The Agreement Of Purchase And Sale Condominium is a fundamental legal document used in Nigerian real estate transactions specifically for condominium properties. This agreement is essential when transferring ownership of a condominium unit, which includes both individual ownership of a specific unit and shared ownership of common elements. The document must comply with Nigerian federal laws, including the Land Use Act of 1978, as well as state-specific property regulations. It is typically used in urban areas where condominium developments are common, particularly in major cities like Lagos, Abuja, and Port Harcourt. The agreement covers all aspects of the transaction, from property description and purchase price to maintenance fees and condominium association rules, ensuring that both parties' rights and obligations are clearly defined and protected under Nigerian law.
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1. Parties: Identification of the Vendor and Purchaser with complete legal names and addresses
2. Background: Context of the transaction and brief description of the condominium property
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the condominium unit, including unit number, floor area, and common elements
5. Purchase Price: Statement of the purchase price and payment terms including deposit structure
6. Payment Terms: Detailed breakdown of payment schedule, deposit requirements, and balance payment provisions
7. Closing: Closing date, conditions, and procedures for completing the transaction
8. Title and Transfer: Provisions regarding clear title, transfer process, and registration requirements
9. Representations and Warranties: Statements of fact and promises made by both parties regarding the property and transaction
10. Common Elements: Rights and obligations regarding common areas and facilities
11. Condominium Association: Details about membership, fees, and obligations related to the condominium association
12. Default and Remedies: Consequences of default by either party and available remedies
13. Notices: How and where formal notices between parties should be delivered
14. Governing Law: Specification of Nigerian law as governing law and jurisdiction
15. Entire Agreement: Standard clause confirming this document represents the complete agreement between parties
1. Mortgage Contingency: Used when purchase is contingent on buyer obtaining mortgage financing
2. Property Inspection: Include when the purchase is contingent on satisfactory property inspection
3. Furniture and Fixtures: Required when specific furniture or fixtures are included in the sale
4. Parking Assignment: Include when designated parking spaces are part of the transaction
5. Storage Units: Used when storage units are included in the sale
6. Special Assessments: Include when there are pending or anticipated special assessments
7. Renovation Agreement: Used when buyer plans to renovate and needs association approval
8. Foreign Investment: Required when purchaser is a foreign investor
9. Power of Attorney: Include when either party is acting through an attorney
1. Schedule A - Property Description: Detailed technical description of the property including floor plans and measurements
2. Schedule B - Payment Schedule: Detailed breakdown of all payments and due dates
3. Schedule C - Common Elements: List and description of all common elements and facilities
4. Schedule D - Included Items: Inventory of all fixtures, fittings, and items included in the sale
5. Schedule E - Condominium Rules: Copy of current condominium rules and regulations
6. Schedule F - Service Charges: Details of maintenance fees, service charges, and other regular payments
7. Appendix 1 - Property Title Documents: Copies of relevant title documents and certificates
8. Appendix 2 - Floor Plans: Detailed floor plans and unit layout
9. Appendix 3 - Photographs: Current photographs of the property and common areas
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