The Offer To Purchase And Contract is a fundamental document in Nigerian property transactions, combining the initial purchase offer with the formal sale agreement. This document is essential when any party intends to purchase real property in Nigeria, whether for residential, commercial, or industrial purposes. It must comply with the Land Use Act of 1978 and other relevant Nigerian property laws, including requirements for governor's consent. The document typically includes detailed property descriptions, purchase price, payment terms, conditions precedent, warranties, and completion requirements. It serves as both the initial offer and, upon acceptance, the binding contract for the property transfer, streamlining the transaction process while ensuring legal compliance and protecting both parties' interests.
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1. Parties: Identification and details of the buyer (purchaser) and seller (vendor), including full legal names, addresses, and registration details if companies
2. Background: Context of the transaction and brief description of the property being sold
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including location, boundaries, and registration particulars
5. Purchase Price: The agreed purchase price and payment terms, including deposit requirements
6. Payment Terms: Detailed breakdown of payment schedule, method of payment, and consequences of default
7. Conditions Precedent: Conditions that must be met before the sale becomes binding, including governor's consent under the Land Use Act
8. Seller's Representations and Warranties: Seller's guarantees regarding property title, encumbrances, and condition
9. Buyer's Representations and Warranties: Buyer's confirmations regarding financial capacity and compliance with relevant laws
10. Completion: Details of the completion process, timing, and requirements
11. Title Transfer: Process and requirements for transferring title, including registration requirements
12. Risk and Insurance: Allocation of risk and insurance requirements until completion
13. Default and Remedies: Consequences of breach by either party and available remedies
14. Notices: How formal communications between parties should be made
15. Governing Law: Confirmation of Nigerian law as governing law and jurisdiction
16. Execution: Signature blocks and execution requirements
1. Due Diligence Period: Used when buyer requires time to conduct property investigations
2. Tenant Rights: Required if the property is currently tenanted
3. Environmental Matters: Important for industrial properties or where environmental concerns exist
4. Planning Permissions: Necessary for properties requiring development or change of use
5. Property Management: Required for properties with ongoing management needs during the transition
6. Mortgage Contingency: Used when purchase is contingent on buyer obtaining financing
7. Property Contents: Required when sale includes furniture or specific fixtures
8. Special Conditions: For any unique requirements specific to the transaction
1. Property Description Schedule: Detailed technical description of the property, including plans and surveys
2. Title Documents: List and copies of all relevant title documents
3. Payment Schedule: Detailed breakdown of payment installments and timing
4. Property Inventory: List of included fixtures, fittings, and contents if applicable
5. Outstanding Permits: List of required permits and their status
6. Encumbrances Schedule: Details of any existing charges, mortgages, or encumbrances
7. Due Diligence Checklist: List of required documents and investigations
8. Form of Transfer: Template for the final transfer document
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