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Real Estate Agreement for Nigeria

Real Estate Agreement Template for Nigeria

A comprehensive legal document governed by Nigerian law, specifically structured to accommodate real estate transactions within the framework of the Land Use Act 1978. This agreement template incorporates essential elements required for property transfers, leases, or development projects in Nigeria, ensuring compliance with federal and state-specific regulations. The document includes provisions for governmental consents, title verification, and registration requirements unique to the Nigerian property market, while addressing key commercial terms, risk allocation, and obligations of all parties involved.

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Real Estate Agreement

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What is a Real Estate Agreement?

The Real Estate Agreement serves as a foundational document for property transactions in Nigeria, where land ownership and transfer are governed by the Land Use Act 1978 and various state-specific regulations. This template is designed for use in various property transactions, including sales, leases, and development projects, incorporating mandatory requirements for governmental consents and registrations. It addresses the unique aspects of Nigerian property law, including the role of state governors in granting consent for property transfers, requirements for property registration, and compliance with local planning regulations. The document is structured to protect both parties' interests while ensuring enforceability under Nigerian law, making it suitable for both domestic and international transactions involving Nigerian real estate.

What sections should be included in a Real Estate Agreement?

1. Parties: Identification and details of all parties involved in the agreement, including full legal names, addresses, and registration details for 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 legal description of the property including boundaries, measurements, and registration details

5. Transaction Terms: Core commercial terms including price/rent, payment terms, and payment schedule

6. Completion Requirements: Conditions precedent, completion process, and documentation requirements

7. Representations and Warranties: Statements of fact and assurances from both parties regarding the property and their capacity

8. Covenants: Ongoing obligations of both parties

9. Title and Registration: Provisions regarding property title, transfer process, and registration requirements under the Land Use Act

10. Risk and Insurance: Allocation of risk and insurance requirements

11. Default and Remedies: Consequences of breach and available remedies

12. Governing Law and Jurisdiction: Specification of Nigerian law and jurisdiction

13. Notices: Process for formal communications between parties

14. Boilerplate Clauses: Standard legal provisions including severability, entire agreement, and amendments

What sections are optional to include in a Real Estate Agreement?

1. Development Obligations: Used when the agreement involves property development, specifying construction requirements and timelines

2. Environmental Matters: Required for properties with environmental concerns or specific requirements

3. Planning Permissions: Included when the transaction depends on obtaining specific planning or zoning approvals

4. Service Charge Provisions: Required for leasehold properties with service charge arrangements

5. Assignment and Subletting: Included in lease agreements to govern transfer rights

6. Break Clauses: Optional in lease agreements to provide early termination rights

7. Rent Review: Used in long-term lease agreements to establish rent adjustment mechanisms

8. Multiple Units: Required when the transaction involves multiple properties or units

9. Special Use Conditions: Included when the property has specific permitted use restrictions

What schedules should be included in a Real Estate Agreement?

1. Property Schedule: Detailed technical description of the property, including plans and measurements

2. Title Documents: List and copies of relevant title documents and certificates

3. Payment Schedule: Detailed breakdown of payment terms, installments, and due dates

4. Condition Report: Current condition of the property and any existing defects

5. Service Charges: Breakdown of service charges and management fees if applicable

6. Permitted Uses: Detailed list of permitted uses and restrictions for the property

7. Required Consents: List of necessary governmental and regulatory approvals

8. Environmental Reports: Environmental surveys and assessments if relevant

9. Development Plans: Architectural plans and development specifications if applicable

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

Construction

Banking and Finance

Hospitality

Retail

Healthcare

Education

Manufacturing

Logistics

Agriculture

Energy

Technology

Professional Services

Relevant Teams

Legal

Real Estate

Compliance

Finance

Operations

Facilities Management

Risk Management

Business Development

Property Management

Corporate Affairs

Investment

Project Management

Relevant Roles

Real Estate Manager

Property Developer

Legal Counsel

Compliance Officer

Finance Director

Business Development Manager

Facilities Manager

Investment Analyst

Property Manager

Risk Manager

Operations Director

Project Manager

Asset Manager

Chief Financial Officer

Corporate Secretary

Land Administrator

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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