As Is Real Estate Contract for Nigeria

As Is Real Estate Contract Template for Nigeria

A Nigerian "As Is" Real Estate Contract is a legally binding document used for property transactions where the buyer agrees to purchase the property in its current condition, without warranties from the seller regarding the property's state. This contract type is governed by Nigerian property law, particularly the Land Use Act of 1978, and includes specific provisions for land registration and transfer requirements unique to the Nigerian legal system. The document comprehensively covers property description, purchase terms, buyer acknowledgments, and necessary compliance with state and federal regulations while explicitly stating the buyer's acceptance of any existing defects or conditions.

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What is a As Is Real Estate Contract?

The As Is Real Estate Contract is a specialized agreement used in Nigerian property transactions where the buyer accepts the property in its existing condition. This document is particularly relevant when selling properties that may have known issues or when sellers wish to limit their post-sale liability. It must comply with the Land Use Act of 1978 and other relevant Nigerian property laws, including state-specific regulations. The contract typically includes detailed property descriptions, explicit disclaimers of warranties, buyer acknowledgments of property inspection, and required government approvals. It's commonly used in both residential and commercial property transactions, especially in cases involving older properties, quick sales, or properties requiring renovation. The document must address specific Nigerian legal requirements such as governor's consent, land registration, and proper stamping of documents.

What sections should be included in a As Is Real Estate Contract?

1. Parties: Identification of seller and buyer with full legal names and addresses

2. Background/Recitals: Context of the transaction and seller's ownership rights

3. Definitions: Key terms used throughout the agreement

4. Property Description: Detailed legal description of the property being sold

5. Purchase Price and Payment Terms: Amount and payment structure, including deposit requirements

6. 'As Is' Clause and Disclaimers: Clear statement that property is sold in current condition without warranties

7. Buyer's Acknowledgments: Buyer's confirmation of property inspection and acceptance of condition

8. Due Diligence Period: Timeline for buyer's investigations and right to terminate

9. Closing and Transfer of Title: Process and requirements for completing the transaction

10. Land Use Act Compliance: Statements ensuring compliance with Nigerian Land Use Act

11. Representations and Warranties: Limited representations due to 'as is' nature, focusing on seller's authority to sell

12. Risk and Insurance: Transfer of risk and insurance requirements

13. Default and Remedies: Consequences of breach by either party

14. Governing Law: Nigerian law as governing law and jurisdiction

15. Execution: Signature blocks and execution requirements

What sections are optional to include in a As Is Real Estate Contract?

1. Environmental Matters: Required if property has known environmental issues or is in industrial area

2. Tenant Rights: Required if property is currently leased or occupied

3. Planning Permissions: Required if property involves development rights or pending applications

4. Cultural/Historical Preservation: Required if property has historical significance or protection

5. Service Contracts: Required if any service contracts are being transferred with property

6. Mineral Rights: Required if mineral rights are included or specifically excluded

7. Access Rights: Required if property involves shared access or rights of way

8. Traditional Rights: Required if property is subject to traditional community rights

What schedules should be included in a As Is Real Estate Contract?

1. Property Details Schedule: Comprehensive property description, boundaries, and included fixtures

2. Title Documents: List of all title documents and certificates

3. Property Photographs: Current photographs documenting property condition

4. Existing Defects Schedule: Known defects and condition issues identified during inspection

5. Land Use Approvals: Copies of relevant government approvals and permits

6. Payment Schedule: Detailed breakdown of payment terms and timing

7. Required Forms: Standard government forms required for property transfer in Nigeria

8. Property Plans: Survey plans and property drawings

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Nigeria

Publisher

Genie AI

Document Type

Sale Agreement

Cost

Free to use
Relevant legal definitions
Clauses
Relevant Industries

Real Estate

Construction

Property Development

Commercial Property

Residential Property

Industrial Property

Agriculture

Retail

Hospitality

Mining and Natural Resources

Infrastructure Development

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Risk Management

Operations

Corporate Development

Acquisitions

Due Diligence

Documentation

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Legal Counsel

Property Developer

Compliance Officer

Land Administrator

Transaction Manager

Real Estate Investment Manager

Property Acquisition Manager

Due Diligence Officer

Contract Administrator

Real Estate Portfolio Manager

Risk Assessment Manager

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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