The Commercial Property Sale Contract is a fundamental legal document used in Nigerian real estate transactions for the transfer of commercial property ownership. It is essential for any business entity or individual engaging in the purchase or sale of commercial real estate in Nigeria, ensuring compliance with the Land Use Act 1978 and other relevant federal and state legislation. This document is crucial when transferring ownership of office buildings, retail spaces, industrial properties, or other commercial real estate assets. It includes comprehensive details about the property, parties involved, purchase terms, warranties, and completion requirements. The contract must adhere to specific Nigerian legal requirements regarding land registration, property transfer, taxation, and where applicable, special considerations for foreign investors. It serves as the primary evidence of the transaction and protects both parties' interests throughout the sale process.
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1. Parties: Identification of the seller and purchaser with full legal names and addresses
2. Background: Context of the sale and brief description of the commercial property
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including boundaries, measurements, and registration details
5. Purchase Price: The agreed purchase price and payment terms including deposit requirements
6. Completion: Details of the completion process, timing, and requirements
7. Seller's Warranties: Warranties regarding ownership, authority to sell, and property condition
8. Title and Registration: Provisions regarding clean title transfer and registration requirements
9. Risk and Insurance: Transfer of risk and insurance obligations
10. Costs and Taxes: Allocation of transaction costs, stamp duty, and other taxes
11. Notices: Process for serving notices between parties
12. Governing Law: Confirmation of Nigerian law as governing law and jurisdiction
13. Execution: Signature blocks and execution requirements
1. Tenant Rights: Required if the property is currently leased to tenants
2. Environmental Matters: Required if there are specific environmental concerns or compliance requirements
3. Planning Permissions: Required if the property involves specific zoning or planning considerations
4. Foreign Investment: Required if the purchaser is a foreign entity
5. Condition Precedents: Required if completion is subject to specific conditions being met
6. Service Contracts: Required if there are ongoing service contracts to be transferred
7. Development Rights: Required if there are specific development rights or restrictions
8. Mortgage Details: Required if the property is subject to existing mortgages
1. Property Details: Detailed technical description of the property including plans and measurements
2. Title Documents: Copies of relevant title documents and registration certificates
3. Inventory: List of fixtures, fittings, and equipment included in the sale
4. Existing Leases: Details of any existing lease agreements
5. Property Searches: Results of official property searches and enquiries
6. Environmental Reports: Environmental assessment reports and certificates
7. Planning Permissions: Copies of relevant planning permissions and certificates
8. Service Contracts: Details of transferable service contracts
9. Land Use Approvals: Copies of land use and zoning approvals
Relevant legal definitions
Agreement
Property
Completion Date
Completion
Purchase Price
Deposit
Business Day
Bank
Certificate of Occupancy
Land Use Act
Title Documents
Encumbrances
Planning Laws
Seller's Solicitor
Buyer's Solicitor
Transfer Documents
Permitted Use
Building
Common Areas
Material Adverse Effect
Environmental Laws
Warranties
Planning Permissions
Due Diligence
Existing Leases
Force Majeure
Governmental Authority
Improvements
Insurance
Interest Rate
Land Registry
Legal Requirements
Notice
Outgoings
Payment Date
Registration Fees
Stamp Duty
Survey Plan
Tax
Title
Valuation
Working Hours
Zoning Laws
Applicable Law
Fixtures and Fittings
Property Rights
Service Contracts
Condition Precedent
Default
Effective Date
Property
Completion Date
Completion
Purchase Price
Deposit
Business Day
Bank
Certificate of Occupancy
Land Use Act
Title Documents
Encumbrances
Planning Laws
Seller's Solicitor
Buyer's Solicitor
Transfer Documents
Permitted Use
Building
Common Areas
Material Adverse Effect
Environmental Laws
Warranties
Planning Permissions
Due Diligence
Existing Leases
Force Majeure
Governmental Authority
Improvements
Insurance
Interest Rate
Land Registry
Legal Requirements
Notice
Outgoings
Payment Date
Registration Fees
Stamp Duty
Survey Plan
Tax
Title
Valuation
Working Hours
Zoning Laws
Applicable Law
Fixtures and Fittings
Property Rights
Service Contracts
Condition Precedent
Default
Effective Date
Clauses
Property Description
Sale and Purchase
Purchase Price
Payment Terms
Deposit
Title Transfer
Warranties and Representations
Property Condition
Due Diligence
Completion
Risk and Insurance
Environmental Compliance
Planning and Zoning
Registration Requirements
Land Use
Taxes and Duties
Costs Allocation
Default
Termination
Force Majeure
Assignment
Notices
Confidentiality
Dispute Resolution
Governing Law
Entire Agreement
Severability
Amendment
Indemnification
Property Rights
Access Rights
Existing Tenancies
Service Contracts
Utilities
Encumbrances
Condition Precedent
Time of Essence
Further Assurance
Survival
Anti-Money Laundering
Sale and Purchase
Purchase Price
Payment Terms
Deposit
Title Transfer
Warranties and Representations
Property Condition
Due Diligence
Completion
Risk and Insurance
Environmental Compliance
Planning and Zoning
Registration Requirements
Land Use
Taxes and Duties
Costs Allocation
Default
Termination
Force Majeure
Assignment
Notices
Confidentiality
Dispute Resolution
Governing Law
Entire Agreement
Severability
Amendment
Indemnification
Property Rights
Access Rights
Existing Tenancies
Service Contracts
Utilities
Encumbrances
Condition Precedent
Time of Essence
Further Assurance
Survival
Anti-Money Laundering
Relevant Industries
Real Estate
Banking & Finance
Retail
Manufacturing
Hospitality
Healthcare
Education
Logistics & Warehousing
Technology
Professional Services
Energy & Resources
Agriculture
Construction & Development
Relevant Teams
Legal
Finance
Real Estate
Compliance
Operations
Facilities Management
Risk Management
Corporate Development
Investment
Property Management
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Real Estate Director
Property Manager
Legal Counsel
Commercial Director
Facilities Manager
Investment Manager
Development Director
Asset Manager
Compliance Officer
Finance Manager
Operations Director
Risk Manager
Company Secretary
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