The Offer To Purchase Form Private Sale is a crucial document in Nigerian real estate transactions, used when a prospective buyer wishes to formalize their intention to purchase a property through private sale. This document is typically used at the initial stage of a property transaction, after preliminary negotiations but before the final sale agreement. It contains detailed information about the property, proposed purchase price, payment terms, conditions of sale, and any special requirements specific to the transaction. The form must comply with Nigerian property laws, including the Land Use Act of 1978 and relevant state regulations. It serves as a preliminary agreement that, when accepted by the seller, creates a legally binding commitment subject to the stated conditions. This document is particularly important in Nigeria's property market where clear documentation of intentions and terms is essential for protecting all parties' interests and ensuring smooth property transfers.
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1. Parties: Full legal names and addresses of the buyer (offeror) and seller (offeree), including registration details if any party is a company
2. Background: Brief context of the transaction and confirmation of seller's ownership rights
3. Definitions: Key terms used in the document including 'Property', 'Purchase Price', 'Completion Date', etc.
4. Property Description: Detailed description of the property including address, boundaries, and registration details
5. Purchase Price: The offered amount and currency, written in both words and figures
6. Payment Terms: Structure of payment including deposit, balance, and payment methods
7. Conditions Precedent: Conditions that must be met before the sale becomes binding
8. Due Diligence: Buyer's right to conduct property investigations and timeline
9. Completion: Timeline and process for completing the transaction
10. Seller's Warranties: Warranties regarding property ownership, encumbrances, and condition
11. Risk and Insurance: Responsibility for property insurance and risk transfer timing
12. Default Provisions: Consequences of either party failing to meet obligations
13. Notices: How formal communications between parties should be made
14. Governing Law: Confirmation that Nigerian law governs the agreement
15. Execution: Signature blocks for all parties and witnesses
1. Tenant Rights: Required if the property is currently tenanted, addressing existing lease agreements
2. Mortgage Contingency: Include if the purchase is contingent on the buyer obtaining mortgage financing
3. Property Contents: Include if the sale includes specific furniture or fittings
4. Planning Permissions: Required if there are ongoing building works or required permissions
5. Agent Commission: Include if real estate agents are involved in the transaction
6. Joint Buyers: Required if multiple buyers are purchasing together, specifying ownership shares
7. Special Conditions: Any unique requirements specific to the transaction
8. Dispute Resolution: Optional detailed arbitration or mediation procedures
1. Schedule 1 - Property Details: Detailed property description, including lot number, boundaries, and certificate of occupancy details
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment installments and dates if applicable
3. Schedule 3 - Included Fixtures and Fittings: Itemized list of all items included in the sale
4. Schedule 4 - Required Documents: List of documents to be provided by seller for completion
5. Appendix A - Property Plans: Official property plans and surveys
6. Appendix B - Property Photographs: Current dated photographs of the property
7. Appendix C - Title Documents: Copies of relevant title documents and certificates
Relevant legal definitions
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Relevant Industries
Real Estate
Property Development
Construction
Banking & Finance
Legal Services
Property Management
Investment & Asset Management
Housing & Development
Commercial Property
Residential Property
Relevant Teams
Legal
Real Estate
Property Management
Facilities
Compliance
Investment
Asset Management
Corporate Services
Risk Management
Finance
Relevant Roles
Real Estate Agent
Property Lawyer
Property Manager
Real Estate Developer
Investment Manager
Asset Manager
Legal Counsel
Conveyancing Lawyer
Property Valuer
Corporate Real Estate Manager
Facilities Manager
Real Estate Investment Analyst
Property Administrator
Real Estate Transaction Manager
Compliance Officer
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