The Commercial Real Estate Purchase And Sale Agreement is a crucial document used in Nigerian property transactions when transferring ownership of commercial real estate between parties. It is essential for any business-to-business property transaction in Nigeria and must comply with federal legislation (particularly the Land Use Act of 1978) and state-specific requirements. The agreement covers all aspects of the transaction, from initial property description and purchase price to closing conditions and post-closing obligations. It includes provisions for due diligence, title verification, and necessary governmental approvals, while addressing specific Nigerian requirements such as Governor's Consent for land transfers. This document is particularly important given Nigeria's unique land tenure system and the complexity of commercial property transactions in the country.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Context of the transaction and brief description of the property
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property, including boundaries and registration details
5. Purchase Price: Agreed purchase price and payment structure
6. Payment Terms: Details of payment schedule, deposit, and balance payment arrangements
7. Due Diligence: Buyer's right to investigate property title, condition, and compliance
8. Conditions Precedent: Conditions that must be satisfied before completion
9. Seller's Representations and Warranties: Seller's declarations about the property's condition and title
10. Buyer's Representations and Warranties: Buyer's declarations regarding capacity to purchase
11. Closing: Process and requirements for completing the transaction
12. Title Transfer: Procedures for transferring title under Nigerian law
13. Taxes and Costs: Allocation of transaction taxes, registration fees, and other costs
14. Default and Remedies: Consequences of breach and available remedies
15. Notices: How formal communications between parties should be made
16. Governing Law: Confirmation of Nigerian law as governing law
17. Dispute Resolution: Process for resolving disputes
18. General Provisions: Standard boilerplate clauses including force majeure, entire agreement, etc.
1. Environmental Matters: Required when property has potential environmental issues or requires environmental assessment
2. Tenant Rights: Needed when property has existing tenants and lease agreements
3. Development Rights: Include when property has pending or potential development permits
4. Government Approvals: Required when transaction needs specific government clearances
5. Broker Provisions: Include when real estate brokers are involved in the transaction
6. Financing Contingency: Required when purchase is contingent on buyer obtaining financing
7. Property Management Transition: Include when property has ongoing management services
8. Asset Transfer: Required when deal includes transfer of business assets beyond real estate
1. Property Schedule: Detailed technical description of property, including plans and surveys
2. Title Documents: List of title documents and certified copies
3. Existing Tenancies: Details of current lease agreements and tenant information
4. Inventory: List of fixtures, fittings, and equipment included in sale
5. Environmental Reports: Environmental assessment reports and certificates
6. Planning Permits: Copies of existing planning permissions and applications
7. Property Tax Records: History of property tax payments and assessments
8. Service Contracts: List of ongoing service contracts affecting the property
9. Due Diligence Checklist: Comprehensive list of required due diligence items
10. Completion Checklist: List of items required for closing the transaction
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