The Simple Real Estate Purchase Agreement is a fundamental legal document used in Nigerian property transactions to formalize the transfer of real estate ownership. This document is particularly suitable for straightforward property purchases where standard terms and conditions apply. It incorporates essential requirements under Nigerian law, including compliance with the Land Use Act, governor's consent provisions, and proper registration procedures. The agreement is designed to protect both buyers and sellers by clearly stating the terms of sale, purchase price, payment conditions, and completion requirements. While comprehensive enough to cover all necessary legal aspects, it maintains simplicity for ease of use in routine transactions. This template is commonly used for residential and commercial property transactions where complex development or unusual conditions are not involved.
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1. Parties: Identification of the Seller and Buyer with full legal names and addresses
2. Background: Brief context of the transaction and confirmation of Seller's ownership rights
3. Definitions: Key terms used throughout the agreement including Property, Completion Date, Purchase Price
4. Sale and Purchase: Core agreement to sell and purchase the property at the specified price
5. Purchase Price: Amount, currency, and payment terms including deposit and balance
6. Completion: Details of when and how the sale will be completed, including required documents
7. Seller's Warranties: Warranties regarding ownership, right to sell, and property condition
8. Property Condition: Statement of the condition in which the property will be delivered
9. Title and Registration: Provisions regarding clean title transfer and registration requirements
10. Costs and Taxes: Allocation of transaction costs, stamp duty, and other fees
11. Governing Law: Specification of Nigerian law as governing law
12. Execution: Signature blocks and execution requirements
1. Tenant Rights: Required if the property is currently tenanted, addressing existing tenancy agreements
2. Mortgage Details: Required if the property has an existing mortgage to be discharged
3. Planning Permissions: Required if the property involves ongoing development or recent construction
4. Environmental Matters: Required for properties in environmentally sensitive areas or with specific environmental concerns
5. Service Charges: Required for properties within estates or with shared facilities
6. Agent Provisions: Required if real estate agents are involved in the transaction
7. Furniture and Fixtures: Required if the sale includes specific furniture or fixtures
1. Property Description: Detailed description of the property including boundaries, title details, and registration information
2. Inventory: List of included fixtures, fittings, and furniture if applicable
3. Payment Schedule: Detailed breakdown of payment terms and installments if not a single payment
4. Required Documents: List of documents required for completion
5. Property Plans: Survey plans, building plans, and other relevant property drawings
6. Land Use Approvals: Copies of relevant permits and governor's consent documentation
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