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Property Agreement Contract for Nigeria

Property Agreement Contract Template for Nigeria

A comprehensive legal document governed by Nigerian law that facilitates the transfer or agreement of property rights between parties. This agreement adheres to the requirements of the Nigerian Land Use Act and related property legislation, incorporating essential elements such as property details, consideration, warranties, and completion terms. The document ensures compliance with state-specific requirements, including necessary governmental consents and registrations, while protecting the interests of all parties involved in the property transaction.

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What is a Property Agreement Contract?

The Property Agreement Contract is a fundamental legal instrument in Nigerian real estate transactions, designed to formalize and document property transfers, sales, or rights agreements. This document is essential when conducting any significant property transaction in Nigeria, whether for residential, commercial, or industrial purposes. It must comply with the Land Use Act 1978 and various state-specific property laws, requiring careful attention to local regulations and governmental consent procedures. The agreement typically includes comprehensive details about the property, parties involved, consideration, warranties, and completion requirements, while also addressing specific Nigerian legal requirements such as state governor's consent where applicable. This document is particularly important given Nigeria's unique land tenure system and the need for proper documentation in property transactions.

What sections should be included in a Property Agreement Contract?

1. Parties: Identification of all parties involved in the agreement, including full legal names, addresses, and registration details if companies are involved

2. Background: Context of the agreement, including brief property history and purpose of the transaction

3. Definitions: Detailed definitions of key terms used throughout the agreement

4. Property Details: Comprehensive description of the property, including location, boundaries, and registration details

5. Consideration: Details of the purchase price or other consideration, payment terms and methods

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

7. Completion: Terms and conditions for completing the transaction, including timing and procedures

8. Title and Registration: Provisions regarding transfer of title and registration requirements under Nigerian law

9. Covenants: Obligations of both parties before and after completion

10. Risk and Insurance: Allocation of risk and insurance requirements

11. Default and Remedies: Consequences of breach and available remedies

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

13. Notices: Process for serving formal notices between parties

14. Execution: Signature blocks and execution requirements

What sections are optional to include in a Property Agreement Contract?

1. Environmental Matters: Required when the property has specific environmental considerations or requirements

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

3. Tenant Rights: Required when the property is sold subject to existing tenancies

4. Service Charges: Needed for properties in estates or with shared facilities

5. Development Obligations: Include when the agreement involves future development commitments

6. Agricultural Provisions: Required for agricultural land transactions

7. Mineral Rights: Include when mineral rights are relevant to the transaction

8. State Consent: Required for transactions requiring specific state governor consent

9. Special Conditions: For any unique requirements specific to the transaction

What schedules should be included in a Property Agreement Contract?

1. Property Description Schedule: Detailed technical description of the property, including surveys and plans

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

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

4. Encumbrances Schedule: List of any existing charges, mortgages, or other encumbrances

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

6. Property Certificates: Copies of relevant certificates and permits

7. Land Use Approvals: Copies of land use and zoning approvals

8. Survey Plan: Detailed survey plan and property measurements

Authors

Alex Denne

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

Jurisdiction

Nigeria

Publisher

Ƶ

Cost

Free to use
Relevant legal definitions








































Clauses


































Relevant Industries

Real Estate

Construction

Property Development

Banking and Finance

Legal Services

Agriculture

Commercial Property

Residential Property

Industrial Property

Hospitality

Retail

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Finance

Operations

Business Development

Facilities Management

Risk Management

Asset Management

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Legal Counsel

Property Developer

Investment Manager

Facilities Manager

Real Estate Investment Analyst

Land Administrator

Compliance Officer

Contract Manager

Estate Surveyor

Property Valuer

Business Development Manager

Real Estate Portfolio 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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