The Commercial Property Sale Agreement is a crucial legal instrument used in Nigerian real estate transactions for transferring ownership of commercial properties. This document is essential when businesses or individuals are engaging in the purchase or sale of commercial real estate assets in Nigeria, whether they be office buildings, industrial facilities, retail spaces, or other commercial properties. The agreement must comply with Nigerian property law, particularly the Land Use Act 1978, and requires specific provisions for obtaining Governor's consent for the transfer. It includes comprehensive details about the property, price, payment terms, warranties, and completion requirements, while addressing local regulatory compliance, tax obligations, and environmental considerations. This type of agreement is particularly important given Nigeria's complex land tenure system and the need for careful documentation of commercial property transactions.
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1. Parties: Identification of seller and buyer with full legal names, registration details for companies, and addresses
2. Background: Context of the sale, brief description of the property, and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including address, boundaries, and registration details
5. Purchase Price: Agreed purchase price, payment terms, and method of payment
6. Conditions Precedent: Conditions that must be met before completion, including Governor's consent requirements
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 funding
9. Completion: Process and requirements for completing the sale, including documentation and timing
10. Title and Registration: Provisions regarding transfer of title and registration requirements
11. Taxes and Costs: Allocation of responsibility for taxes, stamp duty, and other transaction costs
12. Default and Remedies: Consequences of breach and available remedies
13. Governing Law: Specification of Nigerian law as governing law and jurisdiction
14. Notices: Process for serving formal notices between parties
15. Boilerplate Clauses: Standard contract provisions including severability, entire agreement, and amendments
1. Environmental Matters: Required when property has potential environmental issues or compliance requirements
2. Planning and Zoning: Include when property development or use change is contemplated
3. Tenant Rights: Required when property is sold with existing tenants
4. Service Contracts: Include when property comes with ongoing service agreements
5. Intellectual Property: Required when sale includes trading names or other IP associated with the property
6. Employee Matters: Include when sale involves transfer of property-related employees
7. Insurance: Required for properties with specific insurance requirements or history of claims
8. Dispute Resolution: Optional detailed arbitration or mediation procedures
1. Property Details Schedule: Detailed property description, including plans and boundaries
2. Title Documents: List of all title documents and land registration details
3. Inventory: List of fixtures, fittings, and equipment included in the sale
4. Encumbrances: Details of any existing mortgages, charges, or other encumbrances
5. Environmental Reports: Copies or summaries of environmental assessments
6. Planning Permissions: Copies of relevant planning permissions and certificates
7. Service Contracts Schedule: Details of ongoing service contracts affecting the property
8. Lease Schedule: Details of any existing leases or tenancy agreements
9. Payment Schedule: Detailed breakdown of payment terms and installments if applicable
10. Completion Requirements: Checklist of documents and actions required for completion
Relevant legal definitions
Agreement
Property
Completion Date
Completion
Purchase Price
Deposit
Balance Payment
Business Day
Certificate of Occupancy
Governor's Consent
Land Use Act
Seller
Buyer
Encumbrances
Title Documents
Due Diligence
Material Adverse Change
Permitted Use
Planning Laws
Environmental Laws
Completion Documents
Default Event
Force Majeure
Intellectual Property Rights
Warranties
Working Hours
Initial Deposit
Completion Payment
Property Documents
Effective Date
Execution Date
Ground Rent
Land Registry
Legal Mortgage
Notice
Parties
Possession Date
Purchase Documents
Representatives
Service Contracts
Stamp Duty
Statutory Authorities
Survey Plan
Tax Clearance Certificate
Transfer Documents
Vacant Possession
Valuation Report
Fixtures and Fittings
Building Permits
Lease Agreements
Planning Permits
Property
Completion Date
Completion
Purchase Price
Deposit
Balance Payment
Business Day
Certificate of Occupancy
Governor's Consent
Land Use Act
Seller
Buyer
Encumbrances
Title Documents
Due Diligence
Material Adverse Change
Permitted Use
Planning Laws
Environmental Laws
Completion Documents
Default Event
Force Majeure
Intellectual Property Rights
Warranties
Working Hours
Initial Deposit
Completion Payment
Property Documents
Effective Date
Execution Date
Ground Rent
Land Registry
Legal Mortgage
Notice
Parties
Possession Date
Purchase Documents
Representatives
Service Contracts
Stamp Duty
Statutory Authorities
Survey Plan
Tax Clearance Certificate
Transfer Documents
Vacant Possession
Valuation Report
Fixtures and Fittings
Building Permits
Lease Agreements
Planning Permits
Clauses
Identification of Property
Sale and Purchase
Purchase Price
Payment Terms
Deposit
Title Transfer
Due Diligence
Conditions Precedent
Completion
Warranties and Representations
Property Condition
Environmental Compliance
Planning and Zoning
Encumbrances
Registration Requirements
Governor's Consent
Taxes and Duties
Risk and Insurance
Default and Termination
Force Majeure
Assignment
Notices
Confidentiality
Entire Agreement
Severability
Governing Law
Dispute Resolution
Costs and Expenses
Further Assurance
Property Access
Service Contracts
Existing Tenancies
Property Management
Indemnification
Amendment
Waiver
Survival
Time of Essence
Counterparts
Sale and Purchase
Purchase Price
Payment Terms
Deposit
Title Transfer
Due Diligence
Conditions Precedent
Completion
Warranties and Representations
Property Condition
Environmental Compliance
Planning and Zoning
Encumbrances
Registration Requirements
Governor's Consent
Taxes and Duties
Risk and Insurance
Default and Termination
Force Majeure
Assignment
Notices
Confidentiality
Entire Agreement
Severability
Governing Law
Dispute Resolution
Costs and Expenses
Further Assurance
Property Access
Service Contracts
Existing Tenancies
Property Management
Indemnification
Amendment
Waiver
Survival
Time of Essence
Counterparts
Relevant Industries
Real Estate
Banking & Finance
Retail
Manufacturing
Hospitality
Healthcare
Education
Logistics & Warehousing
Office Space & Commercial Centers
Industrial
Technology
Energy & Resources
Agriculture
Entertainment & Leisure
Relevant Teams
Legal
Finance
Real Estate
Operations
Facilities Management
Risk & Compliance
Corporate Development
Investment
Property Management
Asset Management
Business Development
Company Secretariat
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Real Estate Director
Property Manager
Corporate Lawyer
Legal Counsel
Facilities Manager
Asset Manager
Investment Manager
Commercial Director
Operations Director
Risk Manager
Compliance Officer
Business Development Manager
Property Developer
Real Estate Agent
Company Secretary
Finance Director
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