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Addendum To Real Estate Purchase And Sale Agreement Template for Nigeria

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Key Requirements PROMPT example:

Addendum To Real Estate Purchase And Sale Agreement

"I need an Addendum to a Real Estate Purchase and Sale Agreement to modify the purchase price from ₦75 million to ₦85 million due to newly discovered premium features of the Lagos property, with the original agreement dated January 15, 2025."

Document background
The Addendum To Real Estate Purchase And Sale Agreement is a critical document used in Nigerian real estate transactions when parties need to modify terms of an existing purchase agreement without drafting an entirely new contract. This document type is commonly required when circumstances change between the initial agreement and closing, such as price adjustments, timeline modifications, or property specification updates. It must comply with Nigerian federal laws, including the Land Use Act and Stamp Duties Act, as well as relevant state property laws. The addendum ensures all modifications are legally documented and enforceable, protecting all parties' interests while maintaining the validity of the original agreement. It's particularly important in Nigeria's dynamic real estate market where property transactions often require adjustments due to market conditions, regulatory requirements, or party circumstances.
Suggested Sections

1. Parties: Identification of all parties to the original agreement and addendum, including their full legal names and addresses

2. Background: Reference to the original Purchase and Sale Agreement, including its date of execution and any previous addendums

3. Definitions: Key terms used in the addendum, incorporating definitions from the original agreement and any new terms

4. Purpose of Addendum: Clear statement of the reason for the addendum and its relationship to the original agreement

5. Modifications: Detailed description of specific changes, additions, or deletions to the original agreement

6. Effect on Original Agreement: Statement confirming that all other terms of the original agreement remain in full force and effect

7. Governing Law: Confirmation that the addendum is governed by Nigerian law and specific state jurisdiction

8. Integration: Statement that the addendum and original agreement constitute the entire agreement between the parties

9. Execution: Signature blocks for all parties and required witnesses

Optional Sections

1. Price Adjustment: Used when the addendum involves changes to the purchase price or payment terms

2. Closing Date Modification: Required when changing the original closing date or timeline

3. Property Description Amendment: Used when modifying or clarifying the description of the property

4. Conditions Precedent: Added when new conditions must be met before closing

5. Due Diligence Extension: Used when modifying inspection or due diligence periods

6. Financing Terms: Required when changes affect financing arrangements or conditions

7. Assignment Rights: Added when modifying rights to assign the agreement to other parties

Suggested Schedules

1. Schedule A - Modified Terms: Detailed listing of specific terms being modified from the original agreement

2. Schedule B - Revised Property Details: Updated property descriptions or specifications if applicable

3. Schedule C - Amended Payment Schedule: Modified payment terms or schedule if price or payment terms are changed

4. Appendix 1 - Supporting Documents: Any new or revised documents supporting the modifications

5. Appendix 2 - Regulatory Approvals: Copies of any required new governmental or regulatory approvals

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions



































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Relevant Industries

Real Estate

Property Development

Construction

Legal Services

Banking and Finance

Investment Management

Urban Development

Commercial Property

Residential Property

Property Management

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Sales

Investment

Documentation

Risk Management

Operations

Contract Administration

Relevant Roles

Real Estate Attorney

Property Manager

Real Estate Agent

Legal Counsel

Contract Manager

Property Developer

Investment Manager

Real Estate Transaction Coordinator

Compliance Officer

Land Administration Officer

Property Sales Manager

Real Estate Investment Director

Legal Documentation Specialist

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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