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The Property Transfer Agreement is a crucial legal instrument used in Nigerian property transactions to formalize and document the transfer of property ownership between parties. It operates within the framework of the Land Use Act 1978, which vests all land in the state governors, requiring their consent for property transfers. This document is essential when transferring any type of property in Nigeria, whether residential, commercial, or industrial. It must address specific Nigerian legal requirements including governor's consent, stamp duty payments, and proper registration with relevant authorities. The agreement protects both parties' interests by clearly defining the property being transferred, purchase terms, warranties, and completion requirements while ensuring compliance with federal and state-specific property laws.

1. Parties: Identifies and provides full details of the transferor and transferee, including names, addresses, and registration details for corporate entities

2. Background: Establishes the context of the transfer, including the transferor's ownership rights and authority to transfer the property

3. Definitions: Defines key terms used throughout the agreement to ensure clarity and prevent ambiguity

4. Property Description: Detailed description of the property being transferred, including its location, boundaries, and registration particulars

5. Consideration: States the agreed purchase price and payment terms, including any deposits and installment arrangements

6. Transfer of Title: Details the mechanics of the transfer, including timing and conditions precedent

7. Representations and Warranties: Statements by the transferor regarding ownership, encumbrances, and condition of the property

8. Covenants: Ongoing obligations of both parties, including cooperation in obtaining necessary approvals

9. Completion: Details of the completion process, including timing, location, and documents to be exchanged

10. Registration and Consent: Provisions regarding obtaining governor's consent and registration requirements

11. Costs and Taxes: Allocation of responsibility for transfer costs, stamp duty, and other taxes

12. Governing Law and Jurisdiction: Specifies Nigerian law as governing law and establishes jurisdiction for disputes