Deposit For Purchase Agreement

Deposit For Purchase Agreement Template for Nigeria

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Key Requirements PROMPT example:

"I need a Deposit For Purchase Agreement for a commercial property in Lagos, Nigeria, with a 15% deposit and completion date of March 15, 2025, including specific provisions for due diligence period and property inspection requirements."

Document background

The Deposit For Purchase Agreement is a critical document used in Nigerian property transactions to secure a buyer's intention to purchase and a seller's commitment to sell. This agreement is typically employed when a buyer has agreed to purchase a property but requires time to arrange full funding or conduct due diligence. It protects both parties by clearly documenting the deposit amount, purchase price, completion timeline, and conditions for both proceeding with and potentially withdrawing from the sale. Under Nigerian law, this agreement must comply with the Land Use Act 1978 and relevant state property laws. The document includes specific provisions for deposit handling, property description, completion requirements, and default remedies, making it essential for both residential and commercial property transactions.

Suggested Sections

1. Parties: Identification and details of the seller and purchaser, including full legal names, addresses, and contact information

2. Background: Brief context of the transaction and purpose of the agreement

3. Definitions: Key terms used throughout the agreement defined for clarity and legal certainty

4. Property Details: Comprehensive description of the property being purchased, including legal description and registration details

5. Purchase Price and Deposit: Specification of the total purchase price and deposit amount, payment terms, and methods of payment

6. Payment Terms: Detailed structure of how and when payments will be made, including deposit and balance payment schedules

7. Conditions Precedent: Any conditions that must be satisfied before the agreement becomes fully effective

8. Completion: Terms and process for completing the final purchase, including timing and requirements

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

10. Representations and Warranties: Statements of fact and promises made by both parties regarding their capacity and the property

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

Optional Sections

1. Due Diligence: Optional section detailing the buyer's right to conduct property investigations - include when the buyer requires specific due diligence rights

2. Property Condition: Detailed description of property condition - include when selling property 'as is' or with specific conditions

3. Mortgage Contingency: Terms related to purchaser's financing - include when purchase is dependent on mortgage approval

4. Property Insurance: Requirements for insurance during the deposit period - include when there's a significant gap between deposit and completion

5. Force Majeure: Provisions for unforeseen circumstances - include when there's potential for external factors affecting completion

6. Assignment Rights: Rights to assign the agreement to third parties - include when either party might need to transfer rights

Suggested Schedules

1. Property Description Schedule: Detailed technical description of the property, including boundaries, measurements, and included fixtures

2. Payment Schedule: Detailed breakdown of payment terms, including deposit and subsequent payments

3. Title Documents: List of all relevant title documents and certificates

4. Property Inspection Report: Results of any property inspections or surveys conducted

5. Completion Requirements Checklist: List of all documents and actions required for completion

6. Special Conditions: Any special terms or conditions specific to this transaction

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 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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Legal

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Real Estate Manager

Property Lawyer

Legal Counsel

Property Developer

Commercial Director

Facilities Manager

Chief Financial Officer

Property Acquisition Manager

Real Estate Agent

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Investment Manager

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