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For Sale By Owner Contract for Nigeria

For Sale By Owner Contract Template for Nigeria

This document is a comprehensive For Sale By Owner Contract governed by Nigerian law, specifically designed for direct property sales between private parties without real estate agent involvement. It complies with the Nigerian Land Use Act and other relevant property laws, incorporating all necessary elements for a valid property transfer in Nigeria, including provisions for governor's consent, proper title registration, and statutory payments. The contract ensures both seller and buyer interests are protected while maintaining legal compliance with Nigerian property transfer requirements.

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For Sale By Owner Contract

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What is a For Sale By Owner Contract?

The For Sale By Owner Contract is essential for private property transactions in Nigeria where the owner wishes to sell their property directly without engaging a real estate agent. This document becomes particularly relevant in the context of Nigeria's unique land tenure system under the Land Use Act of 1978, which requires specific compliance measures including governor's consent for property transfers. The contract is designed to protect both parties' interests while ensuring all legal requirements are met, including proper property description, payment terms, conditions of sale, and necessary warranties. It includes provisions for title verification, property inspection, and the completion process, making it suitable for residential and commercial property transactions where direct seller-to-buyer negotiations are preferred. The document incorporates all necessary elements required by Nigerian law while maintaining clarity and usability for non-professional users.

What sections should be included in a For Sale By Owner Contract?

1. Parties: Identification of the Seller and Buyer with full legal names, addresses, and contact information

2. Background: Brief context of the transaction and confirmation of the Seller's right to sell the property

3. Definitions: Key terms used throughout the agreement including Property, Completion Date, Purchase Price, etc.

4. Property Description: Detailed description of the property including address, land registry details, boundaries, and title information

5. Purchase Price: The agreed purchase price, payment terms, deposit requirements, and payment schedule

6. Conditions of Sale: Essential conditions that must be met for the sale to proceed, including title verification and governor's consent

7. Seller's Representations and Warranties: Seller's guarantees regarding property ownership, absence of encumbrances, and authority to sell

8. Buyer's Representations and Warranties: Buyer's confirmation of capacity to purchase and compliance with payment terms

9. Completion Process: Steps for completing the sale, including document preparation, payment, and property handover

10. Risk and Insurance: Responsibility for the property between contract signing and completion

11. Default Provisions: Consequences and remedies if either party fails to meet their obligations

12. Governing Law: Confirmation that the agreement is governed by Nigerian law

13. Execution: Signature blocks and execution requirements

What sections are optional to include in a For Sale By Owner Contract?

1. Fixtures and Fittings: Detailed list of items included/excluded in the sale, used when there are specific items to be included or excluded

2. Property Condition: Details of the property's current condition and any known defects, recommended when selling older properties

3. Service Charges: Details of any ongoing service charges or maintenance fees, needed for properties in estates or managed developments

4. Planning Permissions: Details of existing planning permissions or restrictions, required if property has special permits or pending applications

5. Environmental Matters: Environmental considerations or restrictions, necessary for properties in environmentally sensitive areas

6. Tenant Rights: Details of existing tenancies, required if property is sold with sitting tenants

7. Special Conditions: Any unique terms specific to the transaction, used when standard terms need modification

What schedules should be included in a For Sale By Owner Contract?

1. Schedule 1: Property Details: Comprehensive legal description of the property including survey plans and title documents

2. Schedule 2: Fixtures and Fittings List: Detailed inventory of items included in or excluded from the sale

3. Schedule 3: Payment Schedule: Breakdown of payment terms including deposit, installments, and completion payment

4. Appendix A: Property Documents: Copies of relevant property documents including title documents and survey plans

5. Appendix B: Property Photographs: Recent photographs of the property documenting its current condition

6. Appendix C: Land Use Approvals: Copies of relevant land use approvals and permits

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Nigeria

Document Type

Sale Agreement

Cost

Free to use
Relevant legal definitions



































Clauses






























Relevant Industries

Real Estate

Property Development

Legal Services

Construction

Financial Services

Urban Planning

Property Management

Banking

Insurance

Relevant Teams

Legal

Real Estate

Compliance

Risk Management

Property Management

Documentation

Finance

Administrative Services

Land Registry

Transaction Processing

Relevant Roles

Property Owner

Real Estate Investor

Legal Counsel

Property Manager

Compliance Officer

Risk Manager

Financial Controller

Land Administrator

Property Developer

Urban Planning Officer

Title Registration Officer

Legal Documentation Specialist

Real Estate Transaction Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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