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Vacant Land Purchase And Sale Agreement

Vacant Land Purchase And Sale Agreement Template for Nigeria

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Key Requirements PROMPT example:

Vacant Land Purchase And Sale Agreement

"I need a Vacant Land Purchase and Sale Agreement for acquiring a 5-hectare plot in Lagos State, Nigeria, for commercial development, with a phased payment structure and specific environmental compliance requirements due to the coastal location."

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Document background
The Vacant Land Purchase And Sale Agreement is a crucial document used in Nigerian real estate transactions involving undeveloped land. It serves as the primary instrument for documenting the transfer of vacant land ownership between parties, ensuring compliance with Nigerian land law requirements, particularly the Land Use Act of 1978. This agreement is essential when acquiring undeveloped property for various purposes including development, investment, or agricultural use. It includes specific provisions for obtaining necessary government approvals, conducting due diligence, and addressing unique aspects of Nigerian land ownership such as traditional rights and state governor's consent. The document is structured to protect both buyer and seller interests while ensuring the transaction meets all legal and regulatory requirements for land transfers in Nigeria.
Suggested Sections

1. Parties: Identification of seller and buyer with full legal names and addresses

2. Background: Context of the transaction and brief description of the vacant land

3. Definitions: Key terms used throughout the agreement

4. Property Description: Detailed description of the vacant land including boundaries, survey details, and title information

5. Purchase Price: Statement of purchase price and payment terms

6. Due Diligence: Buyer's rights and timeframes for property investigation

7. Conditions Precedent: Conditions that must be met before completion, including Governor's consent under the Land Use Act

8. Seller's Representations and Warranties: Seller's guarantees regarding title, encumbrances, and property condition

9. Buyer's Representations and Warranties: Buyer's guarantees regarding capacity and funding

10. Completion: Process and requirements for closing the transaction

11. Default and Remedies: Consequences of breach by either party

12. Notices: How formal communications between parties should be made

13. Governing Law: Specification of Nigerian law and jurisdiction

14. Boilerplate Provisions: Standard contract clauses including entire agreement, amendments, and severability

Optional Sections

1. Environmental Matters: Include when property is in an environmentally sensitive area or has known environmental issues

2. Planning and Zoning: Include when specific development plans exist or zoning requirements need addressing

3. Access Rights: Include when property requires crossing other land for access

4. Mineral Rights: Include when mineral rights are being retained or transferred

5. Traditional Rights: Include when property is subject to traditional or community rights

6. Development Obligations: Include when there are specific development requirements or restrictions

7. Agent Provisions: Include when real estate agents are involved in the transaction

Suggested Schedules

1. Property Schedule: Detailed property description, including survey plan and coordinates

2. Title Documents: List of all relevant title documents and certificates

3. Payment Schedule: Breakdown of payment terms and installments if applicable

4. Due Diligence Checklist: List of required investigations and documentation

5. Form for Governor's Consent: Required application form for obtaining Governor's consent to the transaction

6. Land Use Clearance: Documentation showing current land use classification and permissions

7. Property Tax Clearance: Evidence of payment of all relevant property taxes and charges

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



































Clauses






























Relevant Industries

Real Estate

Construction

Agriculture

Industrial Development

Commercial Development

Residential Development

Infrastructure

Energy

Mining

Hospitality

Retail

Manufacturing

Relevant Teams

Legal

Real Estate

Property Development

Facilities Management

Operations

Compliance

Finance

Corporate Affairs

Project Management

Investment

Relevant Roles

Real Estate Director

Property Manager

Legal Counsel

Land Administrator

Development Manager

Investment Manager

Facilities Manager

Project Manager

Corporate Lawyer

Compliance Officer

Real Estate Agent

Property Developer

Land Surveyor

Chief Executive Officer

Chief Financial Officer

Operations Director

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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