The Contract To Sell Property is a fundamental legal document used in Nigerian property transactions to formalize the agreement between a seller and buyer for the transfer of property ownership. This document is essential in both commercial and residential property transactions throughout Nigeria, where land ownership and transfer are primarily governed by the Land Use Act of 1978. The contract must incorporate specific requirements under Nigerian law, including provisions for obtaining Governor's consent, proper property description, and necessary warranties. It serves as the primary evidence of the transaction terms and is crucial for protecting both parties' interests, ensuring proper title transfer, and maintaining compliance with state and federal regulations. The document is particularly important given Nigeria's unique land tenure system where all land is technically held in trust by the government.
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1. Parties: Identifies and provides full details of the seller and buyer, including names, addresses, and any registration numbers for corporate entities
2. Background: Establishes the context of the sale, confirms the seller's ownership and authority to sell
3. Definitions: Defines key terms used throughout the agreement
4. Property Description: Detailed description of the property being sold, including exact location, boundaries, and registered title information
5. Sale and Purchase: Core agreement to sell and purchase, including the basic obligations of both parties
6. Purchase Price: States the agreed purchase price and payment terms, including deposit arrangements
7. Conditions Precedent: Lists conditions that must be satisfied before completion, including obtaining Governor's consent
8. Completion: Details of the completion process, timing, and requirements
9. Seller's Warranties: Warranties regarding property title, condition, and other relevant aspects
10. Buyer's Warranties: Warranties regarding capacity to purchase and fund availability
11. Title and Registration: Provisions regarding transfer of title and registration requirements
12. Risk and Insurance: Allocation of risk and insurance responsibilities before completion
13. Notices: How formal notices under the agreement should be given
14. Governing Law: Confirms Nigerian law governs the agreement and jurisdiction for disputes
15. Execution: Signature blocks and execution formalities
1. Tenant Provisions: Used when the property is sold subject to existing tenancies
2. Planning Permissions: Required when the property requires specific planning permissions or has ongoing applications
3. Environmental Matters: Included when there are specific environmental concerns or requirements
4. Development Obligations: Used when the property is part of a development project or has building obligations
5. Service Charge Provisions: Required for properties in managed developments or estates
6. Third Party Rights: Included when there are existing rights affecting the property
7. Mortgage Provisions: Used when the purchase is subject to mortgage financing
8. Pre-emption Rights: Required when there are existing pre-emption rights to be addressed
1. Property Schedule: Detailed property description, including plans, boundaries, and title particulars
2. Title Documents: List of all title documents and certified copies
3. Fixtures and Fittings: Inventory of items included and excluded from the sale
4. Property Certificates: Copies of relevant property certificates and permits
5. Existing Tenancies: Details of any existing tenancy agreements affecting the property
6. Planning Permissions: Copies of relevant planning permissions and applications
7. Property Search Results: Results of official property searches and enquiries
8. Payment Schedule: Detailed breakdown of payment terms and installments if applicable
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