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The Legal Real Estate Contract is a fundamental document used in Nigerian property transactions to formalize the transfer of real estate ownership between parties. It is essential for both private and commercial property transactions in Nigeria, incorporating specific requirements of the Land Use Act 1978 and relevant state property laws. This document is utilized when transferring various types of real estate, including residential, commercial, and industrial properties. It must address unique aspects of Nigerian property law such as Governor's consent, land use requirements, and proper registration procedures. The contract serves as the primary evidence of the transaction and must include all necessary elements to ensure legal enforceability under Nigerian law, including proper party identification, property description, consideration, and compliance with state-specific requirements.

1. Parties: Identification of the vendor/seller and purchaser/buyer with full legal names, addresses, and registration details if companies

2. Background: Recitals explaining the context of the transaction, including the vendor's right to sell the property

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Description: Detailed description of the property including land area, boundaries, and registration particulars

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

6. Completion: Terms and conditions for completing the sale, including timing and procedures

7. Governor's Consent: Provisions regarding obtaining necessary Governor's consent as required by the Land Use Act

8. Title and Documentation: Vendor's warranties regarding title and required documentation for transfer

9. Representations and Warranties: Standard representations and warranties from both parties

10. Registration and Stamping: Requirements for registration and payment of stamp duties

11. Risk and Insurance: Provisions regarding risk transfer and insurance requirements

12. Default and Remedies: Consequences of default and available remedies

13. Notices: Process for serving formal notices between parties

14. Governing Law: Specification of Nigerian law as governing law and jurisdiction

15. Execution: Signature blocks and execution requirements