SAMPLE OF A CONTRACT OF SALE OF LAND
THIS AGREEMENT made the …………..
day of …………….. 20…. BETWEEN …………… of ………………….. (the ‘Vendor’) of the one part
AND ………………… of ……………… (the ‘Purchaser’) of the other part.
WHEREBY IT IS AGREED that the
Vendor sells and the Purchaser buys ALL THAT PROPERTY described in the first
schedule to this Agreement subject to the following terms and conditions:
1. The
consideration for the sale of the property shall be the sum of …………… (amount)
2. The
Purchaser shall before the execution of this Agreement pay a deposit of the sum
of ……………. (amount) to the Vendor’s solicitor ………….. (name) who shall hold the
deposit as stakeholder pending completion.
3. The
balance of the consideration being the sum of ……………. (amount) shall be paid at
completion, and if there is delay caused by the default of the Purchaser he
shall be liable to pay interest at the prevailing Bank rate.
4. The
sale includes chattels, fittings, and other items specified in the second
schedule and valued at the sum of …………. (amount). The receipt of which the
vendor acknowledges.
5. The
Vendor sells as Beneficial Owner subject to the following clause to be inserted
in the Assignment:
PROVIDED ALWAYS and it is agreed that the covenants which
are implied by reason of assigning as Beneficial Owner shall not be deemed to
imply that the Vendor has performed the covenant for repairs contained in his
document of title.
6. The
Purchaser acknowledges that he has inspected the property for his use and
enjoyment as licensee, and if he defaults in payment of the balance of the
property to the Vendor and the deposit paid under this Agreement shall be
fortified.
7. The
purchaser after the execution of this Agreement shall take immediate possession
of the property for his use and enjoyment as licencee, and if he defaults in the
payment of the balance of the property to the Vendor and the deposit paid under
this Agreement shall be forfeited.
8. It is
agreed that time is of the essence of this Agreement which shall be completed
on or before ………………. of ………………… 20 …. at the office of the Vendor.
9. The
Vendor agrees to execute the Deed of Assignment prepared by the Purchaser, and
to obtain the Governor’s consent to assign the property to the purchaser.
10. The
vendor shall insure the property with a reputable insurance company registered
in Nigeria against loss caused by fire, flood and other usual peril for the
cost of reinstatement, and the insurance policy shall be assigned to the
Purchaser at completion:
PROVIDED THAT where reinstatement is not possible, the
insurance money shall be shared between the parties pro rata the deposit paid by the Purchaser.
11. The
Vendor indemnify the Purchaser for any loss or damages arising from and
connected with the title of the Vendor.
12. The
Purchaser shall pay all costs incidental to the preparation and execution of
this Agreement.
13. This
contract shall prevail over any precious agreement and it contains all the
terms finally agreed by the parties.
IN WITNESS OF WHICH the parties
have set their hands the day and year first above written.
FIRST
SCHEDULE
(description
of the property)
ALL
THAT property situate at …
SECOND
SCHEDULE
(list
of chattels and fittings sold along with property and their respective prices)
1.
2.
3.
SIGNED by the within named vendor
……………………….
IN THE PRESENCE OF:
Name……………………………………………………………………..
Address…………………………………………………………………..
Occupation……………………………………………………………….
Signature…………………………………………………………………
SIGNED by the within named purchaser
……………………….
IN THE PRESENCE OF:
Name……………………………………………………………………..
Address…………………………………………………………………..
Occupation……………………………………………………………….
Signature…………………………………………………………………
Prepared by:
ABC
QRT Esq.
Solitor
No. 5 Bwari Crescent,
Bwari, Abuja.
NOTE: Clauses
4, 6, 7, 10 and the Second Schedule above are only relevant where the property
sought to be transferred is developed.
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