The Home For Sale By Owner Contract is a crucial legal document used in Nigerian property transactions where the property owner chooses to sell directly to a buyer without real estate agent involvement. This approach can reduce transaction costs but requires careful attention to legal compliance. The document is designed to meet all requirements under Nigerian law, including the Land Use Act of 1978, state property laws, and relevant federal regulations. It should be used when a property owner wishes to handle the sale process independently while ensuring all legal protections are in place. The contract includes comprehensive provisions for property description, price, payment terms, title transfer, and necessary government approvals. It's particularly important in Nigeria where property transactions must account for both customary and statutory land rights, and where Governor's Consent may be required for property transfers.
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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 seller's ownership rights
3. Definitions: Key terms used throughout the agreement defined for clarity
4. Property Description: Detailed description of the property including address, land area, boundaries, and registration particulars
5. Purchase Price: The agreed purchase price and payment structure
6. Payment Terms: Details of how and when payments will be made, including deposit and balance payment arrangements
7. Title and Documentation: Seller's warranties regarding property title and required documentation
8. Governor's Consent: Process and responsibilities for obtaining necessary government approvals
9. Closing and Possession: Timeline and conditions for closing the sale and transferring possession
10. Representations and Warranties: Statements of fact by both parties regarding the property and their capacity to enter the agreement
11. Default and Remedies: Consequences of breach and available remedies to either party
12. Risk and Insurance: Responsibility for property insurance and risk of loss prior to closing
13. Notices: How formal communications between parties should be made
14. Governing Law: Confirmation of Nigerian law application and jurisdiction
15. Execution: Signature blocks and attestation requirements
1. Fixtures and Fittings: Detailed list of items included or excluded from the sale - use when specific items need to be clarified
2. Condition of Property: Specific details about property condition and any required repairs - include when property requires work or has known issues
3. Financing Contingency: Conditions related to buyer's financing - include when purchase depends on buyer securing a mortgage
4. Survey Requirements: Details of any required property survey - include for large land parcels or boundary disputes
5. Environmental Matters: Environmental assessments or known issues - include for industrial properties or environmental concerns
6. Tenant Rights: Details of existing tenancies - include if property is currently tenanted
7. Special Conditions: Any unique requirements or conditions - include for unusual circumstances
8. Agent Representation: Details of any agent involvement - include if agents are involved despite being FSBO
1. Schedule 1 - Property Details: Comprehensive property description, including land certificate numbers and survey plans
2. Schedule 2 - Included Fixtures and Fittings: Detailed inventory of items included in the sale
3. Schedule 3 - Payment Schedule: Breakdown of payment installments and timing
4. Schedule 4 - Required Documentation: List of all documents required for completion
5. Appendix A - Property Plans: Detailed property plans and surveys
6. Appendix B - Property Photographs: Current photographs of the property and key features
7. Appendix C - Title Documents: Copies of relevant title documents and certificates
8. Appendix D - Condition Report: Detailed report on property condition and any known defects
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