The Real Estate Purchase Form is a crucial document used in Nigerian property transactions, designed to facilitate the legal transfer of real estate ownership while ensuring compliance with Nigerian law, particularly the Land Use Act of 1978. This document is essential when purchasing any type of real estate in Nigeria, whether residential, commercial, or industrial property. It includes comprehensive details about the property, parties involved, purchase price, payment terms, warranties, and specific requirements for governor's consent and registration. The form is structured to protect both buyers' and sellers' interests while addressing unique aspects of Nigerian property law, such as the requirement for governor's consent for assignment of interest in land. It serves as both a legal record of the transaction and a guide to ensure all necessary steps in the property transfer process are properly documented and executed.
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1. Parties: Identification of seller and buyer with full legal names and addresses
2. Background: Context of the transaction and confirmation of seller's right to sell
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including location, boundaries, and registration details
5. Purchase Price: Statement of purchase price and payment terms
6. Payment Structure: Breakdown of payment schedule including deposits and completion payments
7. Conditions Precedent: Conditions that must be met before completion, including governor's consent requirements
8. Seller's Warranties: Warranties regarding property ownership, encumbrances, and condition
9. Buyer's Warranties: Warranties regarding capacity to purchase and source of funds
10. Completion: Process and requirements for completing the transaction
11. Post-Completion Matters: Requirements after completion including registration and transfer of title
12. Risk and Insurance: Allocation of risk and insurance requirements before completion
13. Default and Remedies: Consequences of default by either party
14. Notices: Process for giving formal notices under the agreement
15. Governing Law: Confirmation of Nigerian law as governing law and jurisdiction
16. Execution: Signature blocks and execution requirements
1. Foreign Ownership Provisions: Required when buyer is not Nigerian, addressing NIPC requirements
2. Mortgage Provisions: Required when purchase involves mortgage financing
3. Environmental Warranties: Required for industrial properties or properties with potential environmental issues
4. Planning Permissions: Required when property involves ongoing development or requires specific permits
5. Tenant Provisions: Required when property is sold subject to existing tenancies
6. Service Charge Provisions: Required for properties in estates or with shared facilities
7. Special Conditions: For unique property features or transaction requirements
1. Property Schedule: Detailed property description, including plans and title documents
2. Fixtures and Fittings: List of items included/excluded in the sale
3. Form of Transfer: Draft transfer deed compliant with local requirements
4. Payment Schedule: Detailed breakdown of payment terms and timing
5. Required Consents: List of necessary governmental and regulatory approvals
6. Outstanding Charges: Details of any existing charges, rates or taxes
7. Property Documents: List of all title and property-related documents to be handed over
8. Due Diligence Results: Summary of property investigations and searches
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