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The Mortgage Sales Contract is a vital legal instrument used in Nigerian property transactions where the purchase is financed through a mortgage arrangement. This document is essential when a property buyer requires mortgage financing to complete a purchase, combining both the sale agreement and mortgage terms in compliance with Nigerian federal and state property laws. It typically includes detailed provisions about the property, purchase price, payment structure, mortgage terms, and security arrangements. The document must comply with the Land Use Act 1978, relevant state property laws, and banking regulations. It's particularly important in urban property markets like Lagos, Abuja, and Port Harcourt, where mortgage-financed property transactions are common. The contract serves to protect the interests of all parties - the seller, buyer, and the mortgage provider - while ensuring the transaction meets all legal requirements for property transfer and mortgage registration in Nigeria.

1. Parties: Identification of the Seller, Buyer, and Mortgagee (lending institution)

2. Background: Context of the transaction, including brief property description and intention to sell with mortgage financing

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

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

5. Purchase Price: Total purchase price, deposit amount, and mortgage amount details

6. Payment Terms: Structure of payments, including deposit, mortgage disbursement, and completion payment details

7. Mortgage Terms: Key terms of the mortgage including interest rate, repayment period, and security arrangements

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

9. Seller's Representations and Warranties: Seller's guarantees regarding property title, condition, and authority to sell

10. Buyer's Representations and Warranties: Buyer's guarantees regarding financial capacity and authority to purchase

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

12. Default and Remedies: Consequences and remedies for breach of contract terms

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

14. Execution: Signature blocks for all parties and witness requirements