The Seller Financed Purchase Agreement is a vital legal instrument in the Nigerian real estate market, particularly useful when traditional bank financing is unavailable or unfavorable. This document type serves multiple purposes: it establishes the terms of property sale, creates a binding financing arrangement, and provides security mechanisms for the seller until full payment is received. The agreement must comply with Nigerian federal and state property laws, including the Land Use Act, and incorporate appropriate consumer protection measures. It's commonly used in both commercial and residential property transactions, offering flexibility in payment terms while ensuring legal protection for all parties. The document includes detailed property descriptions, payment schedules, default provisions, and specific requirements for property transfer under Nigerian law.
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1. Parties: Identification and details of the Seller and Buyer, including full legal names, addresses, and registration details if companies
2. Background: Context of the transaction, including brief property description and parties' intention to enter into a seller-financing arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Core agreement terms including property description, purchase price, and basic transaction structure
5. Financing Terms: Detailed financial terms including down payment, loan amount, interest rate, payment schedule, and loan duration
6. Security Provisions: Security arrangements to protect the seller's interests until full payment, including property title retention or mortgage details
7. Payment Terms: Specific details about payment methods, dates, and consequences of late payments
8. Property Transfer: Process and conditions for transferring property ownership, including compliance with Land Use Act requirements
9. Representations and Warranties: Standard representations by both parties regarding capacity, authority, and property condition
10. Default and Remedies: Events of default and available remedies, including acceleration of payments and foreclosure rights
11. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes
1. Insurance Requirements: Used when requiring the buyer to maintain specific insurance coverage on the property
2. Property Maintenance: Include when specifying buyer's obligations for property maintenance during the financing period
3. Early Payment Provisions: Add when allowing for early payment options or specifying prepayment penalties
4. Third-Party Rights: Include when there are existing tenants or other third-party interests in the property
5. Tax Provisions: Add detailed tax provisions when complex tax implications exist
6. Assignment and Transfer: Include when either party needs the right to assign their interests
7. Force Majeure: Add when specific force majeure protections are needed beyond standard provisions
1. Property Description Schedule: Detailed legal description of the property, including boundaries, certificates of occupancy, and registered interests
2. Payment Schedule: Detailed amortization schedule showing payment dates, amounts, and interest calculations
3. Property Condition Report: Detailed report on the condition of the property at the time of sale
4. Title Documents: Copies of relevant title documents and certificates
5. Required Consents: List of required governmental or regulatory consents and their status
6. Existing Encumbrances: Details of any existing liens, encumbrances, or restrictions on the property
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Banking & Finance
Agriculture
Manufacturing
Retail
Hospitality
Healthcare
Education
Industrial
Commercial Property
Residential Property
Relevant Teams
Legal
Real Estate
Finance
Compliance
Risk Management
Property Management
Business Development
Investment
Operations
Corporate Affairs
Relevant Roles
Real Estate Manager
Property Developer
Legal Counsel
Contract Manager
Property Manager
Finance Director
Real Estate Agent
Business Development Manager
Investment Manager
Compliance Officer
Risk Manager
Land Administrator
Corporate Lawyer
Transaction Manager
Chief Financial Officer
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