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Simple For Sale By Owner Contract Template for Nigeria

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Key Requirements PROMPT example:

Simple For Sale By Owner Contract

"I need a Simple For Sale By Owner Contract for my 3-bedroom residential property in Lagos, Nigeria, with completion planned for March 2025, including provisions for a 20% initial deposit and the property to be delivered vacant."

Document background
The Simple For Sale By Owner Contract is designed for property transactions in Nigeria where owners wish to sell their property directly without engaging a real estate agent. This document type emerged from the need for a straightforward yet legally compliant way to conduct property sales, adhering to Nigerian property law requirements, particularly the Land Use Act of 1978. It's commonly used in both residential and commercial property transactions where parties prefer direct negotiations. The contract includes essential provisions for property description, payment terms, warranties, and closing conditions, while incorporating necessary requirements for property transfer under Nigerian law. This document type is particularly valuable in reducing transaction costs while ensuring legal compliance and protection for both parties.
Suggested Sections

1. Parties: Identification and details of the Seller and Buyer, including full legal names, addresses, and contact information

2. Background: Brief context of the transaction and confirmation of Seller's right to sell the property

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

4. Property Description: Detailed description of the property including address, boundaries, and registration details

5. Purchase Price: Agreed purchase price and payment terms, including deposit requirements

6. Payment Terms: Schedule of payments, method of payment, and consequences of default

7. Title and Documentation: Confirmation of title status and required documentation for transfer

8. Closing Date: Specified date for completion of the transaction

9. Seller's Representations: Seller's warranties regarding property ownership, encumbrances, and condition

10. Buyer's Representations: Buyer's acknowledgments and confirmations regarding property inspection and purchase capacity

11. Closing Costs: Allocation of responsibility for various closing costs and fees

12. Risk and Insurance: Transfer of risk and insurance responsibilities

13. Default Provisions: Consequences and remedies in case of default by either party

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

15. Execution: Signature blocks and execution requirements

Optional Sections

1. Tenant Rights: Required if the property is currently tenanted, addressing existing lease agreements

2. Financing Contingency: Include if the purchase is contingent on buyer obtaining financing

3. Property Inspection: Detailed terms for property inspection if not completed prior to contract

4. Fixtures and Fittings: Specific list of items included/excluded in the sale

5. Environmental Matters: Required for properties with potential environmental concerns

6. Planning Permissions: Necessary for properties requiring specific planning or zoning compliance

7. Third Party Rights: Address any existing rights of way, easements, or third-party interests

8. Post-Closing Occupancy: Include if seller requires temporary occupancy after closing

Suggested Schedules

1. Schedule A - Property Details: Detailed property description, including land survey and boundaries

2. Schedule B - Included Items: Comprehensive list of fixtures, fittings, and other items included in the sale

3. Schedule C - Excluded Items: List of items specifically excluded from the sale

4. Schedule D - Title Documents: List of all relevant title documents and certificates

5. Schedule E - Payment Schedule: Detailed breakdown of payment terms and installments if applicable

6. Appendix 1 - Property Photos: Recent photographs of the property for identification

7. Appendix 2 - Land Survey Plan: Current survey plan of the property

8. Appendix 3 - Required Permits: Copies of relevant permits and certificates

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions






























Clauses






























Relevant Industries

Real Estate

Residential Property

Commercial Property

Construction

Property Development

Banking and Finance

Legal Services

Property Investment

Urban Development

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Document Administration

Property Acquisitions

Asset Management

Contract Management

Business Development

Investment

Relevant Roles

Property Owner

Real Estate Investor

Property Developer

Legal Counsel

Property Manager

Compliance Officer

Real Estate Administrator

Title Officer

Contract Administrator

Property Acquisition Manager

Real Estate Director

Legal Administrator

Business Owner

Property Investment Analyst

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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