Real Estate Purchase Agreement Template for Nigeria

A Real Estate Purchase Agreement spells out the terms and conditions when you're buying or selling property in Nigeria. It's the formal contract that locks in the sale price, payment terms, and timeline for transferring ownership from seller to buyer. The agreement must follow Nigeria's Land Use Act requirements and needs proper documentation of the property's title.

Beyond the basics, this binding contract covers important details like property inspections, financing conditions, and who pays which closing costs. It protects both parties by clearly stating what happens if someone backs out, and includes key details about property taxes, maintenance responsibilities, and any items included in the sale. Most Nigerian states require these agreements to be registered with local land authorities.

Use a Real Estate Purchase Agreement anytime you're buying or selling property in Nigeria, from the moment you've agreed on a price. This legal contract protects both parties during the critical period between accepting an offer and completing the sale. In Nigeria's complex property market, having this agreement in place helps prevent disputes about price changes, property condition, or payment terms.

Many Nigerian banks require this agreement before approving a mortgage, and local land registries need it for property transfer documentation. The agreement becomes especially important when dealing with multiple stakeholders, inherited properties, or land subject to traditional rights. It's essential to have it ready before making any deposit payments or starting renovation plans.

• Land Sales Agreement: Specifically for undeveloped land transactions, focusing on survey plans and traditional land rights
• Letter of Intent to Purchase Land: Initial document expressing serious interest before the formal agreement
• Letter of Offer to Purchase Property: Formal written offer detailing price and basic terms
• Real Estate Purchase Agreement Contract: Comprehensive version for complex property transactions with multiple conditions
• Real Estate Contract: Simplified version for straightforward residential property sales

• Property Sellers: Including individual homeowners, real estate developers, and traditional landowners who must provide clear title documentation
• Property Buyers: Both private individuals and corporate entities making the purchase, responsible for due diligence and payment terms
• Legal Practitioners: Lawyers who draft and review the Real Estate Purchase Agreement to ensure compliance with Nigerian property laws
• Estate Agents: Licensed professionals who facilitate the transaction and often help prepare initial agreement drafts
• Financial Institutions: Banks and mortgage providers who review the agreement before approving property financing
• Government Officials: Land registry staff and local authorities who process property transfers and verify documentation

• Property Details: Gather complete property description, survey plan, and title documents from the Land Registry
• Party Information: Collect legal names, addresses, and identification of all buyers and sellers
• Price Structure: Document agreed purchase price, payment schedule, and any special financing arrangements
• Title Search: Verify property ownership history and confirm no existing encumbrances
• Local Requirements: Check specific state regulations for property transfer in your Nigerian jurisdiction
• Timeline Planning: Set realistic dates for deposit payment, final payment, and property handover
• Additional Terms: List included fixtures, maintenance responsibilities, and any special conditions

• Property Description: Detailed legal description including plot number, survey plan, and boundary details
• Party Details: Full legal names and addresses of buyer and seller, with proper identification
• Consideration Clause: Purchase price, payment terms, and deposit requirements
• Title Warranty: Seller's guarantee of clear title and right to sell under Nigerian law
• Transfer Terms: Timeline and process for property handover and deed registration
• Default Provisions: Consequences and remedies for breach by either party
• Governor's Consent: Acknowledgment of requirement under the Land Use Act
• Signature Block: Space for parties' signatures, witnesses, and date of execution

When comparing a Real Estate Purchase Agreement with a Real Estate Sale Contract, several key differences emerge in the Nigerian legal context. While both documents relate to property transactions, their scope, timing, and legal implications differ significantly.

• Comprehensiveness: A Purchase Agreement is more detailed, covering contingencies, warranties, and specific conditions, while a Sale Contract typically focuses on basic terms and immediate transfer
• Timeline Application: Purchase Agreements often span weeks or months, allowing for due diligence and financing, while Sale Contracts usually govern immediate transfers
• Contingency Clauses: Purchase Agreements include various conditions like property inspection and financing approval; Sale Contracts generally assume these conditions are already met
• Legal Protection: Purchase Agreements offer broader protection through detailed warranties and representations, whereas Sale Contracts provide basic transfer assurances
• Local Requirements: Under Nigerian law, Purchase Agreements must address Land Use Act compliance more extensively than Sale Contracts