The Commercial Real Estate Purchase Agreement is a crucial document used in Nigerian property transactions when transferring ownership of commercial real estate between parties. It is designed to comply with Nigerian federal and state laws, particularly the Land Use Act of 1978, which governs land ownership and transfer in Nigeria. This agreement is essential for documenting the terms and conditions of the sale, protecting both parties' interests, and ensuring legal compliance with local property regulations. It includes detailed provisions for property transfer, payment terms, warranties, and completion requirements, while addressing specific Nigerian legal requirements such as obtaining Governor's consent and proper land registration. The document is particularly important given Nigeria's complex property laws and the need for clear documentation in commercial real estate transactions.
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1. Parties: Identification of the seller and purchaser, including full legal names, registration details for companies, and addresses
2. Background: Context of the transaction, including brief description of the property and intention to sell/purchase
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property, including boundaries, measurements, and registration particulars
5. Purchase Price: Statement of the purchase price and payment terms, including deposit arrangements
6. Conditions Precedent: Conditions that must be satisfied before completion, including obtaining Governor's consent under the Land Use Act
7. Seller's Representations and Warranties: Seller's warranties regarding property title, encumbrances, and condition
8. Buyer's Representations and Warranties: Buyer's warranties regarding capacity to purchase and funding
9. Completion: Details of the completion process, timing, and requirements
10. Title and Transfer: Provisions regarding transfer of title and registration requirements
11. Risk and Insurance: Allocation of risk and insurance requirements before and after completion
12. Default and Remedies: Consequences of default by either party and available remedies
13. Taxes and Costs: Allocation of responsibility for taxes, stamp duty, and other transaction costs
14. Notices: Process for giving formal notices under the agreement
15. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes
16. Execution: Signature blocks and execution formalities
1. Environmental Matters: Required when the property has potential environmental issues or requires environmental permits
2. Planning and Development: Included when the property has ongoing or pending development permits or restrictions
3. Tenant Provisions: Required when the property is sold subject to existing tenancies
4. Foreign Investment Provisions: Required when the buyer is a foreign investor, addressing NIPC requirements
5. Property Management: Included when there are interim management arrangements between exchange and completion
6. Service Contracts: Required when the property has ongoing service contracts that will be transferred
7. Intellectual Property: Included when the sale includes trading names or other IP associated with the property
8. Employee Matters: Required when the sale includes transfer of employees attached to the property
1. Property Schedule: Detailed property description, including plans and title documents
2. Inventory: List of fixtures, fittings, and equipment included in the sale
3. Existing Tenancies: Details of any existing lease agreements and tenants
4. Service Contracts: List and details of transferring service contracts
5. Property Management Agreements: Details of any property management arrangements
6. Environmental Reports: Copies or summaries of environmental surveys and reports
7. Planning Permissions: Copies of relevant planning permissions and certificates
8. Title Documents: Copies of title documents and land registration certificates
9. Property Condition Report: Survey report on the condition of the property
10. Payment Schedule: Detailed breakdown of payment terms and installments if applicable
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