The Real Estate Buyers Agreement Form is a crucial document in Nigerian property transactions, designed to facilitate the legal transfer of real estate while ensuring compliance with Nigerian law, particularly the Land Use Act 1978. This document is essential when purchasing any type of real estate in Nigeria, whether residential or commercial property. It includes comprehensive details about the property, parties involved, purchase price, payment terms, and specific requirements for property transfer in Nigeria, such as governor's consent. The agreement form serves as a legally binding document that protects both buyer and seller interests, incorporating necessary provisions for title verification, property inspection, and completion requirements. It is particularly important given Nigeria's unique land tenure system and the need to ensure proper documentation for property transactions.
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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 transaction, including brief property description and intention to sell/purchase
3. Definitions: Key terms used throughout the agreement, including 'Property', 'Completion Date', 'Purchase Price', etc.
4. Property Details: Comprehensive description of the property, including address, land registry details, and boundaries
5. Purchase Price: Agreed purchase price, payment structure, and payment methods
6. Payment Terms: Detailed breakdown of payment schedule, deposits, and completion payment arrangements
7. Conditions Precedent: Conditions that must be met before completion, including governor's consent requirements
8. Seller's Representations and Warranties: Seller's confirmations regarding property ownership, encumbrances, and legal status
9. Buyer's Representations and Warranties: Buyer's confirmations regarding financial capacity and compliance with anti-money laundering regulations
10. Completion Requirements: Steps to be taken for completion and transfer of property ownership
11. Default and Remedies: Consequences of breach by either party and available remedies
12. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes
13. Notices: Process and addresses for serving formal notices between parties
14. Execution: Signature blocks and execution requirements
1. Due Diligence Period: Used when buyer requires time to conduct property investigations and verify documentation
2. Mortgage Contingency: Include when purchase is contingent on buyer obtaining mortgage financing
3. Property Condition: Detailed when property is sold with specific conditions or requires repairs
4. Agent Commission: Include when real estate agents are involved in the transaction
5. Special Conditions: For unique requirements specific to the property or transaction
6. Joint Ownership Terms: When property is being purchased by multiple buyers
7. Development Rights: When property includes potential for development or building rights
8. Traditional Rights: When property is subject to customary law considerations
1. Property Description Schedule: Detailed technical description of property, including plans and surveys
2. Payment Schedule: Detailed breakdown of payment installments and timing
3. Title Documents: List of all title documents and certificates
4. Property Inventory: List of fixtures, fittings, and contents included in sale
5. Required Consents: List of necessary governmental and regulatory approvals
6. Outstanding Encumbrances: Details of any existing charges, mortgages, or liens
7. Land Use Specifications: Details of permitted use and zoning regulations
8. Due Diligence Checklist: List of required documentation and verifications
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Residential Property
Commercial Property
Construction
Property Development
Banking and Finance
Legal Services
Property Management
Urban Development
Agriculture (for farmland transactions)
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Risk Management
Finance
Operations
Business Development
Investment
Administrative
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancing Lawyer
Property Manager
Real Estate Developer
Bank Manager
Mortgage Officer
Property Valuer
Land Administrator
Legal Counsel
Compliance Officer
Property Surveyor
Real Estate Investment Manager
Title Officer
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