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Residential Real Estate Contract Template for Nigeria

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Key Requirements PROMPT example:

Residential Real Estate Contract

"I need a Residential Real Estate Contract for the sale of a three-bedroom apartment in Lagos, Nigeria, with completion scheduled for March 2025, including specific provisions for staged payments and tenant transition period."

Document background
The Residential Real Estate Contract serves as the primary legal instrument for documenting and executing residential property transactions in Nigeria. It is essential for any sale or purchase of residential property, whether it be houses, apartments, or residential land. The document must comply with the Land Use Act of 1978 and various state-specific regulations, incorporating necessary provisions for property transfer, payment structures, and statutory requirements. This contract type is particularly important in the Nigerian context where land rights are vested in state governors and require specific documentation and approval processes. It includes comprehensive provisions for title verification, property description, payment terms, warranties, and completion procedures, while accounting for unique aspects of Nigerian property law such as Certificate of Occupancy requirements and state consent for transfers.
Suggested Sections

1. Parties: Identification of the seller/vendor and buyer/purchaser with full legal names and addresses

2. Background: Context of the transaction and confirmation of the seller's right to sell the property

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 terms including deposit requirements

6. Title and Documentation: Details of the type of title being transferred and required documentation

7. Conditions Precedent: Conditions that must be satisfied before completion

8. Seller's Representations and Warranties: Seller's declarations regarding the property's legal status and condition

9. Buyer's Representations and Warranties: Buyer's declarations regarding capacity to purchase and source of funds

10. Completion: Process and requirements for completing the transaction

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

12. Default and Remedies: Consequences of default by either party and available remedies

13. Notices: Method and addresses for serving formal notices

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

15. Execution: Signature blocks and execution requirements

Optional Sections

1. Survey Plan: Required if a new survey is to be conducted or existing survey to be verified

2. Environmental Matters: Include when property is in an environmentally sensitive area or has known environmental issues

3. Planning Permissions: Required if property involves ongoing or future development plans

4. Traditional Rights: Include when property is subject to traditional rights or community claims

5. Tenant Rights: Required if property is currently tenanted or has existing occupants

6. Capital Gains Tax: Include specific provisions when transaction involves significant capital gains implications

7. Force Majeure: Include in areas prone to specific risks or uncertainties

8. Dispute Resolution: Optional detailed arbitration or mediation procedures

Suggested Schedules

1. Schedule 1 - Property Details: Detailed technical description of the property including measurements and boundaries

2. Schedule 2 - Payment Schedule: Breakdown of payment terms, installments, and due dates

3. Schedule 3 - Title Documents: List of all title documents and certificates to be transferred

4. Schedule 4 - Property Condition Report: Current condition of the property and any known defects

5. Schedule 5 - Fixtures and Fittings: List of items included and excluded from the sale

6. Appendix A - Property Photos: Recent photographs of the property and its boundaries

7. Appendix B - Survey Plan: Official survey plan and measurements

8. Appendix C - Land Use Approvals: Copies of relevant government approvals and permits

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

Relevant legal definitions


































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Relevant Industries

Real Estate

Legal Services

Banking and Finance

Construction

Property Development

Insurance

Public Sector

Property Management

Professional Services

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Risk Management

Finance

Operations

Business Development

Administrative Support

Document Management

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Legal Counsel

Property Developer

Mortgage Officer

Land Administrator

Property Valuer

Compliance Officer

Real Estate Investment Manager

Title Officer

Property Consultant

Real Estate Broker

Legal Administrator

Contract 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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