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Commercial Property Purchase Agreement

Commercial Property Purchase Agreement Template for Nigeria

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Key Requirements PROMPT example:

Commercial Property Purchase Agreement

"I need a Commercial Property Purchase Agreement for a Lagos-based retail space (2000 square meters) with a purchase price of 500M Naira, with completion scheduled for March 2025, including provisions for existing tenant agreements."

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Document background
The Commercial Property Purchase Agreement is a crucial legal instrument used in Nigerian real estate transactions for the acquisition of commercial properties. It is essential for businesses, investors, and property developers operating under Nigerian law, particularly the Land Use Act of 1978 and various state-specific regulations. This document becomes necessary when parties wish to execute a commercial property transaction, requiring detailed documentation of property specifications, financial terms, warranties, and completion requirements. It must comply with federal and state-level property laws, including requirements for governor's consent, proper registration, and environmental compliance. The agreement typically includes comprehensive due diligence findings, existing tenant information, and specific provisions for foreign investment if applicable. It serves as the primary record of the transaction terms and protects all parties' interests throughout the property transfer process.
Suggested Sections

1. Parties: Identification of the seller and purchaser, including full legal names, registration details for companies, and addresses

2. Background: Context of the transaction, including brief property description and purpose of the agreement

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

4. Property Description: Detailed description of the property, including boundaries, measurements, and registered title information

5. Purchase Price: Agreed purchase price and payment terms, including deposit arrangements

6. Payment Terms: Detailed payment schedule, method of payment, and currency specifications

7. Conditions Precedent: Conditions that must be satisfied before completion, including title verification and regulatory approvals

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

9. Purchaser's Representations and Warranties: Purchaser's declarations regarding legal capacity and financial ability to complete the purchase

10. Completion: Requirements and procedures for completing the transaction, including documentation and timing

11. Title and Registration: Provisions regarding transfer of title and registration requirements under Nigerian law

12. Risk and Insurance: Allocation of risk and insurance requirements before and after completion

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

14. Notices: Process and requirements for formal communications between parties

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

16. Boilerplate Clauses: Standard contractual provisions including severability, entire agreement, and amendments

Optional Sections

1. Existing Tenancies: Details of current tenants and treatment of existing lease agreements - include when property has sitting tenants

2. Planning Permissions: Details of existing planning permissions and requirements - include when property has specific planning restrictions or opportunities

3. Environmental Compliance: Specific environmental requirements and compliance measures - include for industrial properties or environmentally sensitive areas

4. Development Rights: Rights and restrictions regarding future development - include when development potential is a key aspect of the purchase

5. Service Contracts: Treatment of existing service contracts and maintenance agreements - include when property has ongoing service arrangements

6. Tax Matters: Specific tax arrangements or implications - include when transaction has complex tax considerations

7. Foreign Investment Provisions: Specific provisions required for foreign buyers - include when purchaser is a foreign entity

Suggested Schedules

1. Schedule 1 - Property Details: Detailed property description, including plans, boundaries, and registered title information

2. Schedule 2 - Fixtures and Fittings: Inventory of included and excluded fixtures, fittings, and equipment

3. Schedule 3 - Property Documents: List of all title documents, certificates, and other relevant property documentation

4. Schedule 4 - Existing Leases: Details of current lease agreements and tenancies

5. Schedule 5 - Planning Permissions: Copies of relevant planning permissions and certificates

6. Schedule 6 - Environmental Reports: Environmental surveys, assessments, and compliance certificates

7. Appendix A - Property Plans: Detailed plans, drawings, and surveys of the property

8. Appendix B - Due Diligence Reports: Summary of legal and technical due diligence findings

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions




































Clauses



































Relevant Industries

Real Estate

Commercial Property Development

Retail

Manufacturing

Hospitality

Healthcare

Education

Financial Services

Logistics and Warehousing

Office Space Management

Industrial

Agriculture

Relevant Teams

Legal

Finance

Real Estate

Operations

Compliance

Risk Management

Facilities Management

Corporate Development

Investment

Asset Management

Property Management

Business Development

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Real Estate Director

Property Manager

Legal Counsel

Commercial Director

Facilities Manager

Investment Manager

Asset Manager

Development Director

Compliance Officer

Risk Manager

Corporate Secretary

Finance Director

Operations Director

Industries










Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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