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The Apartment Sale Agreement is a crucial legal instrument used in Nigerian real estate transactions for the transfer of apartment ownership. This document is essential when any individual or entity wishes to sell or purchase an apartment in Nigeria, ensuring compliance with the Land Use Act of 1978 and other relevant property laws. The agreement outlines all critical aspects of the transaction, including property details, purchase price, payment terms, warranties, and completion requirements. It's particularly important in urban areas where apartment sales are common, such as Lagos, Abuja, and Port Harcourt. The document must account for state-specific regulations and local property laws, while also incorporating necessary provisions for title transfer and registration with relevant authorities. The agreement protects both parties' interests by clearly defining their rights and obligations throughout the transaction process.

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

2. Background: Context of the sale, including brief property description and intention to sell/purchase

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

4. Property Description: Detailed description of the apartment, including exact location, measurements, and boundaries

5. Purchase Price: Agreed purchase price and payment terms, including deposit and balance payment schedule

6. Title and Ownership: Seller's warranty of title and confirmation of legal right to sell

7. Conditions Precedent: Conditions that must be met before completion

8. Completion: Details of the completion process, timing, and requirements

9. Seller's Warranties: Warranties regarding the property's condition, title, and encumbrances

10. Buyer's Warranties: Warranties regarding capacity to purchase and source of funds

11. Risk and Insurance: Transfer of risk and insurance responsibilities

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

13. Notices: How formal notices should be given between parties

14. Governing Law: Confirmation of Nigerian law as governing law and jurisdiction

15. Boilerplate Provisions: Standard contract clauses including entire agreement, severability, and amendments