The Property Sale Agreement is a crucial legal instrument used in Nigerian property transactions to document and formalize the transfer of property ownership. This document is essential when any real estate property is being sold in Nigeria, whether residential, commercial, or industrial. It must comply with the Land Use Act of 1978, which requires the Governor's consent for property transfers, and includes detailed provisions about the property, parties involved, purchase price, payment terms, and conditions for completion. The agreement serves as evidence of the transaction and protects both parties' interests by clearly stating their rights and obligations. It's particularly important in the Nigerian context due to the unique land tenure system and the need for governmental approval in property transfers.

1. Parties: Identification and details of the Seller and Buyer, including full legal names, addresses, and registration details if companies

2. Background: Context of the sale, brief description of the property, and intention of the parties to enter into the sale transaction

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

4. Property Description: Detailed description of the property being sold, including its location, boundaries, and registered title details

5. Purchase Price: The agreed purchase price, payment terms, and method of payment

6. Conditions Precedent: Conditions that must be satisfied before completion, including Governor's Consent requirements

7. Seller's Representations and Warranties: Seller's declarations regarding ownership, authority to sell, and property condition

8. Buyer's Representations and Warranties: Buyer's declarations regarding legal capacity and financial ability to purchase

9. Completion: Details of the completion process, including timing, location, and documents to be exchanged

10. Title and Transfer: Provisions regarding the transfer of title and registration requirements

11. Risk and Insurance: Allocation of risk and responsibility for insurance before and after completion

12. Default and Remedies: Consequences of breach and available remedies

13. Notices: Method and addresses for serving notices under the agreement

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

15. Entire Agreement: Standard boilerplate confirming this as the complete agreement between parties