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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