The Flat Buying Agreement is a crucial legal document used in Nigerian property transactions for the purchase and sale of residential flats or apartments. This agreement is essential when acquiring property in Nigeria, whether from developers, property companies, or individual sellers. The document must comply with the Land Use Act 1978 and other relevant Nigerian property laws, incorporating specific requirements for property transfer and registration in the Nigerian context. The agreement typically includes comprehensive details about the property, payment terms, completion timelines, and obligations of all parties involved. It serves as the primary contract governing the transaction and provides legal protection for both buyer and seller, ensuring all aspects of the property transfer are properly documented and legally enforceable under Nigerian law.
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1. Parties: Identification and details of the Vendor/Developer and the Purchaser
2. Background: Context of the transaction, including property development details and ownership history
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the flat, including location, measurements, and boundaries
5. Purchase Price: Agreement on purchase price, payment schedule, and payment methods
6. Payment Terms: Detailed payment structure including installments, deposits, and completion payments
7. Completion Timeline: Expected completion and possession dates, including conditions for extensions
8. Title and Ownership: Confirmation of vendor's right to sell and transfer of title provisions
9. Representations and Warranties: Warranties from both parties, especially regarding property title and condition
10. Purchaser's Obligations: Responsibilities and obligations of the purchaser
11. Vendor's Obligations: Responsibilities and obligations of the vendor/developer
12. Default and Remedies: Consequences of default by either party and available remedies
13. Registration and Transfer: Process for property registration and transfer of title
14. Governing Law: Specification of Nigerian law as governing law and jurisdiction
15. Notices: Process for serving notices between parties
16. Execution: Signature blocks and execution requirements
1. Mortgage Provisions: Include when purchaser is obtaining mortgage financing
2. Development Specifications: Include for off-plan purchases or properties under construction
3. Facilities Management: Include when property is part of a managed development
4. Service Charges: Include for properties with shared facilities or services
5. Assignment Rights: Include if transfer rights need specific restrictions or permissions
6. Force Majeure: Include for off-plan properties to address construction delays due to unforeseen circumstances
7. Dispute Resolution: Include when parties want specific arbitration or mediation procedures
8. Insurance Requirements: Include when specific insurance obligations are needed during construction or transfer period
1. Property Schedule: Detailed technical description of the flat, including floor plans and specifications
2. Payment Schedule: Detailed breakdown of payment installments and due dates
3. Amenities Schedule: List of included amenities and common facilities
4. Title Documents: Copies of relevant title documents and certificates
5. Building Approvals: Copies of building permits and planning approvals
6. Fixtures and Fittings: Inventory of included fixtures, fittings, and furnishings
7. Service Charge Schedule: Breakdown of service charges and maintenance fees
8. Construction Timeline: Detailed construction and completion schedule for off-plan properties
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Legal Services
Property Development
Banking and Finance
Property Management
Urban Development
Relevant Teams
Legal
Real Estate
Sales
Compliance
Property Management
Business Development
Operations
Finance
Risk Management
Documentation
Relevant Roles
Real Estate Lawyer
Property Developer
Real Estate Agent
Property Manager
Legal Counsel
Compliance Officer
Real Estate Investment Manager
Property Development Director
Sales Manager
Contract Administrator
Transaction Manager
Property Acquisition Specialist
Land Registry Officer
Corporate Counsel
Real Estate Portfolio Manager
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