The Contract to Sell a House is a fundamental legal document used in Nigerian property transactions to formalize the sale of residential property between parties. This document is essential when transferring ownership of a house in Nigeria, whether in urban or rural areas, and must comply with the Land Use Act of 1978 and relevant state laws. It should be used whenever a property owner wishes to sell their house to a buyer, documenting all crucial aspects of the transaction including property details, price, payment terms, and conditions. The contract serves as legal evidence of the transaction and protects both parties' interests by clearly stating their rights and obligations. It must account for specific Nigerian requirements regarding land ownership, government consent, and property registration procedures.
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1. Parties: Identification and details of the Seller and Buyer, including full legal names, addresses, and contact information
2. Background: Brief context of the transaction and confirmation of the Seller's ownership and right to sell
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including address, boundaries, land title details, and registration particulars
5. Purchase Price: The agreed purchase price and payment structure, including deposit requirements
6. Payment Terms: Detailed payment schedule, method of payment, and consequences of default
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, encumbrances, and condition
9. Buyer's Representations and Warranties: Buyer's guarantees regarding financial capacity and compliance with relevant laws
10. Completion: Details of the completion process, including timing and requirements
11. Risk and Insurance: Allocation of risk and responsibility for insurance until completion
12. Default and Remedies: Consequences of breach by either party and available remedies
13. Governing Law: Confirmation of Nigerian law as governing law and jurisdiction
14. Notices: Process for serving formal notices between parties
15. Execution: Signature blocks and execution requirements
1. Mortgage Contingency: Include when buyer's purchase is contingent on obtaining mortgage financing
2. Property Inspection: Include when the sale is subject to satisfactory property inspection
3. Tenant Rights: Include when the property is currently tenanted
4. Planning Permissions: Include when property requires specific planning or development approvals
5. Service Charge: Include for properties within estates or developments with service charges
6. Environmental Matters: Include when environmental assessments or clearances are required
7. Third Party Consents: Include when the sale requires consent from government authorities or other parties
1. Property Details Schedule: Detailed technical description of the property, including plot size, boundaries, and improvements
2. Title Documents: List of all title documents and evidence of ownership
3. Inventory: List of fixtures, fittings, and contents included in the sale
4. Payment Schedule: Detailed breakdown of payment installments and timing
5. Property Certificates: Copies of relevant certificates including building approval, occupancy permit
6. Land Use Clearances: Documentation of land use approvals and zoning compliance
7. Outstanding Charges: Details of any outstanding charges, taxes, or encumbrances
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