The Land Installment Agreement is a crucial legal instrument used in Nigerian property transactions where the purchase price is paid over time rather than as a single payment. This document type is particularly relevant in scenarios where buyers require flexible payment terms for land acquisition. The agreement must comply with the Land Use Act 1978 and various state-specific regulations in Nigeria. It typically includes detailed provisions about the property, payment schedule, possession rights, and title transfer conditions. The document serves as a binding contract that protects both parties' interests during the installment period, ensuring clear documentation of obligations and rights until full payment is achieved. It's especially useful for private individuals, businesses, and developers seeking to acquire land with structured payment arrangements in Nigeria.

1. Parties: Identification of the Vendor and Purchaser with full legal names, addresses, and contact details

2. Background: Context of the transaction, including brief property description and intention to sell/purchase through installments

3. Definitions: Key terms used throughout the agreement, including Property, Purchase Price, Installments, Completion Date, etc.

4. Property Description: Detailed legal description of the land, including boundaries, measurements, and registration details

5. Purchase Price and Payment Terms: Total purchase price, deposit amount, installment schedule, and payment methods

6. Title and Documentation: Vendor's warranty of title, required documentation, and compliance with Land Use Act requirements

7. Possession and Risk: Terms regarding possession of the property and allocation of risk during the installment period

8. Covenants and Warranties: Promises and guarantees by both parties, including vendor's right to sell and purchaser's compliance obligations

9. Default and Remedies: Consequences of default in payment or breach of agreement terms

10. Transfer of Title: Process and conditions for final transfer of title upon completion of payments

11. Costs and Taxes: Allocation of transaction costs, stamp duties, and other fees

12. Governing Law: Specification of Nigerian law and relevant state jurisdiction

13. Dispute Resolution: Process for resolving disputes, including mediation and arbitration provisions

14. Notices: Method and addresses for serving formal notices between parties

15. Execution: Signature blocks and attestation requirements