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Simple Real Estate Contract
"I need a Simple Real Estate Contract for the purchase of a commercial property in Lagos, Nigeria, with a completion date of March 15, 2025, where the buyer requires existing tenant leases to be terminated before completion."
1. Parties: Identification of the seller and buyer with complete legal names and addresses
2. Background: Context of the transaction and brief property overview
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed legal description of the property including boundaries and registration details
5. Purchase Price: Agreed purchase price and payment structure
6. Payment Terms: Details of payment method, installments if any, and timing
7. Representations and Warranties: Seller's declarations about property ownership, encumbrances, and condition
8. Conditions Precedent: Conditions that must be met before completion, including Governor's consent where applicable
9. Completion: Process and requirements for closing the transaction
10. Title Documents: Requirements for transfer of title and registration
11. Default and Remedies: Consequences of breach by either party
12. Notices: How formal communications between parties should be made
13. Governing Law: Confirmation of Nigerian law as governing law
14. Execution: Signature blocks and execution requirements
1. Tenant Rights: Required if the property is currently tenanted, addressing existing lease agreements
2. Environmental Matters: For properties with potential environmental concerns or industrial use history
3. Planning Permissions: For properties requiring specific use permits or with development potential
4. Property Management: For properties in managed developments or estates
5. Survey Requirements: When a new survey is required as part of the transaction
6. Mortgage Contingency: When buyer's purchase is contingent on obtaining financing
7. Property Inspection: When specific inspection requirements are needed beyond basic viewing
1. Schedule 1 - Property Details: Comprehensive property description, including plans and boundaries
2. Schedule 2 - Title Documents: List of all title documents and certificates
3. Schedule 3 - Fixtures and Fittings: Inventory of items included/excluded in the sale
4. Schedule 4 - Property Condition Report: Current condition of the property and any known defects
5. Appendix A - Required Consents: List of necessary governmental and regulatory approvals
6. Appendix B - Payment Schedule: Detailed breakdown of payment terms if installment payments are involved
Authors
Real Estate
Construction
Banking & Finance
Legal Services
Property Development
Hospitality
Retail
Healthcare
Education
Manufacturing
Agriculture
Legal
Real Estate
Compliance
Property Management
Facilities
Operations
Corporate Services
Acquisitions
Asset Management
Risk Management
Real Estate Lawyer
Property Manager
Real Estate Agent
Property Developer
Legal Counsel
Compliance Officer
Contract Manager
Real Estate Investment Manager
Property Acquisition Manager
Facilities Manager
Real Estate Portfolio Manager
Corporate Real Estate Manager
Land Administrator
Title Officer
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