The Land Acquisition Agreement is a crucial document used in Nigerian real estate transactions for transferring land ownership rights between parties. It must strictly comply with the Land Use Act 1978, which vests all land in state governors to hold in trust for the people. This agreement is essential when purchasing land for development, investment, or other commercial purposes in Nigeria. It includes detailed property descriptions, consideration, warranties, and necessary governmental approvals. The document addresses both statutory requirements and, where applicable, customary land rights, making it particularly important to ensure all local and federal legal requirements are met. Given Nigeria's complex land tenure system, the agreement must incorporate various certificates, permits, and consents from relevant authorities.
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1. Parties: Identification of the seller/transferor and buyer/transferee, including their full legal names, addresses, and registration details if corporate entities
2. Background: Context of the transaction, including brief history of the land ownership and purpose of the acquisition
3. Definitions: Definitions of key terms used throughout the agreement, including technical and legal terminology
4. Property Description: Detailed description of the land being acquired, including boundaries, measurements, and location
5. Consideration: Purchase price, payment terms, and method of payment
6. Representations and Warranties: Seller's warranties regarding ownership, title, encumbrances, and compliance with laws
7. Conditions Precedent: Conditions that must be satisfied before completion, including governmental approvals
8. Completion: Process and requirements for completing the transfer, including timing and documentation
9. Post-Completion Obligations: Actions required after completion, including registration and document filing
10. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes
1. Environmental Matters: Required when the property has environmental concerns or requires environmental impact assessment
2. Customary Rights: Needed when the land is subject to customary rights or community claims
3. Development Obligations: Used when the acquisition includes specific development commitments or restrictions
4. Foreign Investment Provisions: Required when the buyer is a foreign entity, addressing NIPC requirements
5. Resettlement Provisions: Necessary when the acquisition involves displacement of existing occupants
6. Third Party Rights: Required when there are existing leases, easements, or other third-party interests
7. Tax Provisions: Detailed tax arrangements when complex tax implications exist
1. Property Schedule: Detailed technical description of the land, including surveys, plans, and coordinates
2. Title Documents: Copies of existing title documents, certificates of occupancy, and historical transfers
3. Due Diligence Results: Summary of legal and technical due diligence findings
4. Environmental Reports: Environmental impact assessments and related reports if applicable
5. Payment Schedule: Detailed breakdown of payment terms and installments if applicable
6. Required Consents: List of governmental and regulatory approvals required and obtained
7. Encumbrances: Details of any existing encumbrances, charges, or restrictions on the land
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