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The One To Four Family Residential Contract serves as a standardized legal instrument for residential property transactions in Nigeria, specifically designed for properties housing between one and four families. This document is essential for ensuring proper documentation and legal compliance in Nigerian residential real estate transactions, incorporating requirements from the Land Use Act, state property laws, and federal regulations. It is typically used when transferring ownership of residential properties, whether single-family homes or small multi-family units, and includes comprehensive provisions for property description, payment terms, title transfer, and necessary government approvals. The contract addresses unique aspects of Nigerian property law, such as governor's consent requirements, land use considerations, and local registration procedures, while providing flexibility for various residential property scenarios.

1. Parties: Identification and details of all parties involved in the transaction, including full legal names, addresses, and contact information

2. Background: Context of the transaction and brief property overview

3. Definitions: Definitions of key terms used throughout the contract

4. Property Description: Detailed description of the property including address, boundaries, and registration particulars

5. Purchase Price: Statement of the agreed purchase price and payment terms

6. Payment Structure: Breakdown of payment schedule, deposit requirements, and balance payment arrangements

7. Title and Documentation: Details of property title, required documentation, and government consents

8. Conditions Precedent: Conditions that must be satisfied before completion

9. Seller's Representations and Warranties: Seller's declarations regarding property ownership, encumbrances, and condition

10. Buyer's Representations and Warranties: Buyer's declarations regarding financial capacity and compliance

11. Completion: Process and requirements for completing the transaction

12. Risk and Insurance: Allocation of risk and insurance requirements

13. Default and Remedies: Consequences of default and available remedies

14. Notices: Process for serving notices between parties

15. Governing Law: Specification of Nigerian law as governing law and jurisdiction