Home For Sale By Owner Contract for Nigeria

Home For Sale By Owner Contract Template for Nigeria

A comprehensive legal agreement used in Nigeria for the direct sale of residential property between a seller and buyer without the involvement of a real estate agent. This document complies with Nigerian property law, particularly the Land Use Act of 1978, and includes all necessary provisions for a valid property transfer in Nigeria. The contract covers essential elements such as property details, purchase price, payment terms, title transfer requirements, and the process for obtaining necessary government approvals, including Governor's Consent where applicable. It provides legal protection for both parties while ensuring compliance with state and federal regulations governing property transactions in Nigeria.

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What is a Home For Sale By Owner Contract?

The Home For Sale By Owner Contract is a crucial legal document used in Nigerian property transactions where the property owner chooses to sell directly to a buyer without real estate agent involvement. This approach can reduce transaction costs but requires careful attention to legal compliance. The document is designed to meet all requirements under Nigerian law, including the Land Use Act of 1978, state property laws, and relevant federal regulations. It should be used when a property owner wishes to handle the sale process independently while ensuring all legal protections are in place. The contract includes comprehensive provisions for property description, price, payment terms, title transfer, and necessary government approvals. It's particularly important in Nigeria where property transactions must account for both customary and statutory land rights, and where Governor's Consent may be required for property transfers.

What sections should be included in a Home For Sale By Owner Contract?

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

2. Background: Brief context of the transaction and confirmation of seller's ownership rights

3. Definitions: Key terms used throughout the agreement defined for clarity

4. Property Description: Detailed description of the property including address, land area, boundaries, and registration particulars

5. Purchase Price: The agreed purchase price and payment structure

6. Payment Terms: Details of how and when payments will be made, including deposit and balance payment arrangements

7. Title and Documentation: Seller's warranties regarding property title and required documentation

8. Governor's Consent: Process and responsibilities for obtaining necessary government approvals

9. Closing and Possession: Timeline and conditions for closing the sale and transferring possession

10. Representations and Warranties: Statements of fact by both parties regarding the property and their capacity to enter the agreement

11. Default and Remedies: Consequences of breach and available remedies to either party

12. Risk and Insurance: Responsibility for property insurance and risk of loss prior to closing

13. Notices: How formal communications between parties should be made

14. Governing Law: Confirmation of Nigerian law application and jurisdiction

15. Execution: Signature blocks and attestation requirements

What sections are optional to include in a Home For Sale By Owner Contract?

1. Fixtures and Fittings: Detailed list of items included or excluded from the sale - use when specific items need to be clarified

2. Condition of Property: Specific details about property condition and any required repairs - include when property requires work or has known issues

3. Financing Contingency: Conditions related to buyer's financing - include when purchase depends on buyer securing a mortgage

4. Survey Requirements: Details of any required property survey - include for large land parcels or boundary disputes

5. Environmental Matters: Environmental assessments or known issues - include for industrial properties or environmental concerns

6. Tenant Rights: Details of existing tenancies - include if property is currently tenanted

7. Special Conditions: Any unique requirements or conditions - include for unusual circumstances

8. Agent Representation: Details of any agent involvement - include if agents are involved despite being FSBO

What schedules should be included in a Home For Sale By Owner Contract?

1. Schedule 1 - Property Details: Comprehensive property description, including land certificate numbers and survey plans

2. Schedule 2 - Included Fixtures and Fittings: Detailed inventory of items included in the sale

3. Schedule 3 - Payment Schedule: Breakdown of payment installments and timing

4. Schedule 4 - Required Documentation: List of all documents required for completion

5. Appendix A - Property Plans: Detailed property plans and surveys

6. Appendix B - Property Photographs: Current photographs of the property and key features

7. Appendix C - Title Documents: Copies of relevant title documents and certificates

8. Appendix D - Condition Report: Detailed report on property condition and any known defects

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Nigeria

Publisher

Genie AI

Document Type

Purchase Agreement

Cost

Free to use
Relevant legal definitions
Clauses
Relevant Industries

Real Estate

Property Development

Construction

Banking and Finance

Legal Services

Insurance

Property Management

Urban Planning

Public Administration

Residential Housing

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Risk Management

Documentation

Corporate Services

Administration

Finance

Operations

Relevant Roles

Property Owner

Home Buyer

Legal Counsel

Property Manager

Real Estate Developer

Bank Manager

Mortgage Officer

Property Valuer

Land Administrator

Compliance Officer

Legal Administrator

Property Surveyor

Title Officer

Documentation Specialist

Corporate Real Estate Manager

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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