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Simple Real Estate Contract Template for Nigeria

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Key Requirements PROMPT example:

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."

Document background
The Simple Real Estate Contract is a fundamental legal instrument used in Nigerian property transactions for both residential and commercial properties. This document is essential when transferring real estate ownership from a seller to a buyer in Nigeria, ensuring compliance with the Land Use Act of 1978 and other relevant state and federal regulations. The contract is designed to protect both parties' interests while facilitating a smooth property transfer process. It includes critical elements such as property description, purchase price, payment terms, and conditions precedent, including the requirement for Governor's consent where applicable. This template is particularly useful for straightforward property transactions where standard terms and conditions apply, though it can be modified to accommodate specific requirements or more complex arrangements.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions
































Clauses



























Relevant Industries

Real Estate

Construction

Banking & Finance

Legal Services

Property Development

Hospitality

Retail

Healthcare

Education

Manufacturing

Agriculture

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Facilities

Operations

Corporate Services

Acquisitions

Asset Management

Risk Management

Relevant Roles

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

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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