The Apartment Buyer Agreement is a crucial legal document used in Nigerian real estate transactions when purchasing residential apartments. It serves as the primary contract between the seller and buyer, establishing their rights, responsibilities, and the terms of the property transfer. This document is essential in Nigeria's unique legal context, where land ownership is governed by the Land Use Act of 1978 and various state-specific regulations. The agreement typically includes detailed property descriptions, payment terms, completion timelines, and warranty provisions, while ensuring compliance with local property laws and registration requirements. It's particularly important in urban areas like Lagos, Abuja, and Port Harcourt, where apartment transactions are common and require careful legal structuring to protect all parties' interests.
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1. Parties: Identification and details of the Seller and Buyer
2. Background: Context of the transaction and brief property description
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the apartment and included fixtures/fittings
5. Purchase Price: Agreement on purchase price and payment structure
6. Payment Terms: Detailed payment schedule, installment plans, and payment methods
7. Transfer of Ownership: Process and conditions for transferring property ownership
8. Seller's Obligations: Responsibilities and commitments of the seller
9. Buyer's Obligations: Responsibilities and commitments of the buyer
10. Completion and Handover: Process and requirements for property completion and possession
11. Title and Registration: Requirements for title transfer and property registration
12. Representations and Warranties: Warranties regarding property title, condition, and legal compliance
13. Default and Remedies: Consequences of default and available remedies
14. Dispute Resolution: Process for resolving disputes between parties
15. Governing Law: Specification of Nigerian law as governing law
16. Notices: Process for serving formal notices between parties
17. General Provisions: Standard boilerplate clauses including force majeure, severability, etc.
1. Mortgage Financing: Terms related to mortgage financing, used when buyer requires mortgage funding
2. Development Completion: Additional terms for off-plan purchases where construction is not complete
3. Facility Management: Terms regarding building maintenance and service charges, used for apartments in managed complexes
4. Parking Allocation: Details of parking space allocation if applicable
5. Insurance: Insurance requirements and obligations, particularly relevant for high-value properties
6. Environmental Compliance: Special environmental requirements or certifications if property is in environmentally sensitive area
7. Third Party Rights: Provisions regarding rights of third parties, used when relevant
8. International Payments: Additional provisions for international buyers regarding fund transfers
1. Property Description Schedule: Detailed technical description of the apartment including floor plans and specifications
2. Payment Schedule: Detailed breakdown of payment installments and due dates
3. Fixtures and Fittings: Inventory of included fixtures, fittings, and appliances
4. Title Documents: Copies of relevant title documents and certificates
5. Building Rules and Regulations: Copy of applicable building rules and regulations
6. Service Charges: Details of service charges and maintenance fees
7. Property Photos: Current photographs of the property and common areas
8. Completion Certificate: Copy of building completion certificate and relevant permits
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