The Offer To Purchase And Contract is a fundamental document in Nigerian property transactions, combining the initial purchase offer with the formal sale agreement. This document is essential when any party intends to purchase real property in Nigeria, whether for residential, commercial, or industrial purposes. It must comply with the Land Use Act of 1978 and other relevant Nigerian property laws, including requirements for governor's consent. The document typically includes detailed property descriptions, purchase price, payment terms, conditions precedent, warranties, and completion requirements. It serves as both the initial offer and, upon acceptance, the binding contract for the property transfer, streamlining the transaction process while ensuring legal compliance and protecting both parties' interests.

1. Parties: Identification and details of the buyer (purchaser) and seller (vendor), including full legal names, addresses, and registration details if companies

2. Background: Context of the transaction and brief description of the property being sold

3. Definitions: Definitions of key terms used throughout the agreement

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

5. Purchase Price: The agreed purchase price and payment terms, including deposit requirements

6. Payment Terms: Detailed breakdown of payment schedule, method of payment, and consequences of default

7. Conditions Precedent: Conditions that must be met before the sale becomes binding, including governor's consent under the Land Use Act

8. Seller's Representations and Warranties: Seller's guarantees regarding property title, encumbrances, and condition

9. Buyer's Representations and Warranties: Buyer's confirmations regarding financial capacity and compliance with relevant laws

10. Completion: Details of the completion process, timing, and requirements

11. Title Transfer: Process and requirements for transferring title, including registration requirements

12. Risk and Insurance: Allocation of risk and insurance requirements until completion

13. Default and Remedies: Consequences of breach by either party and available remedies

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

15. Governing Law: Confirmation of Nigerian law as governing law and jurisdiction

16. Execution: Signature blocks and execution requirements