The Agreement For Advance Payment For Purchase Of House is a crucial document in Nigerian real estate transactions where buyers make advance or installment payments towards property acquisition. This agreement type is particularly important in the Nigerian context, where property purchases often involve staged payments and require robust legal protection for both parties. The document is designed to comply with Nigerian federal and state property laws, including the Land Use Act 1978 and relevant property registration requirements. It should be used whenever a buyer is making advance payments towards a house purchase, whether for completed properties or those under construction. The agreement typically includes comprehensive details about the property, payment schedule, completion timeline, and conditions for title transfer, while incorporating specific provisions to protect against fraud and ensure compliance with Nigerian anti-money laundering regulations.
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1. Parties: Identification and details of the buyer and seller, including full legal names, addresses, and contact information
2. Background: Context of the transaction, including brief property description and parties' intention to enter into purchase agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property, including legal address, boundaries, and registration details
5. Purchase Price: Total purchase price, payment structure, and advance payment amount
6. Payment Terms: Detailed schedule of payments, payment methods, and conditions for each payment
7. Seller's Representations and Warranties: Seller's declarations regarding property ownership, title validity, and absence of encumbrances
8. Buyer's Representations and Warranties: Buyer's declarations regarding financial capacity and compliance with anti-money laundering regulations
9. Completion Timeline: Timeline for completion of purchase and transfer of property
10. Title Transfer: Process and conditions for transferring property title upon completion of payments
11. Default and Remedies: Consequences of default by either party and available remedies
12. Governing Law: Specification of Nigerian law as governing law and jurisdiction
13. Notices: Method and addresses for official communications between parties
14. Execution: Signature blocks and execution requirements
1. Property Inspection: Terms regarding property inspection rights and conditions, used when the property is still under construction or requires verification
2. Mortgage Financing: Additional terms if buyer is obtaining mortgage financing for remaining payment
3. Third Party Rights: Provisions regarding rights of third parties, used when there are existing tenants or other stakeholders
4. Insurance Requirements: Insurance obligations during the payment period, particularly relevant for properties under construction
5. Force Majeure: Provisions for unforeseen circumstances affecting completion, particularly relevant in volatile market conditions
6. Assignment Rights: Terms regarding the right to assign the agreement to third parties, if permitted
1. Schedule 1 - Property Description: Detailed technical description of property, including floor plans and specifications
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment installments, dates, and amounts
3. Schedule 3 - Title Documents: List of all relevant title documents and certificates
4. Schedule 4 - Property Condition Report: Current condition of property and any existing defects or repairs needed
5. Appendix A - Required Documents: List of documents required from both parties for completion
6. Appendix B - Form of Transfer Deed: Template or draft of the final transfer deed to be executed
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Legal Services
Financial Services
Property Development
Banking
Housing & Development
Property Management
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Sales
Documentation
Finance
Risk Management
Relevant Roles
Real Estate Lawyer
Property Developer
Real Estate Agent
Property Manager
Legal Counsel
Compliance Officer
Contract Manager
Real Estate Transaction Manager
Property Sales Manager
Title Officer
Real Estate Finance Manager
Property Documentation Specialist
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