The Purchase Contract For Home is a fundamental legal document used in Nigerian property transactions to formalize the sale and purchase of residential properties. It is essential for any property purchase in Nigeria, whether in urban or rural areas, and must comply with both federal and state property laws, particularly the Land Use Act of 1978. This document is typically required by banks for mortgage purposes, land registry for title transfer, and local authorities for property registration. It should include comprehensive details about the property, parties involved, purchase price, payment terms, conditions precedent, and warranties. The contract must account for specific Nigerian legal requirements such as governor's consent for land transactions, customary law considerations, and spousal rights where applicable. It serves as crucial evidence of ownership transfer and protects both parties' interests throughout the transaction process.

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

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

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

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

5. Purchase Price: Agreed purchase price and payment terms including deposit and balance payment schedule

6. Payment Terms: Detailed breakdown of payment structure, method, and timing

7. Conditions Precedent: Conditions that must be satisfied before completion of the sale

8. Seller's Representations and Warranties: Seller's guarantees regarding property ownership, condition, and legal status

9. Buyer's Representations and Warranties: Buyer's guarantees regarding financial capacity and compliance with terms

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

11. Title and Registration: Provisions regarding transfer of title and registration requirements

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

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

14. Notices: Process for giving and receiving formal notices under the agreement

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

16. Execution: Signature blocks and execution requirements