The Pre Sale Contract is a crucial document in Nigerian property transactions, used when selling property before its completion or final transfer. It provides essential protection for both buyers and sellers in the Nigerian real estate market, where property pre-sales are common practice. The document incorporates requirements from the Land Use Act and other relevant Nigerian property laws, establishing clear terms for payment schedules, construction specifications, completion timelines, and property transfer procedures. This type of agreement is particularly important in development projects where properties are sold off-plan or during construction, helping to secure financing and establish clear expectations between parties. The Pre Sale Contract includes specific provisions for property identification, payment structures, construction standards, and completion requirements, while ensuring compliance with local regulations and protecting both parties' interests throughout the transaction process.
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1. Parties: Identification and details of the seller and purchaser, including registration numbers for companies
2. Background: Context of the transaction, including property development status and purpose of the agreement
3. Definitions: Key terms used throughout the agreement, including property description, completion date, and payment terms
4. Sale and Purchase Agreement: Core agreement to sell and purchase the property, including price and basic terms
5. Payment Terms: Detailed structure of payments, including deposit, installments, and final payment arrangements
6. Property Details: Comprehensive description of the property, including location, boundaries, and specifications
7. Completion Timeline: Expected completion dates, stages of construction, and delivery schedule
8. Seller's Obligations: Responsibilities of the seller, including construction quality, timeline adherence, and documentation
9. Purchaser's Obligations: Responsibilities of the purchaser, including payment compliance and documentation requirements
10. Title and Ownership: Provisions regarding property title, transfer process, and Land Use Act compliance
11. Default and Remedies: Consequences of breach by either party and available remedies
12. Termination: Circumstances and procedures for contract termination
13. Governing Law: Confirmation of Nigerian law application and jurisdiction
1. Construction Specifications: Detailed construction requirements and standards, used when property is yet to be built
2. Mortgage Provisions: Terms related to mortgage financing, included when buyer requires mortgage funding
3. Foreign Investment Provisions: Special terms for foreign buyers, included when purchaser is non-Nigerian
4. Development Permits: Details of building permits and approvals, included for properties under construction
5. Maintenance Agreement: Terms for property maintenance post-completion, relevant for apartments or managed properties
6. Insurance Requirements: Specific insurance obligations during construction period
7. Force Majeure: Provisions for unforeseen circumstances affecting construction or completion
1. Property Schedule: Detailed technical description of the property, including plans and specifications
2. Payment Schedule: Detailed breakdown of payment installments and due dates
3. Construction Timeline: Detailed construction milestones and completion dates
4. Title Documents: Copies of relevant title documents and land certificates
5. Property Plans: Architectural plans, floor plans, and site layout
6. Finishing Specifications: Detailed list of materials and finishing standards
7. Required Permits: Copies of all relevant building and development permits
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