."

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Document background
The Real Estate Sellers Contract is a fundamental document used in Nigerian property transactions to formalize the sale and transfer of real estate between parties. It is essential for any property sale in Nigeria, whether residential, commercial, or industrial, and must comply with the Land Use Act of 1978 and relevant state property laws. This contract type is designed to protect both sellers and buyers by clearly documenting the terms of sale, property details, warranties, and completion requirements. It includes provisions for due diligence, title transfer, and necessary governmental approvals, while addressing specific Nigerian legal requirements such as Governor's Consent for property transfers. The document is crucial for ensuring transparent, legally compliant property transactions in the Nigerian real estate market.
Suggested Sections

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

2. Background: Context of the sale, including brief property description and intention to sell/purchase

3. Definitions: Key terms used throughout the agreement defined for clarity and legal certainty

4. Property Description: Detailed legal description of the property including boundaries, title details, and Land Use Act compliance

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

6. Seller's Representations and Warranties: Seller's declarations regarding property ownership, encumbrances, and condition

7. Due Diligence: Buyer's right to investigate title, property condition, and other relevant matters

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

9. Completion: Process and requirements for closing the transaction

10. Risk and Insurance: Responsibility for property insurance and risk transfer timing

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

12. Notices: How formal communications between parties should be made

13. Governing Law: Confirmation of Nigerian law application and jurisdiction

14. Execution: Signature blocks and attestation requirements

Optional Sections

1. Tenant Rights: Required if property is currently tenanted, addressing existing tenancy agreements

2. Environmental Matters: For properties with potential environmental concerns or requirements

3. Planning Permissions: For properties requiring specific planning or zoning considerations

4. Service Contracts: For properties with ongoing service agreements that may transfer

5. Mineral Rights: When mineral rights are specifically included or excluded from the sale

6. Agricultural Provisions: For rural or agricultural properties with specific usage rights

7. Development Rights: When future development potential is a material consideration

8. Cultural Heritage: For properties with historical or cultural significance requiring special provisions

Suggested Schedules

1. Schedule 1 - Property Details: Comprehensive property description, including plans and title documents

2. Schedule 2 - Fixtures and Fittings: Detailed list of items included in and excluded from the sale

3. Schedule 3 - Title Documents: List of all relevant title documents and certificates

4. Schedule 4 - Encumbrances: Details of any existing charges, mortgages, or other encumbrances

5. Schedule 5 - Property Certificates: Copies of relevant property certificates and permits

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

7. Appendix B - Land Use Approvals: Copies of relevant Land Use Act compliance documents

8. Appendix C - Environmental Reports: Any environmental assessments or certificates

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

Agriculture

Hospitality

Retail

Industrial

Commercial Property

Residential Property

Mining and Natural Resources

Relevant Teams

Legal

Real Estate

Property Management

Facilities Management

Compliance

Finance

Business Development

Asset Management

Risk Management

Operations

Relevant Roles

Real Estate Manager

Property Lawyer

Legal Counsel

Property Developer

Estate Agent

Property Valuer

Facilities Manager

Real Estate Investment Manager

Property Portfolio Manager

Compliance Officer

Legal Director

Transaction Manager

Business Development Manager

Asset Manager

Property Administrator

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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