The Real Estate Addendum is a crucial document used in Nigerian property transactions when parties need to modify or supplement an existing real estate agreement without creating an entirely new contract. This document type is particularly relevant given Nigeria's complex land tenure system under the Land Use Act of 1978 and various state-specific property laws. It serves multiple purposes, including updating property descriptions, modifying payment terms, adjusting timelines, or adding new conditions to the original agreement. The addendum must be properly executed, stamped, and registered with relevant authorities to be legally enforceable in Nigeria. It's commonly used in both residential and commercial real estate transactions, requiring careful consideration of federal and state-specific property regulations.
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1. Parties: Identification of all parties to the addendum, matching those in the original agreement
2. Background: Reference to the original agreement, its date, and purpose of the addendum
3. Definitions: Key terms used in the addendum, including references to definitions in the original agreement
4. Reference to Original Agreement: Specific citation of the original agreement sections being modified or supplemented
5. Modifications: Detailed description of changes, additions, or modifications to the original agreement
6. Effect on Original Agreement: Statement confirming all other terms of the original agreement remain in full force and effect
7. Governing Law: Confirmation that Nigerian law governs the addendum
8. Integration: Statement that the addendum is incorporated into and becomes part of the original agreement
9. Execution: Signature blocks for all parties and necessary witnesses
1. Additional Property Description: Used when the addendum involves changes to property descriptions or boundaries
2. Price Adjustment: Required when the addendum modifies the original purchase price or payment terms
3. Timeline Modifications: Used when changing any dates or deadlines from the original agreement
4. New Terms and Conditions: Include when adding completely new provisions not covered in the original agreement
5. Regulatory Compliance: Required when addressing specific state or local regulatory requirements
6. Environmental Provisions: Used when addressing environmental concerns or requirements
7. Third Party Rights: Include when the modifications affect rights of third parties mentioned in the original agreement
1. Schedule A - Modified Property Description: Detailed description of any changes to property boundaries or characteristics
2. Schedule B - Revised Payment Terms: Details of modified payment structures or prices, if applicable
3. Schedule C - Updated Timeline: Modified timeline or milestone dates
4. Appendix 1 - Property Documents: Copies of relevant updated property documents or certificates
5. Appendix 2 - Regulatory Approvals: Copies of any new required regulatory approvals or permits
6. Appendix 3 - Site Plans: Updated site plans or drawings if property descriptions are modified
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