The House Offer To Purchase agreement is a crucial initial document in Nigerian residential property transactions, serving as the formal written offer from a prospective buyer to a property seller. This document is typically used when a buyer has identified a property they wish to purchase and needs to formalize their intention to buy. It includes essential details such as property description, purchase price, payment terms, conditions precedent, and completion timeline. The document must comply with Nigerian property law, particularly the Land Use Act of 1978, and forms the basis for subsequent negotiations and the final sale agreement. It's designed to protect both parties' interests and ensure clarity in the proposed transaction terms while adhering to local legal requirements and customs in Nigerian property transactions.
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1. Parties: Identification and details of the buyer (offeror) and seller (offeree), including full legal names, addresses, and contact information
2. Background: Context of the transaction and brief description of the property being offered to purchase
3. Definitions: Key terms used throughout the document defined for clarity and legal certainty
4. Property Description: Detailed description of the property including address, land title details, dimensions, and registration particulars
5. Purchase Price: The offered amount and payment terms, including deposit requirements and payment schedule
6. Due Diligence Period: Timeframe and terms for conducting property investigations, title searches, and surveys
7. Conditions Precedent: Conditions that must be satisfied before the transaction becomes binding
8. Completion Terms: Timeline and requirements for completing the transaction
9. Seller's Warranties: Warranties regarding property ownership, encumbrances, and condition
10. Buyer's Warranties: Warranties regarding financial capacity and authority to enter into the transaction
11. Default and Remedies: Consequences of breach by either party and available remedies
12. Governing Law: Specification of Nigerian law as governing law and jurisdiction
13. Execution: Signature blocks and execution requirements
1. Mortgage Contingency: Include when buyer's offer is contingent on obtaining mortgage financing
2. Property Inspection Contingency: Include when offer is subject to satisfactory property inspection results
3. Fixtures and Fittings: Include when specific items are to be included or excluded from the sale
4. Tenant Rights: Include when property is currently tenanted
5. Land Use Approval: Include when purchase is contingent on obtaining specific land use approvals
6. Environmental Matters: Include when environmental assessments or clearances are required
7. Development Rights: Include when specific development rights are part of the transaction
8. Agent Commission: Include when real estate agents are involved in the transaction
1. Property Details Schedule: Detailed description of the property including boundaries, features, and specifications
2. Title Documents: List of all relevant title documents and certificates
3. Payment Schedule: Detailed breakdown of payment terms and installments
4. Fixtures and Fittings List: Inventory of items included in or excluded from the sale
5. Property Condition Report: Current condition of the property and any known defects
6. Land Use Particulars: Details of current and permitted land use under Nigerian law
7. Required Consents: List of necessary governmental and regulatory approvals
8. Outstanding Charges: Details of any existing charges, taxes, or encumbrances on the property
Relevant legal definitions
Agreement
Property
Purchase Price
Deposit
Completion Date
Completion
Business Day
Land Use Rights
Certificate of Occupancy
Title Documents
Due Diligence Period
Encumbrances
Force Majeure
Governor's Consent
Material Adverse Change
Parties
Payment Terms
Permitted Use
Property Documents
Registration Fees
Seller's Warranties
Stamp Duty
Survey Plan
Term
Transfer Documents
Vacant Possession
Working Day
Bank Guarantee
Completion Notice
Default Notice
Effective Date
Legal Mortgage
Material Breach
Offer Period
Planning Laws
Purchase Deed
Requisite Consents
Sale Agreement
Title Search
Property
Purchase Price
Deposit
Completion Date
Completion
Business Day
Land Use Rights
Certificate of Occupancy
Title Documents
Due Diligence Period
Encumbrances
Force Majeure
Governor's Consent
Material Adverse Change
Parties
Payment Terms
Permitted Use
Property Documents
Registration Fees
Seller's Warranties
Stamp Duty
Survey Plan
Term
Transfer Documents
Vacant Possession
Working Day
Bank Guarantee
Completion Notice
Default Notice
Effective Date
Legal Mortgage
Material Breach
Offer Period
Planning Laws
Purchase Deed
Requisite Consents
Sale Agreement
Title Search
Clauses
Offer and Acceptance
Property Description
Purchase Price
Payment Terms
Due Diligence
Title and Ownership
Land Use Rights
Conditions Precedent
Warranties and Representations
Deposit
Completion
Default and Remedies
Force Majeure
Inspection Rights
Property Condition
Transfer of Ownership
Regulatory Compliance
Stamp Duty
Registration
Costs and Taxes
Governing Law
Dispute Resolution
Notices
Assignment
Entire Agreement
Severability
Contingencies
Property Access
Insurance
Time of Essence
Environmental Compliance
Land Use Restrictions
Termination
Amendment
Survival
Third Party Rights
Property Description
Purchase Price
Payment Terms
Due Diligence
Title and Ownership
Land Use Rights
Conditions Precedent
Warranties and Representations
Deposit
Completion
Default and Remedies
Force Majeure
Inspection Rights
Property Condition
Transfer of Ownership
Regulatory Compliance
Stamp Duty
Registration
Costs and Taxes
Governing Law
Dispute Resolution
Notices
Assignment
Entire Agreement
Severability
Contingencies
Property Access
Insurance
Time of Essence
Environmental Compliance
Land Use Restrictions
Termination
Amendment
Survival
Third Party Rights
Relevant Industries
Real Estate
Legal Services
Banking & Finance
Construction
Property Development
Property Management
Insurance
Professional Services
Relevant Teams
Legal
Real Estate
Property Management
Acquisitions
Compliance
Finance
Risk Management
Operations
Investment
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancing Lawyer
Property Manager
Real Estate Developer
Mortgage Broker
Property Surveyor
Legal Counsel
Property Acquisition Manager
Real Estate Investment Manager
Property Portfolio Manager
Real Estate Transaction Coordinator
Title Officer
Compliance Officer
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