tiktok³ÉÈË°æ

The Pre Sale Agreement Property is a crucial document in Nigerian real estate transactions, specifically designed for situations where property is sold before its completion or development. This agreement type is commonly used in new development projects, off-plan sales, and under-construction property transactions. It protects both buyers and sellers by clearly defining payment structures, construction specifications, completion timelines, and delivery obligations. The document must comply with Nigerian property laws, particularly the Land Use Act 1978, and relevant state-specific regulations. It includes essential provisions for title verification, payment schedules, construction standards, and completion requirements, making it invaluable for property developers, investors, and individual buyers engaging in pre-completion property purchases.

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

2. Background: Context of the transaction, brief description of the property, and intention of the parties to enter into a pre-sale arrangement

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

4. Property Description: Detailed description of the property, including location, boundaries, and size

5. Purchase Price: Total purchase price, payment structure, and payment methods

6. Payment Terms: Detailed breakdown of payment schedule, installments, and consequences of default

7. Completion Timeline: Expected completion date of the property and delivery schedule

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

9. Buyer's Representations and Warranties: Buyer's confirmations regarding financial capacity and understanding of terms

10. Construction Standards: Specifications and quality standards for the property construction

11. Title and Documentation: Requirements for title transfer and necessary documentation

12. Default and Remedies: Consequences of breach and available remedies for both parties

13. Termination: Circumstances and procedures for agreement termination

14. Governing Law: Confirmation of Nigerian law as governing law and jurisdiction

15. Notices: Process for serving formal notices between parties

16. Execution: Signature blocks and execution requirements