Assignment Of Real Estate Purchase And Sale Agreement for Nigeria

Assignment Of Real Estate Purchase And Sale Agreement Template for Nigeria

A legally binding document governed by Nigerian law that facilitates the transfer of rights and obligations under an existing real estate purchase and sale agreement from the original purchaser (Assignor) to a new purchaser (Assignee). The document ensures compliance with Nigerian property laws, particularly the Land Use Act of 1978, and includes provisions for necessary governmental consents, land registry requirements, and stamp duty obligations. It comprehensively outlines the terms of assignment, consideration, representations and warranties, and completion requirements while maintaining the original agreement's fundamental terms.

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What is a Assignment Of Real Estate Purchase And Sale Agreement?

The Assignment Of Real Estate Purchase And Sale Agreement is a crucial document used in Nigerian real estate transactions when the original purchaser of a property wishes to transfer their rights and obligations under an existing purchase agreement to a new buyer before the completion of the original transaction. This document is particularly important in the Nigerian real estate market, where property transactions often involve complex regulatory requirements including governmental consents under the Land Use Act. The assignment must comply with federal and state property laws, stamp duty requirements, and registration procedures. It typically includes detailed information about the original purchase agreement, property specifications, financial terms of the assignment, and necessary consents. This document is commonly used in both commercial and residential property transactions, particularly in situations involving development projects, investment properties, or when the original purchaser cannot proceed with the transaction.

What sections should be included in a Assignment Of Real Estate Purchase And Sale Agreement?

1. Parties: Identifies the Assignor (original purchaser), Assignee (new purchaser), and Original Seller, including full legal names and addresses

2. Background: Recitals explaining the original Purchase and Sale Agreement, its key terms, and the intention to assign the agreement

3. Definitions: Defines key terms used throughout the agreement, including Original Agreement, Property, Assignment Date, and Completion Date

4. Assignment: Core provision transferring all rights, title, and interest in the Purchase Agreement from Assignor to Assignee

5. Consideration: Details of the payment or consideration for the assignment

6. Assignor's Representations and Warranties: Assignor's confirmations regarding validity of original agreement, no defaults, and authority to assign

7. Assignee's Covenants: Assignee's commitments to perform all obligations under the original agreement and indemnify the Assignor

8. Conditions Precedent: Any conditions that must be satisfied before the assignment becomes effective

9. Completion: Process and requirements for completing the assignment transaction

10. Original Seller's Consent: Acknowledgment and consent from the Original Seller to the assignment

11. Notices: Communication procedures and contact details for all parties

12. Governing Law and Jurisdiction: Confirms Nigerian law as governing law and specifies jurisdiction for disputes

13. Execution: Signature blocks for all parties and witness attestation requirements

What sections are optional to include in a Assignment Of Real Estate Purchase And Sale Agreement?

1. Partial Assignment: Required when only certain rights or portions of the property are being assigned

2. Multiple Properties: Required when the original agreement covers multiple properties with separate treatment

3. Outstanding Payments: Required when addressing any deposits or payments already made under the original agreement

4. Third Party Approvals: Required when assignment needs approval from government authorities or other third parties

5. Agent Appointments: Required when parties are acting through agents or representatives

6. Default and Remedies: Optional section detailing specific remedies for breach of assignment terms

7. Confidentiality: Required when parties wish to keep assignment terms confidential

8. Further Assurance: Optional clause requiring parties to execute additional documents if needed

What schedules should be included in a Assignment Of Real Estate Purchase And Sale Agreement?

1. Schedule 1 - Original Purchase and Sale Agreement: Copy of the original agreement being assigned

2. Schedule 2 - Property Details: Detailed description of the property, including title documents and land registration details

3. Schedule 3 - Outstanding Payments: Schedule of any payments made and remaining under the original agreement

4. Schedule 4 - Consent Requirements: List of required consents and their status

5. Appendix A - Required Forms: Standard forms required for registration and stamping under Nigerian law

6. Appendix B - Power of Attorney: If applicable, power of attorney documents for any party acting through representatives

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

Banking & Finance

Legal Services

Property Development

Hospitality

Retail

Industrial & Manufacturing

Healthcare

Education

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Commercial

Corporate Development

Acquisitions

Risk Management

Finance

Operations

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Developer

Commercial Director

Legal Counsel

Compliance Officer

Real Estate Investment Manager

Property Acquisition Manager

Contract Administrator

Chief Legal Officer

Real Estate Agent

Property Development Director

Land Administrator

Transaction Manager

Corporate Counsel

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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