Agreement Of Sale Nigeria
A land purchase contract must include the following conditions: a sales contract or a contract is a contract between a seller and a buyer for the sale of goods. Seller is the party selling the goods or products underlying this Agreement and Buyer is the party that intends to purchase the goods for sale by Seller. The goods are identifiable and material characteristics or products offered for sale to the buyer. 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 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 full details of the seller and the buyer, such as names and addresses This document can be used by any party who intends to sell or buy a material product (with the exception of the land or building), as this document precisely defines the conditions of sale and purchase.
(Note that this is only a sample and is not intended for official or commercial purposes. It is not a substitute for a lawyer and should not be used for contracts or agreements.) The purchase price is the essential element of the land purchase contract and should be clearly stated in the contract. Mba 805: Management and Accounting Course Evolution Course Developer Mr. taiwo asaolu o. a. u, ile ife Unit Author: Program Director: dr. o. onwe Substantiv, lagos. Course coordinator: mr, m.a. gana Noun, lagos. National Open University of Nigeria.
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). 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 future information and commitments of the parties regarding the country to be acquired. 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. The only purpose of this article is to show you a model Nigerian land sale contract. Finally, you can try to create a land sale contract for yourself.
It won`t be perfect, but it`s a good start. The nature of the termination of the contract should be explicitly stated if one of the parties is in arrears with the terms agreed in the agreement.. . . .