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The Residential Contract For Sale And Purchase is a fundamental legal instrument in Nigerian property transactions, designed to facilitate the transfer of residential property ownership while ensuring compliance with Nigerian law, particularly the Land Use Act 1978. This document is essential when conducting any residential property sale in Nigeria, whether for standalone houses, apartments, or other residential units. It incorporates crucial elements such as property description, purchase price, payment terms, warranties, and the process for obtaining governor's consent where required. The agreement protects both parties' interests by clearly defining their rights and obligations, setting out the completion process, and addressing potential risks. It's structured to accommodate various property types and transaction complexities while maintaining consistency with Nigerian property law requirements and local conveyancing practices.

1. Parties: Identification of the Vendor and Purchaser with full legal names and addresses

2. Background: Brief context of the transaction including the Vendor's right to sell the property

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Description: Detailed description of the property including its location, boundaries, and registered title number

5. Purchase Price: The agreed purchase price and payment terms including deposit arrangements

6. Conditions Precedent: Any conditions that must be satisfied before completion, including title verification and governor's consent

7. Completion: Details of the completion process, timing, and requirements

8. Vendor's Covenants: Vendor's warranties and obligations regarding the property's title, condition, and transfer

9. Purchaser's Covenants: Purchaser's obligations including payment terms and compliance with completion requirements

10. Title and Registration: Provisions relating to the transfer of title and registration requirements under Nigerian law

11. Risk and Insurance: Allocation of risk and responsibility for insurance before and after completion

12. Default: Consequences of default by either party and available remedies

13. Notices: How formal notices under the agreement should be given and when they are deemed received

14. Governing Law: Confirmation that Nigerian law governs the agreement

15. Dispute Resolution: Process for resolving any disputes that arise from the agreement