The Partial Payment Agreement For House And Lot is essential in Nigerian real estate transactions where buyers cannot make full immediate payment for property purchases. This document is commonly used in both urban and rural property transactions across Nigeria, structured to comply with the Land Use Act and relevant state property laws. It provides a legally secure framework for extended payment arrangements while protecting both parties' interests. The agreement is particularly relevant in the current Nigerian real estate market where property financing options may be limited, offering an alternative to traditional mortgage arrangements. It includes comprehensive details about payment schedules, property transfer conditions, default remedies, and possession terms, while ensuring compliance with state-specific requirements for property transactions and registration.
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1. Parties: Identification and details of the Seller and Buyer, including full legal names, addresses, and contact information
2. Background: Context of the agreement, including brief property description and intention to enter partial payment arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed legal description of the house and lot, including boundaries, title details, and registration information
5. Purchase Price: Total purchase price and breakdown of payment components
6. Payment Terms: Structure of partial payments, including down payment, installment amounts, due dates, and payment methods
7. Transfer of Title: Conditions and timing for the transfer of property title
8. Seller's Representations and Warranties: Seller's guarantees regarding property ownership, condition, and legal status
9. Buyer's Covenants: Buyer's obligations including payment commitments and property maintenance responsibilities
10. Default and Remedies: Consequences of default and available remedies for both parties
11. Property Possession: Terms regarding when and how the buyer takes possession of the property
12. Governing Law: Specification of Nigerian law as governing law and relevant jurisdictional details
13. Dispute Resolution: Process for resolving disputes between parties
14. Notices: Method and addresses for official communications between parties
15. Execution: Signature blocks and execution requirements
1. Insurance: Requirements for property insurance during the payment period - include when buyer takes early possession
2. Property Maintenance: Responsibilities for property maintenance during the payment period - include when buyer takes early possession
3. Assignment Rights: Rights to assign the agreement to third parties - include when assignment might be permitted
4. Force Majeure: Provisions for unforeseen circumstances - include when extended payment periods are involved
5. Early Payment Provisions: Terms for early payment completion - include when early payment discounts are offered
6. Property Development: Conditions for property modifications - include when property is partially developed or modifications are planned
7. Third-Party Rights: Rights of mortgage lenders or other stakeholders - include when external financing is involved
8. Death and Incapacity: Succession provisions - include when payment term is lengthy
1. Schedule A - Property Details: Detailed technical description of the property, including lot size, boundaries, and improvements
2. Schedule B - Payment Schedule: Detailed payment schedule showing all installment amounts and due dates
3. Schedule C - Property Documents: List of all relevant property documents, certificates, and permits
4. Schedule D - Property Inspection Report: Current condition of the property and any noted defects or issues
5. Schedule E - Title Documents: Copies of title documents and relevant land registry information
6. Appendix 1 - Property Photos: Current photographs of the property and its major features
7. Appendix 2 - Required Permits: Copies of all relevant permits and governmental approvals
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