Land Sales Agreement in Nigeria

Land sales agreement in Nigeria is an essential document used to legally transfer ownership of land from the seller to the buyer. It is a legally binding agreement that outlines the terms and conditions of the transaction. The agreement should be drafted carefully to avoid any future disputes or misunderstanding.

When purchasing land in Nigeria, it is imperative to have a sales agreement in place. The agreement should contain details such as the names and addresses of the seller and buyer, the description of the land being sold, the purchase price, and the payment terms. Additionally, it should specify the mode of payment, whether it is full payment or installmental payment.

The agreement should also highlight any restrictions, covenants, or easements attached to the land. Restrictions can include any limitations placed on the use of the land, while covenants refer to any promises made by the buyer or seller. Easements provide rights of access or use of the land to another party.

It is essential to conduct due diligence on the land being sold, such as checking the land’s title, survey plan, and any encumbrances. Any issues or encumbrances should be disclosed in the sales agreement to avoid future disputes.

Once the sales agreement is signed by both parties, the buyer should pay the agreed amount to the seller. The seller should transfer the title in the buyer’s name and handover any relevant documents, such as the certificate of occupancy, deeds of assignment, and survey plan.

In conclusion, a land sales agreement is a critical legal document that outlines the terms and conditions of the transaction. Buyers and sellers should ensure that the agreement is carefully drafted, and all details are captured to avoid future disputes. It is also essential to conduct a thorough due diligence on the land being sold and ensure that all necessary documents are handed over at the end of the transaction. By following these steps, both parties can have a smooth and successful land sales transaction in Nigeria.