The Conditional Deed of Sale is a crucial legal instrument in Nigerian property transactions, designed to protect both vendors and purchasers in situations where certain conditions must be met before the sale can be completed. This document type is particularly relevant when dealing with property transfers that require governmental approvals, outstanding payments, or specific actions to be completed before final transfer. The deed must comply with Nigerian federal and state property laws, including the Land Use Act of 1978, and typically includes detailed property descriptions, conditions precedent, payment terms, and completion requirements. It's commonly used in both commercial and residential property transactions where immediate transfer is not possible or desired, providing a legally sound framework for conditional property sales while ensuring all regulatory requirements are met.
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1. Parties: Identification of the Vendor and Purchaser with full legal names and addresses
2. Background: Recitals explaining the context of the sale, property ownership history, and intention to sell subject to conditions
3. Definitions: Definitions of key terms used throughout the deed
4. Property Description: Detailed description of the property being sold, including boundaries and registration details
5. Conditions Precedent: Specific conditions that must be fulfilled before the sale becomes effective
6. Sale and Purchase: Core terms of the sale including price, payment terms, and completion timeline
7. Vendor's Warranties: Warranties regarding title, property condition, and authority to sell
8. Purchaser's Covenants: Purchaser's obligations and commitments regarding the purchase
9. Completion Requirements: Details of what constitutes completion and steps to be taken
10. Title Documents: List of title documents to be delivered upon completion
11. Risk and Insurance: Provisions regarding property risk transfer and insurance requirements
12. Notices: Process for serving notices between parties
13. Governing Law: Specification of Nigerian law as governing law
14. Execution: Formal execution blocks including witness requirements
1. Environmental Matters: Required when the property has specific environmental considerations or requirements
2. Planning Permissions: Included when the sale is conditional upon obtaining specific planning permissions
3. Third Party Consents: Required when the sale is subject to obtaining consents from third parties
4. Tenant Provisions: Included when the property is sold subject to existing tenancies
5. Mortgage Details: Required when the property is subject to an existing mortgage or the purchase is financed through a mortgage
6. Service Charges: Included for properties with ongoing service charge obligations
7. Development Obligations: Required when the sale includes conditions about future development of the property
8. Spousal Consent: Included when the property is matrimonial property requiring spousal consent
1. Schedule 1 - Property Details: Detailed technical description of the property including measurements and boundaries
2. Schedule 2 - Title Documents: Complete list of title documents and their contents
3. Schedule 3 - Conditions Precedent: Detailed listing of all conditions that must be met before completion
4. Schedule 4 - Payment Schedule: Breakdown of payment terms and installments if applicable
5. Schedule 5 - Existing Encumbrances: Details of any existing charges, encumbrances or restrictions on the property
6. Appendix A - Property Plans: Survey plans and property drawings
7. Appendix B - Property Photographs: Recent photographs of the property
8. Appendix C - Required Permits: Copies of relevant permits and certificates
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