The Real Estate Offer to Purchase agreement is a crucial initial document in Nigerian property transactions, used when a prospective buyer wishes to formally express their intent to purchase a property and outline their proposed terms. This document is essential in both commercial and residential property transactions across Nigeria, requiring compliance with the Land Use Act of 1978 and other relevant property laws. It typically precedes the final sale agreement and includes critical information such as property details, purchase price, payment terms, conditions precedent, and due diligence requirements. The document serves as a formal commitment from the buyer and, once accepted by the seller, forms a legally binding agreement that protects both parties' interests during the property acquisition process.
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1. Parties: Identification and details of the buyer (offeror) and seller (offeree), including full legal names, addresses, and contact information
2. Background: Brief context of the transaction and purpose of the offer
3. Definitions: Definitions of key terms used throughout the document
4. Property Description: Detailed description of the property including address, boundaries, land title details, and registration particulars
5. Purchase Price: The offered purchase amount, payment terms, and deposit requirements
6. Payment Terms: Structure and timeline of payments, including deposit, installments if any, and final payment
7. Due Diligence Period: Timeframe and terms for conducting property investigations and title searches
8. Conditions Precedent: Conditions that must be satisfied before the sale can proceed
9. Closing Date and Possession: Proposed date for completing the transaction and transferring possession
10. Title and Transfer: Provisions regarding clean title transfer and registration requirements
11. Seller's Warranties: Warranties regarding property ownership, condition, and absence of encumbrances
12. Buyer's Warranties: Warranties regarding financial capacity and intention to purchase
13. Default and Remedies: Consequences of breach by either party and available remedies
14. Governing Law: Specification of Nigerian law as governing law and relevant jurisdiction
15. Execution: Signature blocks and execution requirements
1. Property Inspection: Detailed terms for property inspection rights and procedures, included when the buyer requires specific inspection conditions
2. Financing Contingency: Terms related to the buyer's ability to secure financing, included when purchase depends on mortgage approval
3. Sale of Existing Property: Contingency related to the buyer's need to sell their existing property, included when relevant
4. Tenant Rights: Provisions regarding existing tenants' rights and obligations, included for tenanted properties
5. Environmental Conditions: Specific provisions regarding environmental assessments and conditions, included for properties with potential environmental concerns
6. Development Conditions: Specific conditions related to property development rights, included for undeveloped land or properties requiring renovation
7. Agent Commission: Terms regarding real estate agent commissions, included when agents are involved in the transaction
1. Property Details Schedule: Detailed description of the property including lot number, boundaries, and registered title information
2. Payment Schedule: Detailed breakdown of payment terms and installments if applicable
3. Inventory Schedule: List of fixtures, fittings, and other items included or excluded from the sale
4. Due Diligence Checklist: List of required documents and investigations to be completed during due diligence
5. Title Documents: Copies of relevant title documents and certificates
6. Property Photographs: Recent photographs of the property and its boundaries
7. Land Use Permits: Copies of relevant land use permits and certificates
8. Survey Plan: Current survey plan of the property
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Banking & Finance
Legal Services
Property Development
Hospitality
Retail
Commercial Property
Residential Property
Agriculture (for farmland)
Industrial
Education (for institutional properties)
Relevant Teams
Legal
Real Estate
Property Management
Facilities
Corporate Development
Investment
Operations
Finance
Risk Management
Compliance
Asset Management
Relevant Roles
Real Estate Agent
Property Lawyer
Legal Counsel
Property Manager
Real Estate Developer
Investment Manager
Property Acquisition Manager
Real Estate Broker
Facilities Manager
Corporate Real Estate Manager
Property Surveyor
Real Estate Investment Analyst
Commercial Property Manager
Estate Planning Attorney
Transaction Manager
Real Estate Portfolio Manager
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