The Real Estate Partnership Agreement is essential for parties looking to combine resources and expertise in Nigerian real estate ventures. This document is particularly crucial given Nigeria's unique land tenure system under the Land Use Act and the complexities of partnership law. It's typically used when investors, developers, or property professionals wish to formalize their collaboration in real estate projects, providing a structured framework for joint property acquisition, development, or management. The agreement addresses critical aspects such as capital contributions, profit sharing, management rights, and compliance with Nigerian regulatory requirements, including obtaining necessary governmental consents for property transactions. It's designed to protect partners' interests while ensuring smooth operation of the real estate business venture, incorporating both partnership principles and property law considerations specific to the Nigerian market.
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1. Parties: Identification and details of all partners entering into the agreement
2. Background: Context of the partnership formation and its intended purpose in real estate business
3. Definitions and Interpretation: Definitions of key terms used throughout the agreement and rules of interpretation
4. Partnership Formation and Term: Establishment of the partnership, commencement date, and duration
5. Partnership Capital and Contributions: Initial and ongoing capital contributions, valuation of non-cash contributions
6. Property Portfolio Management: Procedures for acquiring, managing, and disposing of real estate assets
7. Profit and Loss Sharing: Distribution of profits and allocation of losses among partners
8. Management and Decision Making: Governance structure, voting rights, and decision-making processes
9. Partners' Duties and Obligations: Responsibilities, commitments, and expectations of each partner
10. Banking and Financial Management: Management of partnership funds, banking arrangements, and financial controls
11. Records and Accounts: Requirements for maintaining partnership records and financial accounts
12. Transfer of Partnership Interests: Rules governing the transfer of partnership shares and admission of new partners
13. Termination and Dissolution: Circumstances and procedures for ending the partnership
14. Dispute Resolution: Procedures for resolving conflicts between partners
15. Governing Law: Specification of Nigerian law as governing law and relevant jurisdictional matters
1. Non-Competition and Confidentiality: Restrictions on partners competing with the partnership and handling of confidential information
2. Insurance Requirements: Specific insurance obligations for the partnership and individual partners
3. Foreign Investment Provisions: Special provisions when foreign partners are involved, ensuring compliance with NIPC regulations
4. Development Projects: Specific procedures for real estate development activities
5. Property Management Services: Provisions for when the partnership offers property management services
6. Intellectual Property Rights: Protection of partnership branding and intellectual property
7. Environmental Compliance: Environmental obligations and compliance requirements for property management
8. Force Majeure: Provisions for handling unforeseen circumstances affecting the partnership
1. Schedule 1: Initial Capital Contributions: Detailed breakdown of each partner's initial capital contributions
2. Schedule 2: Property Portfolio: List and details of properties owned or managed by the partnership
3. Schedule 3: Profit Sharing Ratios: Detailed breakdown of profit and loss allocation formulas
4. Schedule 4: Management Structure: Organizational chart and management responsibilities
5. Schedule 5: Due Diligence Requirements: Checklist for property acquisition and verification procedures
6. Appendix A: Partner Information: Detailed information about each partner including contact details and representatives
7. Appendix B: Property Valuation Guidelines: Standards and procedures for property valuation
8. Appendix C: Required Governmental Approvals: List of necessary permits and governmental consents
9. Appendix D: Financial Reporting Templates: Standard formats for financial reports and statements
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