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1. Parties: Identifies and provides full details of the Seller and Buyer, including names, addresses, and contact information
2. Background: Brief context about the transaction and current ownership status of the vehicle
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Vehicle Details: Comprehensive description of the vehicle including make, model, year, VIN, registration number, and current condition
5. Purchase Price and Payment Terms: Specifies the agreed purchase price and payment method, including any deposit arrangements
6. Transfer of Ownership: Details the legal transfer of ownership and timing of the transfer
7. Seller's Representations and Warranties: Seller's declarations regarding vehicle ownership, condition, and absence of encumbrances
8. Buyer's Acknowledgments: Buyer's confirmation of vehicle inspection and acceptance of condition
9. Registration and Documentation: Requirements for transfer of registration and necessary documentation
10. Handover Process: Details of vehicle delivery and documentation handover procedure
11. Governing Law: Specifies Nigerian law as governing law and relevant jurisdiction
12. Execution: Signature blocks and execution requirements
1. Outstanding Loans or Encumbrances: Required if there are any existing loans or liens on the vehicle that need to be cleared
2. Insurance Transfer: Include when existing insurance policy is being transferred or terminated
3. Maintenance Records: Optional section detailing vehicle maintenance history when relevant
4. Intermediary or Agent: Required when a dealer or agent is involved in the transfer
5. Import Documentation: Required for imported vehicles to confirm compliance with customs regulations
6. Payment in Installments: Include when payment is not made in full at time of transfer
7. Defects Disclosure: Detailed disclosure of known defects or damage, recommended for older vehicles
1. Schedule A - Vehicle Inspection Report: Detailed report of vehicle condition and any existing damage at time of transfer
2. Schedule B - Vehicle Documentation: List of all documentation being transferred with the vehicle
3. Schedule C - Payment Schedule: If applicable, details of installment payments and dates
4. Appendix 1 - Vehicle Photographs: Recent photographs of vehicle showing condition and any damage
5. Appendix 2 - Maintenance Records: Copies of service history and maintenance records
6. Appendix 3 - Original Documentation: Copies of original vehicle registration, insurance, and other relevant certificates
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