The Auto Purchase And Sale Agreement is a crucial legal document used in Nigeria to formalize and protect the interests of both buyers and sellers in vehicle transactions. This document is essential for both private sales and commercial transactions, providing a clear framework for the transfer of vehicle ownership while ensuring compliance with Nigerian federal regulations. It includes detailed information about the vehicle, payment terms, warranties, and responsibilities of all parties involved. The agreement is designed to prevent future disputes by clearly documenting the condition of the vehicle, the agreed price, and all terms of sale. It's particularly important in the Nigerian context where proper documentation is crucial for vehicle registration transfer and proof of ownership. The document can be used for both new and used vehicle sales, and can be adapted for various scenarios including private sales, dealer sales, and corporate fleet purchases.

1. Parties: Identifies and provides full details of the seller and buyer, including names, addresses, and contact information

2. Background: Briefly outlines the context of the sale and the parties' intentions

3. Definitions: Defines key terms used throughout the agreement

4. Vehicle Description: Detailed description of the vehicle including make, model, year, VIN, color, and current mileage

5. Purchase Price and Payment Terms: Specifies the agreed purchase price and payment method(s), including any deposits

6. Transfer of Title: Details the process and obligations regarding the transfer of vehicle ownership

7. Seller's Representations and Warranties: Seller's declarations regarding vehicle ownership, condition, and legal status

8. Buyer's Representations: Buyer's declarations regarding legal capacity and understanding of the purchase

9. Vehicle Condition and Inspection: Details about the vehicle's current condition and any pre-purchase inspection arrangements

10. Delivery and Collection: Specifies when, where, and how the vehicle will be transferred to the buyer

11. Risk and Insurance: Determines when risk passes to the buyer and insurance requirements

12. Documentation and Registration: Lists required documentation and process for vehicle registration transfer

13. Governing Law and Jurisdiction: Specifies that Nigerian law governs the agreement and sets jurisdiction for disputes

14. Entire Agreement: Confirms that the document represents the complete agreement between parties

15. Signatures: Space for parties to execute the agreement with witnesses