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Agreement For Advance Payment For Purchase Of Land for Nigeria

Agreement For Advance Payment For Purchase Of Land Template for Nigeria

A legal document governed by Nigerian law that formalizes and secures the arrangement for advance payment in a land purchase transaction. This agreement protects both buyer and seller by clearly documenting the terms of the advance payment, the full purchase price, completion timeline, and conditions for the final transfer of the land. The document incorporates specific requirements under Nigerian land law, including provisions for obtaining necessary governmental consents and completing proper land registration procedures. It serves as a crucial interim agreement before the final deed of transfer, particularly important in the Nigerian context where land transactions require significant due diligence and governmental approvals.

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Agreement For Advance Payment For Purchase Of Land

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What is a Agreement For Advance Payment For Purchase Of Land?

The Agreement For Advance Payment For Purchase Of Land is a vital document in Nigerian real estate transactions where buyers often make substantial advance payments before completing land purchases. This document is essential when parties wish to formalize their commitments while awaiting necessary approvals, such as the Governor's consent required under the Land Use Act. It protects both parties' interests by clearly documenting the payment terms, conditions for completion, and steps required for final transfer. The agreement is particularly relevant in Nigeria's legal framework, where land transactions involve multiple stakeholders and regulatory requirements. It serves as a bridge between the initial agreement to sell and the final deed of transfer, incorporating necessary safeguards for both parties during this interim period. The document typically includes detailed property descriptions, payment schedules, title verification procedures, and conditions precedent to completion.

What sections should be included in a Agreement For Advance Payment For Purchase Of Land?

1. Parties: Identification of the seller and buyer with full legal names, addresses, and contact details

2. Background: Context of the transaction, including brief description of the property and parties' intention to enter into a land purchase agreement

3. Definitions: Definitions of key terms used throughout the agreement including 'Property', 'Advance Payment', 'Completion Date', etc.

4. Property Details: Brief description of the land being sold, including location and reference to full details in Schedule 1

5. Purchase Price and Payment Terms: Total purchase price, advance payment amount, payment schedule, and method of payment

6. Seller's Representations and Warranties: Seller's confirmations regarding ownership, right to sell, absence of encumbrances, and valid title

7. Title Verification: Process and timeline for conducting title searches and verification

8. Conditions Precedent: Conditions that must be met before completion, including Governor's consent requirements

9. Completion Requirements: Actions required by each party to complete the transaction

10. Default and Remedies: Consequences of default by either party and available remedies

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

What sections are optional to include in a Agreement For Advance Payment For Purchase Of Land?

1. Multiple Installments: Detailed terms for cases where advance payment is made in multiple installments

2. Third Party Interests: Provisions dealing with any existing third-party interests or claims on the property

3. Development Requirements: Specific terms relating to any development obligations or restrictions on the land

4. Environmental Conditions: Provisions dealing with environmental assessments and liabilities

5. Force Majeure: Provisions for unforeseen circumstances preventing completion

6. Assignment: Terms governing whether parties can assign their rights under the agreement

7. Anti-Money Laundering Compliance: Specific provisions for compliance with anti-money laundering regulations

What schedules should be included in a Agreement For Advance Payment For Purchase Of Land?

1. Schedule 1 - Property Description: Detailed description of the property including boundaries, measurements, and survey plan references

2. Schedule 2 - Payment Schedule: Detailed breakdown of payment amounts, dates, and payment methods

3. Schedule 3 - Title Documents: List of all title documents and evidence of ownership

4. Schedule 4 - Required Consents: List of required governmental and regulatory consents

5. Appendix A - Property Plans and Surveys: Copies of survey plans, location maps, and other property documentation

6. Appendix B - Form of Transfer Deed: Template or draft of the final transfer deed to be executed upon completion

Authors

Alex Denne

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

Jurisdiction

Nigeria

Document Type

Purchase Agreement

Cost

Free to use
Relevant legal definitions









































Clauses






























Relevant Industries

Real Estate

Construction

Property Development

Agriculture

Manufacturing

Mining

Hospitality

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Relevant Teams

Legal

Real Estate

Property Development

Facilities Management

Project Management

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Finance

Investment

Operations

Risk Management

Relevant Roles

Real Estate Manager

Property Development Manager

Legal Counsel

Corporate Lawyer

Land Administrator

Property Acquisition Manager

Real Estate Director

Facilities Manager

Project Manager

Investment Manager

Commercial Director

Chief Legal Officer

Land Surveyor

Property Valuer

Compliance Officer

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