The Commercial Property Sale Agreement is a crucial legal instrument used in Nigerian real estate transactions for transferring ownership of commercial properties. This document is essential when businesses or individuals are engaging in the purchase or sale of commercial real estate assets in Nigeria, whether they be office buildings, industrial facilities, retail spaces, or other commercial properties. The agreement must comply with Nigerian property law, particularly the Land Use Act 1978, and requires specific provisions for obtaining Governor's consent for the transfer. It includes comprehensive details about the property, price, payment terms, warranties, and completion requirements, while addressing local regulatory compliance, tax obligations, and environmental considerations. This type of agreement is particularly important given Nigeria's complex land tenure system and the need for careful documentation of commercial property transactions.
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1. Parties: Identification of seller and buyer with full legal names, registration details for companies, and addresses
2. Background: Context of the sale, brief description of the property, and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including address, boundaries, and registration details
5. Purchase Price: Agreed purchase price, payment terms, and method of payment
6. Conditions Precedent: Conditions that must be met before completion, including Governor's consent requirements
7. Seller's Representations and Warranties: Seller's declarations regarding property ownership, encumbrances, and condition
8. Buyer's Representations and Warranties: Buyer's declarations regarding capacity to purchase and funding
9. Completion: Process and requirements for completing the sale, including documentation and timing
10. Title and Registration: Provisions regarding transfer of title and registration requirements
11. Taxes and Costs: Allocation of responsibility for taxes, stamp duty, and other transaction costs
12. Default and Remedies: Consequences of breach and available remedies
13. Governing Law: Specification of Nigerian law as governing law and jurisdiction
14. Notices: Process for serving formal notices between parties
15. Boilerplate Clauses: Standard contract provisions including severability, entire agreement, and amendments
1. Environmental Matters: Required when property has potential environmental issues or compliance requirements
2. Planning and Zoning: Include when property development or use change is contemplated
3. Tenant Rights: Required when property is sold with existing tenants
4. Service Contracts: Include when property comes with ongoing service agreements
5. Intellectual Property: Required when sale includes trading names or other IP associated with the property
6. Employee Matters: Include when sale involves transfer of property-related employees
7. Insurance: Required for properties with specific insurance requirements or history of claims
8. Dispute Resolution: Optional detailed arbitration or mediation procedures
1. Property Details Schedule: Detailed property description, including plans and boundaries
2. Title Documents: List of all title documents and land registration details
3. Inventory: List of fixtures, fittings, and equipment included in the sale
4. Encumbrances: Details of any existing mortgages, charges, or other encumbrances
5. Environmental Reports: Copies or summaries of environmental assessments
6. Planning Permissions: Copies of relevant planning permissions and certificates
7. Service Contracts Schedule: Details of ongoing service contracts affecting the property
8. Lease Schedule: Details of any existing leases or tenancy agreements
9. Payment Schedule: Detailed breakdown of payment terms and installments if applicable
10. Completion Requirements: Checklist of documents and actions required for completion
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