An Earnest Money Contract serves as a crucial preliminary agreement in Nigerian real estate transactions, establishing the framework for property purchases while protecting both buyers' and sellers' interests. This document is typically used when a buyer wishes to demonstrate serious intent to purchase a property by providing a good faith deposit. The contract includes essential details such as property description, purchase price, earnest money amount, due diligence provisions, and closing requirements. It must comply with Nigerian property law, particularly the Land Use Act of 1978, and local state regulations where applicable. The document is especially important in the Nigerian context where property transactions can be complex and require careful documentation of parties' rights and obligations. The Earnest Money Contract helps prevent either party from backing out of the transaction without valid reason and provides clear remedies in case of default.
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1. Parties: Identification and details of the buyer and seller, including full legal names and addresses
2. Background: Context of the transaction and brief description of the parties' intentions
3. Definitions: Key terms used throughout the agreement including 'Earnest Money', 'Property', 'Closing Date', etc.
4. Property Description: Detailed legal description of the property being sold
5. Purchase Price: Total purchase price and payment terms
6. Earnest Money: Amount of earnest money, payment terms, and holding arrangements
7. Due Diligence Period: Timeline and terms for buyer's investigation of the property
8. Closing and Possession: Closing date, conditions, and possession arrangements
9. Default and Remedies: Consequences of default by either party and available remedies
10. Representations and Warranties: Standard representations by both parties regarding authority, property condition, etc.
11. Notices: How and where formal notices under the contract must be delivered
12. Governing Law: Specification of Nigerian law as governing law and jurisdiction
13. Execution: Signature blocks and execution requirements
1. Financing Contingency: Terms regarding buyer's obligation to obtain financing, used when buyer requires mortgage funding
2. Property Inspection: Specific terms regarding property inspection rights, used when detailed inspection provisions are needed
3. Existing Tenancies: Details of any existing tenants and lease arrangements, used when property is currently tenanted
4. Planning Permissions: Details of required planning permissions or certificates, used for properties requiring development or change of use
5. Environmental Matters: Environmental warranties and indemnities, used for industrial or potentially contaminated properties
6. Agent Commission: Terms regarding real estate agent commissions, used when agents are involved in the transaction
1. Property Details: Detailed description of the property including boundaries, fixtures, and fittings
2. Title Documents: List of all relevant title documents and certificates
3. Completion Requirements: Checklist of documents and actions required for completion
4. Payment Schedule: Detailed breakdown of payment terms and timelines
5. Property Inspection Report: Results of any property inspections or surveys
6. Existing Encumbrances: Details of any existing mortgages, liens, or other encumbrances
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