The Land Ownership Agreement is a crucial document in Nigerian property law, used when transferring ownership rights of land between parties. This agreement type is specifically designed to comply with Nigeria's Land Use Act of 1978, which vests all land in the state governors in trust for the people. The document is essential for both private and commercial land transactions, requiring various statutory approvals, including the Governor's consent. The agreement must address both statutory and customary land rights where applicable, and includes comprehensive details about the property, parties involved, consideration, and conditions of transfer. It's particularly important that the Land Ownership Agreement incorporates all necessary elements for legal validity in Nigeria, including proper attestation, survey plans, and evidence of prior registration where applicable.
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1. Parties: Identification and details of the seller and buyer, 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 transfer
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the land including boundaries, measurements, and registration particulars
5. Consideration: Purchase price and payment terms
6. Warranties and Representations: Seller's warranties regarding ownership, title, encumbrances, and compliance with laws
7. Completion Requirements: Conditions for completion of the transfer and timeline
8. Registration and Transfer: Process and requirements for registering the transfer with relevant authorities
9. Seller's Covenants: Obligations of the seller before and after completion
10. Buyer's Covenants: Obligations of the buyer before and after completion
11. Risk and Insurance: Transfer of risk and insurance requirements
12. Governing Law: Confirmation of Nigerian law as governing law and relevant jurisdiction
13. Dispute Resolution: Process for resolving disputes between parties
14. Notices: Method and addresses for serving formal notices
15. Execution: Signature blocks and attestation requirements
1. Customary Rights: Section addressing any existing customary rights affecting the land, required when the property is subject to traditional rights
2. Environmental Matters: Additional provisions regarding environmental compliance, required for industrial or contaminated land
3. Development Restrictions: Specific restrictions on land development, needed when property is subject to zoning or planning restrictions
4. Third Party Rights: Provisions dealing with existing tenancies or other third-party interests, included when applicable
5. Commissioner's Consent: Specific provisions regarding obtaining Governor's/Commissioner's consent, required for certain types of transfers
6. Mineral Rights: Provisions regarding mineral rights if relevant to the property
7. Agricultural Land Provisions: Special provisions required for agricultural land transfers
1. Property Schedule: Detailed technical description of the land, including survey plans and coordinates
2. Title Documents: List and copies of all relevant title documents and certificates
3. Encumbrances Schedule: Details of any existing encumbrances, charges, or restrictions on the land
4. Payment Schedule: Detailed breakdown of payment terms and installments if applicable
5. Land Use Approvals: Copies of relevant land use approvals and permits
6. Survey Plan: Official survey plan and measurements of the property
7. Due Diligence Report: Summary of legal and technical due diligence findings
8. Environmental Reports: Environmental assessment reports if applicable
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