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Deed Of Sale Condominium

Deed Of Sale Condominium Template for Nigeria

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Key Requirements PROMPT example:

Deed Of Sale Condominium

"I need a Deed of Sale Condominium for a luxury unit in Lagos, Nigeria, where the buyer requires a payment plan with 60% upfront payment in March 2025 and the remaining balance in three monthly installments, plus the unit comes fully furnished with high-end appliances."

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Document background
The Deed of Sale Condominium is a crucial legal instrument used in Nigerian property transactions for the transfer of condominium ownership. This document is essential when selling or purchasing a condominium unit in Nigeria, ensuring compliance with the Land Use Act of 1978 and relevant state property laws. It contains comprehensive details about the property, including unit specifications, common areas, management rules, and ownership rights. The deed serves multiple purposes: it evidences the transfer of ownership, outlines the terms and conditions of the sale, establishes the rights and obligations of both parties, and provides a framework for future reference regarding property ownership and usage rights. The document is particularly important in urban areas where condominium developments are common, and it must be properly executed and registered with the appropriate land registry to ensure legal validity.
Suggested Sections

1. Parties: Identification of the Vendor/Seller and Purchaser/Buyer with full legal names and addresses

2. Background: Recitals explaining the ownership status of the condominium unit and the intention to sell

3. Definitions: Definitions of key terms used throughout the deed including 'Property', 'Common Areas', 'Management Corporation', etc.

4. Property Description: Detailed description of the condominium unit including unit number, floor area, and boundaries

5. Consideration: Purchase price and payment terms including deposit and balance payment arrangements

6. Warranties and Representations: Seller's warranties regarding ownership, encumbrances, and condition of the property

7. Common Areas and Facilities: Description of shared facilities and rights of access to common areas

8. Transfer of Title: Terms and conditions for the transfer of legal ownership

9. Completion: Details of the completion process, including timing and location

10. Management Corporation Rules: Reference to and acknowledgment of condominium management rules and regulations

11. Execution: Formal execution clause and signature blocks

Optional Sections

1. Condition Precedents: Required when there are specific conditions that must be met before completion, such as mortgage approval or property inspection

2. Mortgage Details: Include when the purchase is subject to mortgage financing

3. Vacant Possession: Include when specific arrangements for vacant possession need to be detailed

4. Tax Provisions: Include when specific tax arrangements or obligations need to be addressed

5. Dispute Resolution: Optional section detailing specific dispute resolution procedures

6. Force Majeure: Include when specific provisions for unforeseen circumstances are required

7. Insurance: Include when specific insurance requirements need to be detailed

Suggested Schedules

1. Property Schedule: Detailed technical description of the property including floor plans and measurements

2. Payment Schedule: Breakdown of payment terms and installments if applicable

3. Inventory List: List of fixtures, fittings, and furnishings included in the sale

4. Building Rules and Regulations: Copy of the condominium management rules and regulations

5. Service Charge Schedule: Details of maintenance fees and service charges

6. Title Documents: Copies of relevant title documents and certificates

7. Property Tax Certificates: Copies of current property tax assessments and payments

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
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Relevant Industries

Real Estate

Legal Services

Banking & Finance

Property Development

Construction

Property Management

Insurance

Professional Services

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Sales

Documentation

Risk Management

Operations

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Legal Counsel

Conveyancing Officer

Property Developer

Compliance Officer

Real Estate Transaction Manager

Title Officer

Property Administrator

Legal Document Specialist

Real Estate Portfolio Manager

Industries








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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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