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The Residential Contract of Sale is a fundamental legal document used in Nigerian property transactions for the transfer of residential property ownership. It is essential for ensuring compliance with Nigerian federal and state property laws, particularly the Land Use Act 1978, which governs land ownership and administration. This document is used when a property owner (seller) wishes to transfer ownership to a buyer, whether the property is free-standing, part of a development, or an apartment. The contract includes crucial details about the property, parties involved, purchase price, payment terms, warranties, and completion requirements. It also addresses specific Nigerian legal requirements such as Governor's Consent for property transfer, land use considerations, and state-specific regulations. The document serves as both a legal record of the transaction and a binding agreement that protects the interests of all parties involved.

1. Parties: Identification of the seller and buyer with full legal names, addresses, and contact information

2. Background: Context of the sale and brief description of the property being sold

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

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

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

6. Payment Terms: Details of how and when payments will be made, including deposits and installments

7. Completion: Terms and conditions for completion of the sale, including timing and requirements

8. Title and Transfer: Warranties of title and procedures for transfer of ownership

9. Seller's Representations and Warranties: Warranties regarding property condition, ownership, and absence of encumbrances

10. Buyer's Representations and Warranties: Confirmations regarding buyer's capacity and ability to complete the purchase

11. Conditions Precedent: Conditions that must be satisfied before completion

12. Risk and Insurance: Allocation of risk and insurance requirements until completion

13. Default and Remedies: Consequences of default by either party and available remedies

14. Notices: Process for giving formal notices under the agreement

15. Governing Law: Confirmation of Nigerian law as governing law and jurisdiction

16. Execution: Signature blocks and execution requirements