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The Vacant Land Purchase Contract is a crucial legal document used in Nigerian real estate transactions for the acquisition of undeveloped land. This document is essential when any individual or entity wishes to purchase vacant land in Nigeria, whether for personal, commercial, or industrial use. It must comply with the Land Use Act of 1978, which vests all land in the state governors, and relevant state-specific regulations. The contract typically includes comprehensive details about the property, purchase terms, due diligence requirements, and the process for obtaining necessary government approvals. It's particularly important in Nigeria due to the complex land tenure system and the requirement for governor's consent in land transactions. The document serves to protect both parties' interests while ensuring compliance with local laws and regulations, including environmental and urban planning requirements.

1. Parties: Identification of the seller and buyer with full legal names, addresses, and registration details if companies

2. Background: Context of the transaction, including brief description of the property and intention to sell/purchase

3. Definitions: Key terms used throughout the agreement including Property, Completion Date, Purchase Price, etc.

4. Property Description: Detailed description of the vacant land including boundaries, size, and location

5. Purchase Price: Agreed purchase price and currency

6. Payment Terms: Structure and timing of payments, including deposit and balance

7. Conditions Precedent: Conditions that must be met before the sale can proceed, including title verification and government approvals

8. Due Diligence: Buyer's right to conduct investigations and surveys of the property

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

10. Buyer's Representations and Warranties: Buyer's guarantees regarding capacity to purchase and compliance with anti-money laundering regulations

11. Completion: Process and requirements for completing the transaction

12. Title Transfer: Procedure for transferring title and obtaining necessary government consents

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

14. Governing Law: Specification of Nigerian law and jurisdiction

15. Notices: Process for formal communications between parties

16. General Provisions: Standard contract clauses including entire agreement, amendments, and severability