Document background
The Residential Real Estate Sale Agreement is a fundamental legal instrument used in Nigerian property transactions to formalize the transfer of residential property ownership. It is essential when any residential property is being sold in Nigeria, whether it's a house, apartment, or residential plot. The agreement must comply with the Land Use Act of 1978, which vests all land in the state governors, and requires obtaining Governor's Consent for property transfers. This document includes crucial elements such as property details, price, payment terms, warranties, and completion requirements. It's particularly important in Nigeria's unique land tenure system, which combines statutory and customary law. The agreement protects both parties' interests by clearly defining their rights and obligations, ensuring proper title transfer, and addressing specific local requirements such as land use approvals and registration procedures.
