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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."
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
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
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
Real Estate
Legal Services
Banking and Finance
Construction
Property Development
Insurance
Public Sector
Property Management
Professional Services
Legal
Real Estate
Property Management
Compliance
Risk Management
Finance
Operations
Business Development
Administrative Support
Document Management
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
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