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The Mortgage Sales Agreement is a crucial document in Nigerian real estate transactions where property purchase is financed through a mortgage. This document is used when a buyer requires mortgage financing to purchase property, combining both the sale and mortgage aspects into a single agreement. It must comply with Nigerian federal and state property laws, particularly the Land Use Act of 1978, the Federal Mortgage Bank of Nigeria Act, and relevant state property laws. The agreement includes essential details about the property, purchase price, mortgage terms, security arrangements, and obligations of all parties. It's particularly important in Nigeria's unique land tenure system where state governor's consent may be required for property transfers. The document serves both as evidence of the property sale and the creation of a mortgage security interest, making it essential for property transactions involving institutional financing.

1. Parties: Identification of all parties including Seller, Buyer/Mortgagor, and Mortgagee (lending institution)

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

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

4. Property Description: Detailed description of the property being sold and mortgaged, including legal description and registration details

5. Purchase Price and Payment Terms: Details of the purchase price, deposit, and payment structure

6. Mortgage Terms: Key mortgage terms including principal amount, interest rate, repayment period, and payment schedule

7. Security Arrangements: Details of the mortgage security, charge over the property, and registration requirements

8. Representations and Warranties: Statements and guarantees by all parties regarding their capacity, property condition, and title

9. Seller's Obligations: Obligations of the seller including title transfer and property handover requirements

10. Buyer's Covenants: Buyer's promises regarding property maintenance, insurance, and mortgage payments

11. Default and Remedies: Consequences of default and available remedies for all parties

12. Completion: Process and requirements for completing the sale and mortgage registration

13. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction details

14. Notices: Process and requirements for serving notices between parties

15. Execution: Signature blocks and execution requirements for all parties