Land Acquisition Agreement

A land purchase contract is concluded when two parties act between themselves. There are at least two different parties involved in the land purchase agreement. i.e. the seller and the buyer. The land purchase contract must contain the complete information of the seller and the buyer, such as names and addresses Before buying land, the buyer must check and search the goods to be acquired. It is important to use the services of a lawyer to conclude the purchase of real estate in Nigeria. It is important to note that if one of the parties is in arrears with the terms agreed in the land sale contract, the contract may be terminated in accordance with the provisions contained therein. The purchase price is the essential element of the land purchase contract and should be clearly stated in the contract. The recital clause of the land purchase contract contains brief details of the country and how it was won. Such clauses explain how the seller became the owner of the country he will have.

The seller and buyer must assume certain responsibilities under the land purchase contract. Seller has agreed to exempt Buyer from any claims, claims, disruptions or interruptions that may result from a lack of rights/property rights of buyer over the owner of the land. On the other hand, the buyer must undertake to pay in full for the land when the purchase price must be paid in instalments. The buyer must also undertake to comply with all other obligations provided for in the contract. After the execution of the contract of sale by the parties and after the payment of the full purchase price, the parties will draw up between themselves an instrument of assignment or transfer. A deed of assignment is the main document that transfers ownership of the land from the seller (now the transferee beneficiary) to the buyer (the transferee). In summary, a sales contract is the first document drawn up for a land purchase. When the buyer has made full payment, the parties may prepare and execute the deed of assignment, also known as the instrument of transmission. A land purchase agreement in Nigeria is a formal contract by which a seller agrees to sell, and the buyer agrees to purchase land under certain conditions set out in writing in the agreement signed by both parties.

A land purchase contract must include the following conditions: the nature of the termination of the contract must be explicitly stated if one of the parties is in arrears with the terms agreed in the contract. A land purchase contract is normally referred to as a «contract of sale» or a «contract of sale». It can be easy with little information, or it can be detailed that contains all the information and future obligations of the parties regarding the country to be acquired. . . .