The Car Purchase Agreement is a vital legal instrument used in Nigeria for documenting the sale and transfer of motor vehicles between parties. This document is essential for both private and commercial vehicle sales, ensuring compliance with Nigerian automotive regulations, consumer protection laws, and contract law principles. It should be used whenever a vehicle is being sold, whether between private individuals, through dealerships, or in corporate transactions. The agreement includes crucial details such as vehicle specifications, price, payment terms, warranties, and ownership transfer procedures, while incorporating necessary provisions for Nigerian vehicle registration and roadworthiness certification. It serves as official documentation for tax purposes, insurance requirements, and proof of ownership, protecting both parties' interests in the transaction.
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1. Parties: Identification of the seller and buyer with complete contact details and registration information
2. Background: Brief context of the transaction and confirmation that the seller owns the vehicle
3. Definitions: Key terms used throughout the agreement
4. Vehicle Description: Detailed description of the vehicle including make, model, year, VIN, color, mileage, and current condition
5. Purchase Price: Agreed purchase price and payment terms including deposit and final payment details
6. Transfer of Ownership: Terms regarding the transfer of vehicle title and registration
7. Seller's Representations and Warranties: Seller's declarations about vehicle condition, ownership, and absence of encumbrances
8. Buyer's Acknowledgments: Buyer's confirmation of vehicle inspection and acceptance of condition
9. Delivery: Details of vehicle handover including timing and location
10. Documentation: List of required documents to be provided by seller
11. Risk and Insurance: Transfer of risk and insurance responsibilities
12. Governing Law: Confirmation that Nigerian law governs the agreement
13. Dispute Resolution: Process for handling disputes between parties
14. Entire Agreement: Confirmation that this document represents the complete agreement between parties
1. Financing Terms: Include when purchase involves third-party financing or installment payments
2. Trade-in Details: Include when buyer is trading in another vehicle as part of the purchase
3. Import Documentation: Include for imported vehicles requiring customs clearance
4. Warranty Transfer: Include when manufacturer's warranty is still valid and being transferred
5. Additional Services: Include when seller is providing additional services like extended warranty or maintenance
6. Agent Authorization: Include when either party is represented by an agent
7. Conditional Sale Terms: Include when sale is subject to specific conditions being met
1. Schedule 1 - Vehicle Condition Report: Detailed inspection report noting vehicle condition and any existing damage
2. Schedule 2 - Vehicle Service History: Complete maintenance and repair history of the vehicle
3. Schedule 3 - Payment Schedule: Detailed breakdown of payment terms if involving installments
4. Schedule 4 - Included Accessories: List of all accessories and extra items included in the sale
5. Appendix A - Vehicle Documentation: Copies of vehicle registration, insurance, and other relevant certificates
6. Appendix B - Photographs: Dated photographs showing vehicle condition at time of sale
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