The Residential Sales Contract serves as the primary legal instrument for documenting and executing the sale of residential property in Nigeria. This document is essential for any transaction involving the transfer of residential real estate ownership, whether for private homes, apartments, or other residential units. The contract must comply with the Land Use Act of 1978, which vests all land in the state governors, and requires their consent for property transfers. It includes crucial elements such as property description, purchase price, payment terms, warranties, and completion requirements. The document is designed to protect both buyers' and sellers' interests while ensuring compliance with federal and state property laws, tax regulations, and local property registration requirements. It's particularly important in the Nigerian context where land rights and property transfers are subject to both statutory and customary law considerations.

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

2. Background: Context of the sale and brief description of the transaction

3. Definitions: Key terms used throughout the agreement defined for clarity

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

5. Purchase Price: Agreed purchase price and payment terms including deposit and completion payment details

6. Payment Terms: Schedule of payments, method of payment, and consequences of default

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

8. Title and Transfer: Provisions regarding transfer of title, including Land Use Act requirements and governor's consent

9. Seller's Warranties: Warranties regarding ownership, right to sell, absence of encumbrances, and property condition

10. Buyer's Warranties: Warranties regarding capacity to purchase and source of funds

11. Conditions Precedent: Conditions that must be satisfied before completion

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

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

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

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