The Full Payment Agreement of Property is a crucial legal document used in Nigerian property transactions where the buyer intends to make complete payment for the property rather than utilizing installment payments or mortgage financing. This agreement is essential for compliance with Nigerian property law, particularly the Land Use Act 1978, and is commonly used in both residential and commercial property acquisitions. It provides comprehensive documentation of the transaction, including property details, payment terms, warranties, and transfer conditions. The document is particularly important in the Nigerian context due to specific legal requirements such as Governor's Consent and proper land registration. It serves as primary evidence of the transaction and helps prevent future disputes by clearly establishing the terms of sale, rights, and obligations of all parties involved.
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1. Parties: Identification and details of the seller and buyer, including full legal names, addresses, and registration details if companies
2. Background: Context of the transaction, including brief property history and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property being sold, including exact location, boundaries, and registration details
5. Purchase Price: The agreed purchase price and payment terms, including the full payment structure
6. Seller's Representations and Warranties: Seller's guarantees regarding property ownership, title, encumbrances, and condition
7. Buyer's Representations and Warranties: Buyer's confirmations regarding financial capacity and understanding of property condition
8. Completion Requirements: Conditions and requirements for completing the transaction, including documentation and registration
9. Title Transfer: Process and requirements for transferring title, including Governor's Consent requirements
10. Costs and Taxes: Allocation of transaction costs, stamp duties, and taxes between parties
11. Risk and Insurance: Transfer of risk and insurance requirements
12. Default and Remedies: Consequences of default by either party and available remedies
13. Governing Law: Confirmation of Nigerian law as governing law and jurisdiction
14. Execution: Signature blocks and execution requirements
1. Due Diligence Results: Include when specific findings from due diligence need to be acknowledged in the agreement
2. Environmental Matters: Include for properties with potential environmental concerns or requirements
3. Planning Permissions: Include when the property requires specific planning permissions or has development restrictions
4. Tenant Rights: Include when the property has existing tenants with continuing rights
5. Third Party Rights: Include when there are specific third-party rights or easements affecting the property
6. Post-Completion Obligations: Include when parties have specific obligations after completion
7. Force Majeure: Include when specific circumstances beyond parties' control need to be addressed
1. Property Details Schedule: Detailed technical description of the property, including plans, measurements, and boundaries
2. Title Documents: Copies of all relevant title documents and land certificates
3. Property Encumbrances: List of any existing charges, mortgages, or other encumbrances
4. Payment Schedule: Detailed breakdown of payment terms and conditions
5. Required Consents: List of all required governmental and regulatory consents
6. Property Condition Report: Detailed report on the current condition of the property
7. Transfer Documents: Forms and documents required for title transfer
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