When it comes to purchasing land in Nigeria, it is important to have a land purchase agreement in place to ensure a smooth transaction and protect both the buyer and the seller. This agreement outlines the terms and conditions of the purchase, including the purchase price, payment terms, and any contingencies.
Here is a sample land purchase agreement in Nigeria:
Agreement made on [date] between [seller’s name and address] (“Seller”) and [buyer’s name and address] (“Buyer”).
Property: [full description of the property being sold, including size and location]
Purchase Price: [amount in Nigerian Naira]
Payment Terms: The purchase price shall be paid in full by the Buyer on or before [date]. The Buyer shall pay the Seller a deposit of [amount in Nigerian Naira] upon signing this agreement, with the remaining balance due on or before the closing date. The deposit shall be non-refundable, except in the event of the Seller’s breach of this agreement.
Closing Date: The closing date shall be [date]. The closing shall take place at a location agreed upon by the parties.
Contingencies: This agreement is contingent upon the following:
- The Buyer obtaining financing, if necessary, on terms acceptable to the Buyer.
- The Buyer obtaining any necessary approvals or permits from the relevant government authorities.
- The Buyer receiving a satisfactory report from a qualified surveyor regarding the property’s boundaries and any encumbrances.
- The Buyer receiving a satisfactory report from a qualified attorney regarding the property’s title and any liens or other claims.
- The Seller providing clear and marketable title to the property.
Representations and Warranties: The Seller represents and warrants that:
- The Seller is the sole owner of the property, free and clear of any liens or other claims.
- The Seller has the right to sell the property, and the sale will not violate any applicable laws or regulations.
- There are no pending or threatened legal actions against the Seller or the property.
- The property is in compliance with all applicable laws and regulations.
- The property is not subject to any easements, rights of way, or other encumbrances, except as disclosed to the Buyer.
Indemnification: The Seller shall indemnify and hold harmless the Buyer from any claims, damages, or liabilities arising from the Seller’s breach of this agreement.
Governing Law: This agreement shall be governed by and construed in accordance with the laws of Nigeria.
Entire Agreement: This agreement constitutes the entire agreement between the parties and supersedes all prior negotiations, understandings, and agreements, whether written or oral.
In conclusion, having a land purchase agreement in place when purchasing land in Nigeria can protect both the buyer and the seller and ensure a smooth transaction. This sample agreement can be customized to fit the specific needs of the parties involved.