Agreement To Sell And Sale Deed

Agreement To Sell And Sale Deed Template for Nigeria

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Key Requirements PROMPT example:

"I need an Agreement to Sell and Sale Deed for the purchase of a commercial warehouse in Lagos Industrial Estate, with a purchase price of ₦250 million and completion scheduled for March 2025."

Document background

The Agreement To Sell And Sale Deed is a crucial legal document used in Nigerian property transactions, combining both the initial agreement to transfer property and the final deed of sale. This document is essential when parties wish to formalize their property transaction in a single comprehensive instrument, rather than executing separate documents for the agreement and the sale. It must comply with the Land Use Act of 1978 and relevant state property laws, including requirements for governor's consent where applicable. The document is particularly useful in situations where parties want to ensure a smooth transition from agreement to actual transfer, with clear conditions and timelines. It includes detailed provisions for property description, consideration, payment terms, warranties, and completion requirements, while incorporating necessary compliance with Nigerian land registration and transfer regulations.

Suggested Sections

1. Parties: Identification and details of the Vendor/Seller and Purchaser/Buyer, including full legal names, addresses, and capacity to contract

2. Background: Recitals explaining the context of the agreement, ownership status of the property, and intention to sell

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Description: Detailed description of the property being sold, including boundaries, measurements, and registration details

5. Sale Consideration: Purchase price, payment terms, and payment schedule

6. Agreement to Sell: Terms of the agreement to sell, including conditions precedent and time period for completion

7. Representations and Warranties: Seller's warranties regarding title, encumbrances, and property condition

8. Covenants: Obligations of both parties before and until completion

9. Completion: Details of the completion process, including timing, location, and documents to be delivered

10. Transfer of Title: Terms regarding the actual transfer of property ownership and registration requirements

11. Possession: Terms regarding the handover of physical possession of the property

12. Governing Law: Specification of Nigerian law as governing law and jurisdiction

13. Execution: Signature blocks, witness requirements, and execution formalities

Optional Sections

1. Power of Attorney: Required when either party is acting through an authorized representative

2. Governor's Consent: Section detailing requirements and process for obtaining governor's consent where applicable

3. Mortgage Details: Required when the property is subject to an existing mortgage or new mortgage financing

4. Tax Provisions: Detailed tax obligations when specific tax arrangements need to be addressed

5. Joint Ownership: Special provisions for cases where the property will be owned jointly

6. Development Requirements: For undeveloped land or properties requiring specific development commitments

7. Third Party Rights: When there are existing tenants or other third-party interests in the property

Suggested Schedules

1. Property Schedule: Detailed technical description of the property, including land survey details and plans

2. Title Documents: List and copies of all relevant title documents and certificates

3. Payment Schedule: Detailed breakdown of payment installments and timing if not paid in full

4. Encumbrances Schedule: List of any existing encumbrances, easements, or restrictions on the property

5. Inventory: List of fixtures and fittings included in the sale, if applicable

6. Required Consents: List of necessary consents and approvals required for the transaction

7. Outstanding Documentation: List of documents to be provided or completed before completion

Authors

Alex Denne

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Property Development

Construction

Banking & Finance

Agriculture (for farmland)

Industrial

Commercial Property

Residential Property

Hospitality

Retail

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Operations

Finance

Risk Management

Land Administration

Business Development

Contract Administration

Relevant Roles

Real Estate Lawyer

Property Manager

Legal Counsel

Real Estate Agent

Property Developer

Land Administrator

Compliance Officer

Title Officer

Real Estate Investment Manager

Property Valuation Officer

Transaction Manager

Legal Director

Real Estate Operations Manager

Land Registry Officer

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