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Listing Agreement for Nigeria

Listing Agreement Template for Nigeria

A Listing Agreement under Nigerian law is a legally binding contract between a property owner and a real estate agent or broker, authorizing the agent to market and sell the property on the owner's behalf. This agreement, governed by Nigerian real estate and contract law, outlines the terms of the agency relationship, including the property details, listing price, commission structure, marketing obligations, and duration of the listing. It incorporates specific requirements under Nigerian legislation, including compliance with the Estate Surveyors and Valuers Registration Act and relevant state-level real estate regulations.

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Listing Agreement

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What is a Listing Agreement?

A Listing Agreement is a crucial document in Nigerian real estate transactions that establishes the professional relationship between a property owner and a real estate agent or agency. This agreement is essential when a property owner wishes to engage professional services for selling or leasing their property in the Nigerian market. The document complies with Nigerian federal and state real estate regulations, including the Estate Surveyors and Valuers Registration Act and relevant property laws. The Listing Agreement typically includes comprehensive details about the property, pricing strategy, marketing approach, commission structure, and the duration of the agency relationship. It serves as a protection for both parties by clearly defining their rights, obligations, and expectations throughout the listing period.

What sections should be included in a Listing Agreement?

1. Parties: Identification of the property owner/seller and the real estate agent/broker, including full legal names and addresses

2. Background: Context of the agreement and brief description of the parties' intentions

3. Definitions: Key terms used throughout the agreement defined for clarity and legal certainty

4. Property Details: Comprehensive description of the property being listed, including address and legal description

5. Appointment and Authority: Grant of authority to the agent to market and sell the property, including specific powers and limitations

6. Listing Price and Terms: Agreed listing price and acceptable terms of sale

7. Duration of Agreement: Term of the listing agreement, including start and end dates

8. Agent's Obligations: Detailed responsibilities of the agent including marketing efforts, showing the property, and reporting requirements

9. Owner's Obligations: Property owner's responsibilities, including maintaining the property and providing necessary information

10. Commission Structure: Details of agent's compensation, including commission rate and payment terms

11. Termination Rights: Conditions under which either party may terminate the agreement

12. Protection Period: Post-termination period during which the agent may still be entitled to commission

13. Governing Law: Specification that Nigerian law governs the agreement

14. Dispute Resolution: Process for resolving any disputes between the parties

15. Entire Agreement: Confirmation that the document represents the complete agreement between parties

What sections are optional to include in a Listing Agreement?

1. Multiple Listing Service: Terms for listing the property on MLS systems, used when MLS services are available

2. Digital Marketing Rights: Specific terms for online marketing and social media promotion, important for modern marketing strategies

3. International Marketing: Additional terms for marketing to international buyers, relevant for high-end or unique properties

4. Property Management: Terms for managing the property during the listing period, relevant for vacant properties

5. Dual Agency: Terms governing situations where the agent represents both buyer and seller

6. Environmental Matters: Special provisions for properties with environmental considerations or requirements

7. Security Deposit: Terms for handling security deposits if required for property showings

8. Force Majeure: Provisions for unforeseen circumstances affecting the agreement's performance

What schedules should be included in a Listing Agreement?

1. Schedule A - Property Description: Detailed property description including boundaries, fixtures, and fittings

2. Schedule B - Marketing Plan: Detailed marketing strategy and activities to be undertaken by the agent

3. Schedule C - Commission Schedule: Detailed breakdown of commission structures and payment terms

4. Schedule D - Property Photographs: Official photographs of the property approved for marketing use

5. Appendix 1 - Property Documents: List of all property documents provided by the owner

6. Appendix 2 - Property Condition Report: Detailed report on the current condition of the property

7. Appendix 3 - Required Disclosures: Mandatory disclosures required under Nigerian law

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

Agreement Contract

Cost

Free to use
Relevant legal definitions






























Clauses
































Relevant Industries

Real Estate

Property Development

Construction

Legal Services

Property Management

Real Estate Investment

Commercial Property

Residential Property

Hospitality

Retail

Relevant Teams

Legal

Real Estate

Sales

Business Development

Compliance

Property Management

Contracts Administration

Operations

Marketing

Investment

Relevant Roles

Real Estate Agent

Property Manager

Real Estate Broker

Legal Counsel

Property Developer

Estate Surveyor

Sales Manager

Business Development Manager

Compliance Officer

Real Estate Investment Manager

Property Valuer

Contract 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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