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The Building Purchase Agreement is a crucial legal document used in Nigerian property transactions to formalize the purchase and sale of buildings. This agreement is essential when any individual or organization wishes to acquire a building in Nigeria, whether for commercial, residential, or industrial purposes. The document must strictly comply with Nigerian legal requirements, including the Land Use Act 1978, state property laws, and relevant tax regulations. It includes comprehensive details about the property, purchase price, payment terms, warranties, and completion requirements. The agreement also addresses specific Nigerian requirements such as Governor's consent, proper registration procedures, and compliance with local property laws. This document is particularly important given Nigeria's complex property laws and the need to ensure proper documentation for property transfers.

1. Parties: Identification and details of the seller and purchaser, including registration numbers for companies

2. Background: Context of the transaction and brief description of the property being sold

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

4. Sale and Purchase: Core agreement to sell and purchase the property, including the purchase price

5. Deposit: Details of the deposit amount, payment terms, and conditions for holding/release

6. Completion: Timing and procedures for completing the transaction

7. Title and Registration: Warranties regarding title, requirements for registration, and Land Use Act compliance

8. Seller's Representations and Warranties: Warranties regarding property ownership, condition, and legal compliance

9. Purchaser's Representations and Warranties: Warranties regarding financial capacity and compliance with anti-money laundering regulations

10. Conditions Precedent: Conditions that must be satisfied before completion

11. Property Condition: State of the property and any included fixtures and fittings

12. Risk and Insurance: Transfer of risk and insurance responsibilities

13. Default and Termination: Consequences of default and termination rights

14. Notices: Process for serving notices between parties

15. Governing Law and Jurisdiction: Confirmation of Nigerian law as governing law and jurisdiction for disputes

16. Execution: Signature blocks and execution formalities