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Real Property Sales Contract

Real Property Sales Contract Template for Nigeria

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Key Requirements PROMPT example:

Real Property Sales Contract

"I need a Real Property Sales Contract for the purchase of a commercial office building in Lagos, Nigeria, with completion scheduled for March 2025, including specific provisions for existing tenants and service contracts."

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Document background
The Real Property Sales Contract is a fundamental legal document used in Nigerian property transactions to formalize the transfer of real estate between parties. This document is essential when any real property is being sold in Nigeria, whether for residential, commercial, or industrial purposes. It must comply with the Land Use Act of 1978, which vests all land in the state government, and requires obtaining Governor's consent for property transfers. The contract addresses crucial elements including property description, purchase price, payment terms, warranties, and completion requirements. It's particularly important in the Nigerian context due to the complex nature of land ownership, the need for proper documentation for land registry purposes, and the requirement to comply with both federal and state-specific property laws. The document serves as a crucial tool for protecting both buyers' and sellers' interests while ensuring legal compliance in property transactions.
Suggested Sections

1. Parties: Identification of seller and buyer with full legal names, addresses, and registration details if companies

2. Background: Context of the sale, brief description of the property, and purpose of the agreement

3. Definitions: Key terms used throughout the agreement including Property, Completion Date, Purchase Price, etc.

4. Sale and Purchase: Core agreement to sell and purchase the property, including basic terms

5. Purchase Price: Detailed breakdown of the purchase price, payment terms, and payment method

6. Conditions Precedent: Required conditions before completion, including Governor's consent requirements

7. Seller's Warranties: Warranties regarding ownership, authority to sell, property condition, and encumbrances

8. Buyer's Warranties: Warranties regarding capacity to purchase and financial ability

9. Completion: Process for completion, including timing, location, and documentation requirements

10. Post-Completion Matters: Actions required after completion, including registration and handover

11. Risk and Insurance: Transfer of risk and insurance requirements

12. Notices: Process for serving notices between parties

13. Governing Law: Confirmation of Nigerian law and relevant state jurisdiction

14. Dispute Resolution: Process for handling disputes, including jurisdiction and arbitration provisions

Optional Sections

1. Environmental Matters: Include when property has environmental concerns or requires environmental permits

2. Planning Permissions: Include when property requires specific planning permissions or has development potential

3. Tenant Provisions: Include when property is sold subject to existing tenancies

4. Service Contracts: Include when property has ongoing service contracts that need to be addressed

5. Development Obligations: Include when property sale includes future development commitments

6. Agricultural Provisions: Include for agricultural land sales with specific usage requirements

7. Mining Rights: Include when mineral rights are relevant to the property

8. Third Party Rights: Include when there are specific third-party rights affecting the property

Suggested Schedules

1. Property Description: Detailed description of the property including boundaries, title details, and land registry information

2. Title Documents: List of all title documents and certified copies

3. Payment Schedule: Detailed breakdown of payment installments and timing if not a single payment

4. Existing Encumbrances: List of any existing charges, mortgages, or encumbrances affecting the property

5. Property Inventory: List of fixtures, fittings, and contents included in the sale

6. Required Consents: List of all required regulatory and governmental consents

7. Outstanding Works: Details of any works to be completed before or after completion

8. Property Plans: Survey plans, architectural drawings, and other relevant property plans

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions

















































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Relevant Industries

Real Estate

Construction

Banking & Finance

Agriculture

Manufacturing

Hospitality

Retail

Industrial

Healthcare

Education

Mining

Oil & Gas

Relevant Teams

Legal

Real Estate

Facilities Management

Compliance

Risk Management

Property Development

Commercial

Investment

Operations

Corporate Services

Administration

Relevant Roles

Real Estate Manager

Property Lawyer

Legal Counsel

Chief Legal Officer

Property Developer

Facilities Manager

Real Estate Agent

Property Surveyor

Compliance Officer

Risk Manager

Commercial Director

Investment Manager

Property Portfolio Manager

Estate Administrator

Land Administrator

Corporate Real Estate Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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