The Commercial Property Purchase Agreement is a crucial legal instrument used in Nigerian real estate transactions for the acquisition of commercial properties. It is essential for businesses, investors, and property developers operating under Nigerian law, particularly the Land Use Act of 1978 and various state-specific regulations. This document becomes necessary when parties wish to execute a commercial property transaction, requiring detailed documentation of property specifications, financial terms, warranties, and completion requirements. It must comply with federal and state-level property laws, including requirements for governor's consent, proper registration, and environmental compliance. The agreement typically includes comprehensive due diligence findings, existing tenant information, and specific provisions for foreign investment if applicable. It serves as the primary record of the transaction terms and protects all parties' interests throughout the property transfer process.
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1. Parties: Identification of the seller and purchaser, including full legal names, registration details for companies, and addresses
2. Background: Context of the transaction, including brief property description and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property, including boundaries, measurements, and registered title information
5. Purchase Price: Agreed purchase price and payment terms, including deposit arrangements
6. Payment Terms: Detailed payment schedule, method of payment, and currency specifications
7. Conditions Precedent: Conditions that must be satisfied before completion, including title verification and regulatory approvals
8. Seller's Representations and Warranties: Seller's declarations regarding property ownership, condition, and legal status
9. Purchaser's Representations and Warranties: Purchaser's declarations regarding legal capacity and financial ability to complete the purchase
10. Completion: Requirements and procedures for completing the transaction, including documentation and timing
11. Title and Registration: Provisions regarding transfer of title and registration requirements under Nigerian law
12. Risk and Insurance: Allocation of risk and insurance requirements before and after completion
13. Default and Remedies: Consequences of default by either party and available remedies
14. Notices: Process and requirements for formal communications between parties
15. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes
16. Boilerplate Clauses: Standard contractual provisions including severability, entire agreement, and amendments
1. Existing Tenancies: Details of current tenants and treatment of existing lease agreements - include when property has sitting tenants
2. Planning Permissions: Details of existing planning permissions and requirements - include when property has specific planning restrictions or opportunities
3. Environmental Compliance: Specific environmental requirements and compliance measures - include for industrial properties or environmentally sensitive areas
4. Development Rights: Rights and restrictions regarding future development - include when development potential is a key aspect of the purchase
5. Service Contracts: Treatment of existing service contracts and maintenance agreements - include when property has ongoing service arrangements
6. Tax Matters: Specific tax arrangements or implications - include when transaction has complex tax considerations
7. Foreign Investment Provisions: Specific provisions required for foreign buyers - include when purchaser is a foreign entity
1. Schedule 1 - Property Details: Detailed property description, including plans, boundaries, and registered title information
2. Schedule 2 - Fixtures and Fittings: Inventory of included and excluded fixtures, fittings, and equipment
3. Schedule 3 - Property Documents: List of all title documents, certificates, and other relevant property documentation
4. Schedule 4 - Existing Leases: Details of current lease agreements and tenancies
5. Schedule 5 - Planning Permissions: Copies of relevant planning permissions and certificates
6. Schedule 6 - Environmental Reports: Environmental surveys, assessments, and compliance certificates
7. Appendix A - Property Plans: Detailed plans, drawings, and surveys of the property
8. Appendix B - Due Diligence Reports: Summary of legal and technical due diligence findings
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