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The Apartment Sales Contract is a fundamental legal document used in Nigerian real estate transactions for the transfer of apartment ownership. This document is essential when selling or purchasing an apartment in Nigeria, whether in newly developed complexes or existing buildings. It must comply with the Land Use Act of 1978 and other relevant federal and state property laws. The contract includes crucial elements such as property description, purchase price, payment terms, completion requirements, and necessary governmental approvals. It's particularly important in urban areas where apartment sales are common, and requires specific attention to local property registration requirements, Governor's consent procedures, and title verification processes. The document serves both individual and corporate transactions, providing legal protection for all parties involved in the property transfer.

1. Parties: Identification and details of the Vendor/Seller and Purchaser/Buyer, including full legal names, addresses, and registration details if companies

2. Background: Brief context of the sale, including property overview and intention of parties to enter into the transaction

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Description: Detailed description of the apartment, including exact location, boundaries, and registered title details

5. Sale and Purchase: Core agreement for the sale and purchase, including the basic terms and conditions

6. Purchase Price: Detailed breakdown of the purchase price and payment terms, including deposit and installment arrangements

7. Completion Requirements: Conditions to be met for completion of the sale, including documentation and regulatory requirements

8. Vendor's Warranties: Warranties regarding title, property condition, and authority to sell

9. Property Condition: Statement of the condition in which the property will be delivered

10. Title and Registration: Details of title transfer process and registration requirements, including Governor's consent procedures

11. Risk and Insurance: Allocation of risk and insurance responsibilities before and after completion

12. Default and Remedies: Consequences of default by either party and available remedies

13. Notices: How formal notices between parties should be given and received

14. Governing Law: Confirmation of Nigerian law as governing law and jurisdiction

15. Execution: Signature blocks and execution formalities