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A Contract of Sale of Real Property is an agreement between the buyer and seller specifying the terms and conditions for the sale of real property. Here, the seller agrees to sell, and the buyer agrees to buy real property. This document outlines the terms and conditions for the sale and purchase of the property. The property in this contract includes land and building.
This document protects the parties to the agreement as it contains terms that the parties have expressly agreed to, and no party can withdraw from the contract without being liable for a breach of contract.
How to use this document
This document can be used when a person or company desires to sell an immovable property to another who has agreed to buy the property.
In this document, the form filler will be required to fill the particulars of the parties, the description of the property being sold, the purchase price and the terms and conditions of the agreement.
The document enable parties to agree on basic terms such as whether the purchaser(s) will be required to make an initial deposit, the manner in which the purchase price will be paid, date and place of closing, if there are personal items (fixtures and fittings, such as furniture, kitchen utensil etc.) to be sold along with the property etc. It also contains other terms such as insurance of the property and whether parties agree to resort to arbitration to settle their dispute.
After filling this form, the parties to the agreement must sign the document and their witnesses must fill out their names, addresses, occupation and sign the document.
Where any party is a company, the company seal should be affixed on the document and either two directors or one director and one secretary should sign the document.
After signing, each party should keep at least one original copy of the document for record purposes.
The sale and purchase of real estate are subject to federal and state legislations in Nigeria. Therefore, the following laws apply to this document: the Land Use Act, 1978, Constitution of the Federal Republic of Nigeria (As Amended), 1999, Conveyancing Act, 1881, Registration of Titles Law of the various states in Nigeria.
The general rules of contract also apply to this document.
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A guide to help you: How to Acquire Real Property in Nigeria
Other names for the document: Agreement to Sell, Contract for Sale of Land, Contract for Sale of Property, Contract for Sale of Real Estate, Contract of Sale of Land in Nigeria