Document background
The Residential Resale Real Estate Purchase Contract is a vital legal instrument used in Nigeria for the transfer of previously owned residential properties. This document is essential when conducting property transactions in the Nigerian real estate market, where land ownership is governed by the Land Use Act of 1978 and requires specific governmental approvals. It is designed to facilitate clear understanding between parties while ensuring compliance with local property laws, including requirements for Governor's consent where applicable. The contract serves as the primary agreement between seller and buyer, detailing all aspects of the property transfer from initial deposit to final closing, and includes provisions specific to Nigerian property transactions such as land use requirements and title verification processes. It's particularly important given Nigeria's unique land tenure system and the need for formal documentation of property transfers.
