Land Sale Agreement Sample In Nigeria Form – Fill Out and Use This PDF

The Land Sale Agreement Sample in Nigeria form is essentially a contract template used for the transaction of purchasing vacant residential land without the involvement of a broker, highlighting the seriousness of its legal implications. It outlines a comprehensive framework for the agreement between the seller and the buyer, covering the property details, sale price, terms of payment, and other conditions relevant to the transfer of property ownership. This document serves as a crucial tool in ensuring both parties are clear on their obligations and the specifics of the property involved. If you're looking to understand or use this form, click the button below to start filling it out today.

Land Sale Agreement Sample In Nigeria Form PDF Details

Engaging in the sale and purchase of real estate in Nigeria, especially for vacant residential land without the involvement of a broker, is a significant transaction that necessitates careful documentation. The Land Sale Agreement Sample for Nigeria is a comprehensive document designed to ensure both the seller and the buyer are legally protected and fully informed of their rights and obligations throughout the transaction. This form outlines the mutual agreement to sell and purchase the described property, detailing the sales price, financing arrangements, and the condition of the property, among other crucial aspects. It emphasizes the importance of legal and tax counsel due to the substantial legal consequences involved. The agreement includes provisions for earnest money deposit, utilities, closing and possession specifics, and addresses eventualities such as default, representations, and the necessity of a legal framework in case of disputes. The form also contains clauses about federal tax requirements and the assignment of the agreement, ensuring that the entire process is transparent and legally binding. By thoroughly covering all aspects of the transaction, from property description to closing costs and prorations, this form provides a structured pathway for parties to navigate the complexities of real estate transactions in Nigeria.

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CONTRACT FOR THE SALE AND PURCHASE OF REAL ESTATE

NO BROKER - VACANT RESIDENTIAL LAND

WARNING: THIS CONTRACT HAS SUBSTANTIAL LEGAL CONSEQUENCES AND THE PARTIES ARE ADVISED TO CONSULT LEGAL AND TAX COUNSEL.

FOR VALUABLE CONSIDERATION OF TEN DOLLARS and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, ___________________________________________________

______________________________________ (Seller), whether one or more, and _______________________________

__________________________________________________ (Buyer), whether one or more, do hereby covenant, contract

and agree as follows:

1. AGREEMENT TO SALE AND PURCHASE: Seller agrees to sell, and Buyer agrees to buy from Seller the

property described as follows: (complete adequately to identify property)

Lot _________, Block _____, ___________________________ Addition

City of _____________________, ___________________ County, State of ________________________. Address: ___________________________________________________ (Address/Zip Code), or as described on attached exhibit.

Together with all fixtures and attachments to said land except the following:

All property sold by this contract is called the "Property."

2. SALES PRICE: The parties agree to the following sales price:

Purchase Price Earnest Money

Assumption of Loan

Cash at Closing

Total (both columns should be equal)

Both columns should be an equal amount.

If the unpaid principal balance(s) of any assumed loan(s), if any, as of the Closing Date varies from the loan balance(s) stated above, the cash payable at closing will be adjusted by the amount of any variance.

3. FINANCING: The following provisions apply with respect to financing:

CASH SALE: This contract is not contingent on financing.

OWNER FINANCING: Seller agrees to finance ______________ dollars of the purchase price pursuant to

a promissory note from Buyer to Seller of $_________, bearing ________% interest per annum, payable

over a term of _________ years with even monthly payments, secured by a deed of trust or mortgage lien

with the first payment to begin n the _____ day of _________________, 20___.

NEW LOAN OR ASSUMPTION: This contract is contingent on Buyer obtaining financing. Within

_______ days after the effective date of this contract Buyer shall apply for all financing or noteholder's

Buyer Initials ______ _______

Seller Initials _______ _______

approval of any assumption and make every reasonable effort to obtain financing or assumption approval.

Financing or assumption approval will be deemed to have been obtained when the lender determines that

Buyer has satisfied all of lender's financial requirements (those items relating to Buyer's net worth, income

and creditworthiness). If financing or assumption approval is not obtained within ________ days after the

effective date hereof, this contract will terminate and the earnest money will be refunded to Buyer

Existing Loan Review. If an existing loan is not to be released at closing, Seller shall provide copies of the loan documents (including note, deed of trust or mortgage, modifications) to Buyer within

_____________ calendar days from acceptance of this contract. This contract is conditional upon Buyer's

review and approval of the provisions of such loan documents. Buyer consents to the provisions of such loan documents if no written objection is received by Seller from Buyer within _____________ calendar

days from Buyer's receipt of such documents. If the lender's approval of a transfer of the Property is required, this contract is conditional upon Buyer's obtaining such approval without change in the terms of such loan, except as may be agreed by Buyer. If lender's approval is not obtained on or before

_______________________________, ____________, this contract shall be terminated on such date. The

shall not, be released from liability under such existing loan If Seller is to be released

and release approval is not obtained, Seller may nevertheless elect to proceed to closing, or terminate this agreement in the sole discretion of Seller.

Credit Information. If Buyer is to pay all or part of the purchase price by executing a promissory note in favor of Seller or if an existing loan is not to be released at closing, this contract is conditional upon Seller's approval of Buyer's financial ability and creditworthiness, which approval shall be at Seller's sole and absolute discretion. In such case: (l) Buyer shall supply to Seller on or before

_______________________________, ____________, at, Buyer's expense, information and documents

concerning Buyer's financial, employment and credit condition; (2) Buyer consents that Seller may verify Buyer's financial ability and creditworthiness; (3) any such information and documents received by Seller shall be held by Seller in confidence, and not released to others except to protect Seller's interest in this transaction; (4) if Seller does not provide written notice of Seller's disapproval to Buyer on or before

_______________________________, ____________, then Seller waives this condition

4. EARNEST MONEY: Buyer shall deposit $___________ as earnest money with ________________________

upon execution of this contract by both parties.

5. PROPERTY CONDITION:

Buyer hereby represents that he has personally inspected and examined the above mentioned property and accepts the property in it's and present condition.

6. UTILITIES: Water is provided to the property by ___________________________________, Sewer is provided by

_____________________________________. Gas is provided by __________________________. Electricity is provided by _______________________________. Other: __________________________________________

The present condition of all utility access to the property is accepted by Buyer.

Seller is not aware of the existence of wetlands, shoreland, or flood plain on or affecting the real property except as follows: ______________________________________________________________________________.

Seller knows of no hazardous substances or petroleum products having been placed, stored, or released from or on the real property by any person in violation of any law, nor of any underground storage tanks having been located on the real property at any time, except as follows: ___________________________________________________.

7. CLOSING: The closing of the sale will be on or before ___________________, 20___ unless extended pursuant to the terms hereof.

Buyer Initials ______ _______

Seller Initials _______ _______

Closing may be extended to within 7 days after objections to matters disclosed in the title abstract, certificate or Commitment or by the survey have been cured. The closing date may also be extended by written agreement of the parties.

8. TITLE AND CONVEYANCE: Seller is to convey title to Buyer by Warranty Deed or _____________________ (as appropriate) and provide Buyer with a Certificate of Title prepared by an attorney, title or abstract company upon whose Certificate or report title insurance may be obtained from a title insurance company qualified to do and doing business in the state of ______________________. Seller shall, prior to or at closing, satisfy all outstanding mortgages, deeds of trust and special liens affecting the subject property which are not specifically assumed by Buyer herein. Title shall be good and marketable, subject only to (a) covenants, conditions and restrictions of record, (b) public, private utility easements and roads and (c) applicable zoning ordinances, protective covenants and prior mineral reservations, (d) special and other assessments on the property, if any, (e) general taxes for the year

_________ and subsequent years and (e) other: _________________________________________________. A title report shall be provided to Buyer at least 5 days prior to closing. If there are title defects, Seller shall notify Buyer within 5 days of closing and Buyer, at Buyer's option, may either (a) if defects cannot be cured by designated closing date, cancel this contract, in which case all earnest money deposited shall be returned, (b) accept title as is, or (c) if the defects are of such character that they can be remedied by legal action within a reasonable time, permit Seller such reasonable time to perform curative work at Seller's expense. In the event that the curative work is performed by Seller, the time specified herein for closing of this sale shall be extended for a reasonable period necessary for such action. Seller represents that the property may be legally used as zoned and that no government agency has served any notice to Seller requiring repairs, alterations or corrections of any existing condition except as stated herein.

9. APPRAISAL, SURVEY AND TERMITE INSPECTION: Any appraisal of the property shall be the responsibility of Buyer Seller. A survey is not required required, the cost of which shall be paid by Seller Buyer. If a survey is required it shall be obtained within 5 days of closing.

10. POSSESSION AND TITLE: Seller shall deliver possession of the Property to Buyer at closing. Title shall be conveyed to Buyer, if more than one as Joint tenants with rights of survivorship, tenants in common, Other: _________________________________________________. Prior to closing the property shall remain in the possession of Seller.

11. CLOSING COSTS AND EXPENSES: The following closing costs shall be paid as provided. (Leave blank if the closing cost does not apply.)