The Real Estate Contract Form is a fundamental legal instrument used in Nigerian property transactions, designed to comply with the Land Use Act of 1978 and other relevant Nigerian property laws. This document is essential for any transfer, sale, or lease of real property within Nigeria, whether for residential, commercial, or industrial purposes. It incorporates mandatory requirements such as Governor's Consent, proper property description, and title verification, while also addressing crucial elements like payment terms, warranties, and completion procedures. The form is structured to accommodate various transaction types while ensuring compliance with state and federal regulations, making it suitable for both simple and complex property dealings in the Nigerian market.
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1. Parties: Identification of all parties to the contract, including full legal names, addresses, and registration details for companies
2. Background: Recitals explaining the context of the transaction and parties' intentions
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including boundaries, title details, and registration particulars
5. Consideration: Purchase price or lease payments and payment terms
6. Conditions Precedent: Conditions that must be satisfied before completion, including Governor's Consent where applicable
7. Warranties and Representations: Seller's/Lessor's warranties regarding property title, encumbrances, and condition
8. Completion: Process and requirements for completing the transaction
9. Title Documents: Details of title transfer and registration requirements
10. Costs and Taxes: Allocation of transaction costs, stamp duty, and other taxes
11. Default and Remedies: Consequences of breach and available remedies
12. Governing Law: Confirmation of Nigerian law as governing law and jurisdiction
13. Execution: Signature blocks and attestation requirements
1. Due Diligence: Used when buyer requires specific due diligence provisions and timelines
2. Environmental Matters: Required for properties with potential environmental concerns or specific usage requirements
3. Planning Permissions: Included when property development or change of use is contemplated
4. Tenant Covenants: Required for leasehold properties or when property is subject to existing tenancies
5. Service Charge: Used for properties in managed developments or estates
6. Insurance: Detailed insurance requirements, particularly relevant for leased properties
7. Force Majeure: Added when specific events beyond parties' control need to be addressed
8. Assignment and Subletting: Required for leasehold properties where transfer rights need to be addressed
1. Property Schedule: Detailed property description, including plans and boundaries
2. Title Documents: List of all title documents and certified copies
3. Payment Schedule: Detailed breakdown of payment terms and installments if applicable
4. Completion Requirements: Checklist of documents and actions required for completion
5. Existing Encumbrances: Details of any existing charges, mortgages, or encumbrances
6. Property Inventory: For properties sold/leased with fixtures and fittings
7. Service Agreements: Details of ongoing service contracts affecting the property
8. Required Consents: List of necessary governmental and regulatory approvals
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