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Real Estate Purchase Agreement Addendum Template for Nigeria

A legal document used in Nigerian real estate transactions to modify, supplement, or amend an existing Real Estate Purchase Agreement. This document operates under Nigerian land law, particularly the Land Use Act of 1978, and must comply with both federal and state-level property regulations. It allows parties to make specific changes to the original agreement while maintaining the validity of other unchanged terms, addressing matters such as price adjustments, timeline modifications, property specifications changes, or additional conditions. The document requires proper execution and registration in accordance with Nigerian property law requirements.

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What is a Real Estate Purchase Agreement Addendum?

The Real Estate Purchase Agreement Addendum is a crucial document in Nigerian property transactions that enables parties to modify their original purchase agreement without drafting an entirely new contract. It is commonly used when circumstances change after the initial agreement is signed, such as price negotiations, discovery of property issues during due diligence, or timeline adjustments. The document must comply with Nigerian federal laws, including the Land Use Act of 1978, as well as relevant state property laws and regulations. This addendum serves as a legally binding modification to the original agreement, requiring the same level of formal execution, including proper witnessing and potential registration with relevant authorities. It's particularly important in Nigeria's dynamic real estate market where property transactions often need adjustment due to various factors including land title verification processes, government consent requirements, or changing market conditions.

What sections should be included in a Real Estate Purchase Agreement Addendum?

1. Parties: Identification of all parties to the original agreement and addendum, including their full legal names and addresses

2. Background: Reference to the original purchase agreement including date, property details, and reason for the addendum

3. Definitions: Definitions of new terms introduced in the addendum and reference to definitions in the original agreement

4. Scope of Addendum: Clear statement of which parts of the original agreement are being modified, added to, or deleted

5. Modifications to Original Agreement: Detailed description of specific changes being made to the original agreement

6. Effect on Original Agreement: Statement confirming all other terms of the original agreement remain in full force and effect

7. Governing Law: Confirmation that Nigerian law governs the addendum

8. Execution: Signature blocks for all parties and witness requirements under Nigerian law

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

1. Additional Consideration: Used when the addendum involves changes to the purchase price or other financial terms

2. Time Extensions: Used when modifying any timing or deadline provisions in the original agreement

3. Property Modifications: Used when changing any aspects of the property description or included items

4. Conditions Precedent: Used when adding new conditions that must be met before closing

5. Environmental Matters: Used when addressing specific environmental concerns or requirements

6. Special Warranties: Used when adding new warranties or representations by either party

7. Dispute Resolution: Used when modifying or adding specific dispute resolution procedures

What schedules should be included in a Real Estate Purchase Agreement Addendum?

1. Schedule A - Modified Property Description: Detailed description of any changes to the property specifications or boundaries

2. Schedule B - Amended Payment Terms: Details of any modifications to payment structure or purchase price

3. Schedule C - Timeline Modifications: Updated timeline or schedule of key dates and deadlines

4. Appendix 1 - Required Governmental Approvals: List of any additional permits or approvals required under the addendum

5. Appendix 2 - Modified Property Plans: Updated property plans or surveys if applicable

6. Appendix 3 - Additional Due Diligence Reports: Any new reports or assessments required under the addendum

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

Jurisdiction

Nigeria

Document Type

Sale Agreement

Cost

Free to use

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