The Basic Real Estate Contract serves as a fundamental legal instrument for property transactions in Nigeria, designed to comply with local property laws and regulations, particularly the Land Use Act of 1978. This document is essential for both residential and commercial property transfers, providing a structured framework for documenting the terms and conditions of property sales. It is commonly used in situations ranging from straightforward residential property transfers to more complex commercial real estate transactions. The contract includes provisions for property description, price, payment terms, warranties, and completion requirements, while incorporating necessary elements for legal compliance in the Nigerian jurisdiction. It can be adapted for various types of property transactions while maintaining core legal requirements and protections for all parties involved.
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1. Parties: Identification and details of the seller and buyer, including full legal names, addresses, and contact information
2. Background: Context of the transaction and brief description of the parties' intention to enter into a property sale agreement
3. Definitions: Key terms used throughout the agreement defined for clarity and legal certainty
4. Property Description: Detailed description of the property including address, boundaries, and registration details
5. Purchase Price: Agreed purchase price and payment terms including deposit and balance payment schedule
6. Completion: Details of the completion process, timing, and requirements for transfer of ownership
7. Seller's Representations and Warranties: Seller's declarations regarding property ownership, encumbrances, and condition
8. Buyer's Representations and Warranties: Buyer's declarations regarding capacity to purchase and source of funds
9. Conditions Precedent: Conditions that must be satisfied before completion can occur
10. Title and Registration: Provisions regarding transfer of title and registration requirements under Nigerian law
11. Governing Law: Confirmation that the agreement is governed by Nigerian law
12. Dispute Resolution: Process for resolving any disputes that may arise
13. Execution: Signature blocks and execution requirements
1. Third Party Rights: Section addressing any existing third-party interests or rights over the property
2. Environmental Matters: Include when there are specific environmental concerns or requirements related to the property
3. Planning Permissions: Required when the property involves specific zoning or development considerations
4. Tenant Rights: Include when the property is sold with existing tenants
5. Special Conditions: For any unique requirements or conditions specific to the transaction
6. Force Majeure: Include when parties want specific provisions for unforeseen circumstances
7. Broker/Agent Provisions: Required when real estate agents or brokers are involved in the transaction
1. Property Details Schedule: Detailed technical description of the property including lot number, dimensions, and boundaries
2. Payment Schedule: Detailed breakdown of payment terms and installments if applicable
3. Title Documents: List of all relevant title documents and certificates
4. Property Inventory: List of fixtures, fittings, and other items included in the sale
5. Land Use Approvals: Copies of relevant land use and zoning approvals
6. Property Photographs: Visual documentation of the property condition at time of sale
7. Due Diligence Reports: Summary of property searches and investigations
Relevant legal definitions
Agreement
Property
Purchase Price
Completion Date
Completion
Deposit
Certificate of Occupancy
Land Use Act
Business Day
Encumbrances
Good Title
Land Registry
Legal Mortgage
Material Adverse Effect
Parties
Seller
Buyer
Purchase Documents
Registration Fees
Stamp Duty
Survey Plan
Title Documents
Transfer Documents
Warranties
Governor's Consent
Deed of Assignment
Permitted Use
Planning Laws
Property Rights
Vacant Possession
Working Days
Default Interest Rate
Force Majeure Event
Applicable Laws
Due Diligence
Effective Date
Property
Purchase Price
Completion Date
Completion
Deposit
Certificate of Occupancy
Land Use Act
Business Day
Encumbrances
Good Title
Land Registry
Legal Mortgage
Material Adverse Effect
Parties
Seller
Buyer
Purchase Documents
Registration Fees
Stamp Duty
Survey Plan
Title Documents
Transfer Documents
Warranties
Governor's Consent
Deed of Assignment
Permitted Use
Planning Laws
Property Rights
Vacant Possession
Working Days
Default Interest Rate
Force Majeure Event
Applicable Laws
Due Diligence
Effective Date
Clauses
Property Description
Purchase Price
Payment Terms
Title Transfer
Representations and Warranties
Conditions Precedent
Due Diligence
Completion
Property Registration
Land Use Compliance
Seller Covenants
Buyer Covenants
Risk and Insurance
Default
Termination
Force Majeure
Notices
Assignment
Entire Agreement
Severability
Governing Law
Dispute Resolution
Costs and Expenses
Confidentiality
Further Assurance
Amendments
Survival
Third Party Rights
Indemnification
Environmental Compliance
Purchase Price
Payment Terms
Title Transfer
Representations and Warranties
Conditions Precedent
Due Diligence
Completion
Property Registration
Land Use Compliance
Seller Covenants
Buyer Covenants
Risk and Insurance
Default
Termination
Force Majeure
Notices
Assignment
Entire Agreement
Severability
Governing Law
Dispute Resolution
Costs and Expenses
Confidentiality
Further Assurance
Amendments
Survival
Third Party Rights
Indemnification
Environmental Compliance
Relevant Industries
Real Estate
Residential Property
Commercial Property
Construction
Property Development
Banking and Finance
Legal Services
Property Management
Urban Development
Agriculture (for rural land)
Industrial
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Operations
Business Development
Documentation
Investment
Risk Management
Corporate Services
Relevant Roles
Real Estate Attorney
Property Lawyer
Real Estate Agent
Property Manager
Legal Counsel
Conveyancing Lawyer
Property Developer
Real Estate Broker
Compliance Officer
Title Officer
Real Estate Investment Manager
Property Acquisition Manager
Legal Documentation Specialist
Real Estate Transaction Coordinator
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