The Tripartite Agreement For Sale Of Property is essential in Nigerian real estate transactions where three parties have distinct interests and roles in the property transfer process. This document is commonly used when a financial institution is involved in funding the purchase, when a developer is selling property with specific completion conditions, or when a facilitator or guarantor is required to ensure the transaction's completion. The agreement must comply with Nigerian federal and state property laws, including the Land Use Act 1978, and requires specific formalities such as Governor's Consent for valid property transfer. It includes detailed provisions for payment terms, completion requirements, warranties, and title transfer procedures, while also addressing the specific rights and obligations of each party. The document is particularly relevant in urban property developments, commercial real estate transactions, and structured property finance arrangements.
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1. Parties: Identifies and provides full details of all three parties to the agreement - typically the Seller, Buyer, and a third party (such as a financier, guarantor, or facilitator)
2. Background: Explains the context of the transaction and the roles of each party
3. Definitions: Defines key terms used throughout the agreement
4. Property Details: Comprehensive description of the property being sold, including all legal identifiers required under Nigerian law
5. Purchase Price: States the agreed purchase price and payment terms, including deposit arrangements
6. Completion Requirements: Details the conditions precedent and requirements for completion of the sale
7. Third Party Obligations: Specifies the roles, rights, and obligations of the third party
8. Seller's Warranties: Warranties provided by the seller regarding the property's title, condition, and encumbrances
9. Buyer's Warranties: Warranties provided by the buyer regarding funding and compliance with relevant laws
10. Title Transfer: Process and requirements for transferring title, including Governor's Consent requirements
11. Risk and Insurance: Allocation of risk and insurance requirements until completion
12. Default and Remedies: Consequences of default by any party and available remedies
13. Notices: Process for serving formal notices between parties
14. Governing Law: Confirms Nigerian law as governing law and jurisdiction
15. Execution: Signature blocks for all three parties and witnesses as required under Nigerian law
1. Mortgage/Finance Provisions: Required when the third party is a financial institution providing mortgage financing
2. Development Obligations: Used when the property requires development or renovation before completion
3. Environmental Matters: Necessary when the property has potential environmental issues or requirements
4. Planning Permissions: Required when the property requires specific planning approvals or permits
5. Tenant Provisions: Included when the property is sold subject to existing tenancies
6. Service Charge Provisions: Necessary for properties within managed developments or estates
7. Third Party Guarantees: Required when additional guarantees are provided by the third party
8. Dispute Resolution: Optional alternative dispute resolution procedures beyond court jurisdiction
1. Property Description Schedule: Detailed legal description of the property, including boundaries, measurements, and title particulars
2. Payment Schedule: Breakdown of payment terms, installments, and timing
3. Completion Requirements Schedule: Checklist of documents and requirements for completion
4. Title Documents: Copies of relevant title documents and certificates
5. Property Plans: Survey plans, building plans, and other relevant property drawings
6. Encumbrances Schedule: List of any existing encumbrances, easements, or restrictions
7. Environmental Reports: Any relevant environmental assessments or reports
8. Third Party Agreements: Copies of relevant agreements with the third party
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking & Finance
Construction
Property Development
Investment Management
Legal Services
Public Sector
Urban Development
Commercial Property
Residential Property
Relevant Teams
Legal
Real Estate
Property Management
Finance
Compliance
Risk Management
Investment
Operations
Business Development
Administrative
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Developer
Bank Manager
Property Investment Manager
Legal Counsel
Conveyancing Officer
Real Estate Agent
Property Finance Manager
Compliance Officer
Land Administrator
Property Portfolio Manager
Real Estate Investment Analyst
Title Registration Officer
Development Director
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