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Real Estate Transfer Agreement

Real Estate Transfer Agreement Template for Nigeria

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Key Requirements PROMPT example:

Real Estate Transfer Agreement

"I need a Real Estate Transfer Agreement for a commercial property in Lagos, Nigeria, valued at ₦500 million, with completion scheduled for March 2025, including provisions for existing tenant agreements and environmental compliance requirements."

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Document background
The Real Estate Transfer Agreement is a crucial legal document used in Nigerian property transactions to formalize and execute the transfer of real estate ownership between parties. This document is essential when any type of real property (land, buildings, or both) is being transferred from one owner to another in Nigeria. It must comply with the Land Use Act and other relevant Nigerian property laws, including requirements for governor's consent, property registration, and tax obligations. The agreement typically includes comprehensive details about the property, parties involved, consideration, warranties, and completion requirements. It's particularly important in the Nigerian context due to the complex land tenure system and the need to ensure proper documentation for land registry purposes. The document serves both commercial and residential property transfers and can be adapted for various types of real estate transactions while maintaining compliance with federal and state-level requirements.
Suggested Sections

1. Parties: Identification of the transferor (seller) and transferee (buyer), including full legal names, addresses, and registration details if corporate entities

2. Background: Recitals explaining the ownership status of the property, intention to transfer, and any relevant historical context

3. Definitions: Definitions of key terms used throughout the agreement, including property-specific terminology and legal concepts

4. Property Description: Detailed description of the real estate being transferred, including location, boundaries, and registration particulars

5. Consideration: The purchase price, payment terms, and method of payment

6. Conditions Precedent: Conditions that must be satisfied before completion, including obtaining governor's consent and other statutory approvals

7. Warranties and Representations: Seller's warranties regarding property title, encumbrances, and compliance with laws

8. Completion: Details of the completion process, timing, and requirements for transfer of title

9. Post-Completion Obligations: Requirements after completion, including registration of title and payment of taxes

10. Costs and Taxes: Allocation of transaction costs, stamp duties, and tax obligations

11. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes

12. Execution: Formal execution block with requirements for signing, witnessing, and notarization

Optional Sections

1. Environmental Matters: Additional warranties and obligations regarding environmental conditions, used when property has industrial or commercial use history

2. Planning and Development: Sections dealing with planning permissions and development rights, included when property has development potential

3. Existing Tenancies: Details of any existing lease agreements that will be transferred, used when property is subject to ongoing tenancies

4. Mortgage Details: Provisions relating to existing mortgages and their discharge, included when property is mortgaged

5. Special Conditions: Any unique terms specific to the transaction, included as needed

6. Community Rights: Provisions addressing community rights or interests, particularly relevant in certain Nigerian regions

7. Force Majeure: Provisions for unforeseen circumstances affecting completion, included in complex transactions

Suggested Schedules

1. Property Schedule: Detailed technical description of the property, including survey plans and title particulars

2. Title Documents: List and copies of all relevant title documents and certificates

3. Payment Schedule: Detailed breakdown of payment terms and installments if applicable

4. Encumbrances Schedule: List of any existing encumbrances, rights of way, or restrictions on the property

5. Required Consents: List of all required governmental and regulatory consents and their status

6. Outstanding Taxes: Schedule of any outstanding taxes or rates related to the property

7. Inventory: List of any fixtures, fittings, or other items included in the transfer

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














































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Relevant Industries

Real Estate

Banking and Finance

Construction

Hospitality

Retail

Manufacturing

Healthcare

Education

Agriculture

Industrial

Commercial Property

Residential Property

Relevant Teams

Legal

Real Estate

Facilities Management

Compliance

Operations

Property Management

Asset Management

Investment

Commercial

Risk Management

Finance

Corporate Services

Relevant Roles

Chief Executive Officer

Chief Legal Officer

Legal Counsel

Real Estate Manager

Property Manager

Facilities Manager

Contract Manager

Compliance Officer

Real Estate Developer

Investment Manager

Asset Manager

Commercial Director

Operations Director

Company Secretary

Land Administrator

Property Lawyer

Real Estate Consultant

Transaction Manager

Industries








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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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