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Seller Financing Addendum

Seller Financing Addendum Template for Nigeria

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Key Requirements PROMPT example:

Seller Financing Addendum

"Need a Seller Financing Addendum for a commercial warehouse purchase in Lagos, Nigeria, with a 5-year financing term starting March 2025, 12% annual interest rate, and monthly payments, including provisions for early repayment without penalties."

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Document background
The Seller Financing Addendum is essential in Nigerian property transactions where traditional bank financing is not utilized, and the seller agrees to finance the purchase directly. This document is typically used when buyers require alternative financing options or when the transaction structure benefits both parties through a direct financing arrangement. The addendum must comply with Nigerian property laws, including the Land Use Act of 1978, banking regulations, and secured lending requirements. It contains detailed provisions for the financing terms, security arrangements, payment schedules, default remedies, and property maintenance requirements. The document is particularly relevant in today's market where alternative financing options are increasingly important for completing property transactions.
Suggested Sections

1. Parties: Identification of the Seller/Lender and Buyer/Borrower with their complete legal names and addresses

2. Background: Reference to the main purchase agreement and explanation of the seller financing arrangement

3. Definitions: Key terms used throughout the addendum including Payment Terms, Security Interest, Default, etc.

4. Loan Terms: Details of the financing including principal amount, interest rate, payment schedule, and term of the loan

5. Security Interest: Description of the property serving as collateral and the security arrangement

6. Payment Provisions: Specific details about payment methods, dates, and calculation of interest

7. Default and Remedies: Circumstances constituting default and the seller's remedies, including foreclosure rights

8. Insurance and Maintenance: Requirements for property insurance and maintenance during the financing period

9. Transfer and Assignment: Restrictions on the buyer's ability to transfer the property or assign the agreement

10. Integration: How this addendum relates to and integrates with the main purchase agreement

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

Optional Sections

1. Prepayment Provisions: Include when early payment options are allowed, specifying any penalties or benefits

2. Escrow Requirements: Include when property taxes and insurance are to be escrowed with payments

3. Due on Sale Clause: Include when the seller wants the entire balance due if the property is sold

4. Personal Guarantee: Include when additional security beyond the property is required

5. Construction/Improvement Provisions: Include when the property requires specific improvements or renovations during the financing period

6. Third-Party Rights: Include when other lenders or interest holders are involved

7. Property Management: Include when specific property management requirements are necessary during the financing period

Suggested Schedules

1. Payment Schedule: Detailed amortization schedule showing payment amounts, dates, and interest calculations

2. Property Description: Legal description of the property serving as collateral

3. Insurance Requirements: Detailed specifications for required insurance coverage

4. Property Condition Report: Documentation of the property's condition at the time of agreement

5. Required Maintenance Standards: Specific standards for property maintenance during the financing period

6. Deed of Legal Mortgage: Form of security document to be registered

7. Notice Forms: Standard forms for various notices required under the agreement

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

Commercial Property

Residential Property

Agriculture

Industrial

Retail

Hospitality

Office Space

Manufacturing

Warehousing

Mixed-Use Development

Relevant Teams

Legal

Real Estate

Finance

Risk Management

Property Management

Business Development

Investment

Compliance

Operations

Credit Administration

Relevant Roles

Real Estate Attorney

Property Manager

Real Estate Agent

Financial Controller

Credit Risk Manager

Property Developer

Investment Manager

Legal Counsel

Commercial Director

Finance Director

Real Estate Investment Officer

Contract Administrator

Business Development Manager

Asset 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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