The Seller Financing Purchase Agreement is a vital legal instrument in the Nigerian real estate market, particularly useful when traditional bank financing is either unavailable or unfavorable. This document type is commonly used in both commercial and residential property transactions where sellers are willing to accept periodic payments rather than a full upfront payment. The agreement must comply with Nigerian property law, particularly the Land Use Act 1978, and incorporate elements of both sales and financing arrangements. It includes crucial details about the property transfer, purchase price, financing terms, security arrangements, and default remedies. The document is especially relevant in scenarios involving private property sales, commercial real estate transactions, or situations where buyers seek alternative financing options. It provides a structured framework for documenting the seller's role as both property vendor and financier while ensuring adequate legal protection for all parties involved.
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1. Parties: Identification of the Seller/Financier and Buyer/Borrower with full legal names and addresses
2. Background: Context of the transaction, including property overview and parties' intention to enter into seller financing arrangement
3. Definitions: Key terms used throughout the agreement including Property, Purchase Price, Loan Amount, Interest Rate, and Payment Terms
4. Sale and Purchase: Core agreement to sell and purchase the property, including property description and purchase price
5. Financing Terms: Details of the seller financing arrangement including loan amount, interest rate, payment schedule, and term
6. Payment Provisions: Specific requirements for down payment, monthly payments, payment methods, and application of payments
7. Security Arrangements: Legal mechanisms to secure the loan, including mortgage or charge over the property
8. Representations and Warranties: Statements of fact and promises by both parties regarding their capacity, property condition, and title
9. Covenants: Ongoing obligations of both parties during the loan term, including property maintenance and insurance
10. Default and Remedies: Events of default and corresponding remedies, including foreclosure rights
11. Transfer of Title: Mechanics and timing of property title transfer in compliance with Land Use Act
12. Expenses and Taxes: Allocation of transaction costs, stamp duties, and ongoing property taxes
13. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes
1. Insurance Requirements: Detailed insurance obligations - include when property requires specific insurance coverage
2. Property Management: Rules for property management during loan term - include for commercial properties
3. Prepayment Provisions: Terms for early loan payoff - include if allowing prepayment options
4. Assignment and Transfer: Rules for transferring agreement rights - include for longer-term agreements
5. Due Diligence Results: Summary of property investigations - include when significant due diligence was conducted
6. Environmental Provisions: Environmental responsibilities and liabilities - include for industrial/commercial properties
7. Co-signer Provisions: Terms for additional guarantors - include when co-signers are involved
8. Escrow Requirements: Terms for escrow arrangements - include when using escrow services
1. Property Description Schedule: Detailed legal description of the property including boundaries and registration details
2. Payment Schedule: Amortization table showing payment dates, amounts, and interest calculations
3. Property Title Documents: Copies of relevant title documents and land certificates
4. Condition Report: Detailed report on property condition at time of sale
5. Required Insurance Schedule: Specific insurance requirements and minimum coverage amounts
6. Form of Transfer Documents: Templates for property transfer documents to be used upon completion
7. Property Photographs: Documentation of property condition through photographs
8. Due Diligence Reports: Summary of property searches and investigations
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