The Contract of Deed of Sale is a fundamental legal instrument in Nigerian property law, essential for documenting and executing the transfer of real property ownership. This document is used when there is a need to formally transfer property ownership from one party (vendor) to another (purchaser) in Nigeria, whether for residential, commercial, or industrial properties. The deed must comply with the Land Use Act 1978 and relevant state property laws, requiring proper execution, witnessing, and registration with the appropriate land registry. It contains crucial information including property details, purchase price, payment terms, warranties, and covenants, while also addressing specific requirements for Governor's consent where applicable. The document serves as the primary evidence of the transaction and is crucial for protecting both parties' interests in property transfers within the Nigerian legal framework.
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1. Parties: Full identification of the Vendor/Seller and Purchaser/Buyer with complete legal names and addresses
2. Background: Recitals establishing the Vendor's ownership of the property and intention to sell
3. Definitions: Definitions of key terms used throughout the deed including 'Property', 'Completion Date', 'Purchase Price'
4. Agreement to Sell and Purchase: Core agreement clause where Vendor agrees to sell and Purchaser agrees to buy the Property
5. Purchase Price: Specified amount and payment terms including deposit and balance payment arrangements
6. Title and Capacity: Vendor's warranties regarding their right to sell and good title to the Property
7. Completion: Details of completion process, timing, and requirements for transfer of title
8. Vendor's Covenants: Warranties and representations regarding the property's condition and title
9. Purchaser's Covenants: Purchaser's obligations including payment and compliance with transfer requirements
10. Risk and Insurance: Provisions regarding transfer of risk and insurance responsibilities
11. Execution Requirements: Formal requirements for valid execution including witnessing and attestation
1. Planning and Development: Include when property involves development land or planning permissions
2. Third Party Rights: Include when there are existing tenants or other third-party interests
3. Environmental Matters: Include for industrial properties or where environmental issues are relevant
4. Service Charges: Include for properties within managed developments or estates
5. Tax Provisions: Include when specific tax arrangements or implications need to be addressed
6. Chattels and Fixtures: Include when sale includes significant movable property or fixtures
7. Post-Completion Obligations: Include when there are specific requirements after completion
1. Property Description: Detailed description of the property including boundaries, title details, and registered information
2. Property Plan: Survey plan and property drawings as required by Nigerian land registration
3. Inventory: List of included fixtures, fittings, and chattels if applicable
4. Title Documents: Copies of relevant title documents and certificates
5. Encumbrances: Details of any existing charges, mortgages, or encumbrances
6. Special Conditions: Any special terms or conditions specific to the transaction
7. Form of Transfer: Prescribed form for property transfer as required by state land registry
Relevant legal definitions
Agreement
Bank Account
Business Day
Completion
Completion Date
Consent
Deposit
Effective Date
Encumbrances
Governor's Consent
Land Registry
Land Use Act
Legal Charges
Parties
Permitted Use
Property
Purchase Price
Purchaser
Registration Fees
Schedule
Stamp Duty
State
Title Documents
Transfer Documents
Vendor
Warranties
Bank Account
Business Day
Completion
Completion Date
Consent
Deposit
Effective Date
Encumbrances
Governor's Consent
Land Registry
Land Use Act
Legal Charges
Parties
Permitted Use
Property
Purchase Price
Purchaser
Registration Fees
Schedule
Stamp Duty
State
Title Documents
Transfer Documents
Vendor
Warranties
Clauses
Sale and Purchase
Title
Purchase Price
Payment Terms
Property Condition
Warranties and Representations
Completion
Risk and Insurance
Default
Force Majeure
Registration and Consent
Vendor's Covenants
Purchaser's Covenants
Access and Possession
Land Use
Encumbrances
Assignment
Notices
Costs and Taxes
Dispute Resolution
Governing Law
Entire Agreement
Severability
Third Party Rights
Further Assurance
Execution
Title
Purchase Price
Payment Terms
Property Condition
Warranties and Representations
Completion
Risk and Insurance
Default
Force Majeure
Registration and Consent
Vendor's Covenants
Purchaser's Covenants
Access and Possession
Land Use
Encumbrances
Assignment
Notices
Costs and Taxes
Dispute Resolution
Governing Law
Entire Agreement
Severability
Third Party Rights
Further Assurance
Execution
Relevant Industries
Real Estate
Construction
Banking and Finance
Agriculture
Industrial Manufacturing
Retail
Hospitality
Healthcare
Education
Energy and Mining
Commercial Property Development
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Corporate Affairs
Business Development
Investment
Facilities Management
Risk Management
Operations
Relevant Roles
Real Estate Lawyer
Property Manager
Legal Counsel
Compliance Officer
Real Estate Agent
Property Developer
Corporate Lawyer
Land Administrator
Transaction Manager
Business Development Manager
Investment Analyst
Asset Manager
Facilities Manager
Chief Legal Officer
Company Secretary
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