The Commercial Real Estate Sales Contract is a crucial legal instrument used in Nigeria for transferring ownership of commercial properties. It is essential when any business entity or individual is purchasing or selling commercial real estate assets in Nigeria, whether these are office buildings, retail spaces, industrial facilities, or other commercial properties. The document must comply with the Land Use Act of 1978 and other relevant Nigerian federal and state laws. It typically includes comprehensive details about the property, purchase terms, warranties, and completion requirements, while addressing specific Nigerian regulatory requirements such as governor's consent and local planning regulations. This contract type 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 purchaser with full legal names and addresses
2. Background: Context of the transaction and brief property description
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Core agreement to sell and purchase the property
5. Purchase Price: Amount, payment structure, and payment terms
6. Conditions Precedent: Conditions that must be satisfied before completion
7. Title and Property Matters: Details of title, encumbrances, and property rights
8. Seller's Warranties: Warranties regarding property title, condition, and compliance
9. Buyer's Warranties: Warranties regarding capacity to purchase and funding
10. Completion: Completion date, requirements, and procedures
11. Risk and Insurance: Transfer of risk and insurance requirements
12. Default and Termination: Consequences of default and termination rights
13. Notices: Process for giving formal notices under the agreement
14. Governing Law and Jurisdiction: Nigerian law as governing law and jurisdiction details
15. General Provisions: Standard boilerplate clauses including entire agreement, variation, etc.
1. Development Obligations: Used when property requires specific development or renovation work
2. Environmental Provisions: Detailed environmental obligations where specific environmental issues exist
3. Existing Tenancies: Required when property is sold subject to existing lease agreements
4. Planning Permissions: Included when sale is conditional on obtaining specific planning permissions
5. Tax Structure: Special tax arrangements or structures for the transaction
6. Foreign Investment Provisions: Required when purchaser is a foreign investor
7. Service Contracts: Provisions dealing with existing service contracts and their transfer
1. Property Description: Detailed description of the property including boundaries and plans
2. Title Documents: List of title documents and certified copies
3. Property Certificates: Relevant property certificates and permits
4. Existing Tenancies Schedule: Details of any existing tenancies and lease terms
5. Inventory: List of fixtures, fittings, and equipment included in the sale
6. Required Works: Details of any works required to be completed before or after completion
7. Environmental Reports: Environmental surveys and assessments
8. Planning Permissions: Copies of existing planning permissions and applications
9. Service Contracts: Details of transferring service contracts
10. Payment Schedule: Detailed breakdown of payment terms and installments if applicable
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Commercial Property
Retail
Office Space
Industrial
Hospitality
Healthcare
Education
Banking and Finance
Manufacturing
Logistics and Warehousing
Professional Services
Relevant Teams
Legal
Real Estate
Finance
Compliance
Risk Management
Property Management
Facilities Management
Corporate Development
Investment
Operations
Business Development
Asset Management
Relevant Roles
Real Estate Director
Property Manager
Commercial Lawyer
Legal Counsel
Chief Financial Officer
Property Development Manager
Facilities Manager
Investment Manager
Real Estate Broker
Compliance Officer
Risk Manager
Asset Manager
Corporate Real Estate Manager
Development Director
Acquisitions Manager
Real Estate Investment Analyst
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