Contract for Deeds Template [Nigeria]

Updated June 24, 2023

A contract for deed is a legally binding agreement wherein the buyer is granted immediate possession of a parcel of land and pays the purchase price over a specified period of time, while the seller retains the legal title until all payments are made.

After the full purchase price is paid, the seller is obligated to sign a Deed of Assignment or Deed of Conveyance as well as a Power of Attorney in order to transfer the legal title of the land to the buyer. This arrangement often requires an initial down payment to be made by the buyer.

Generate your

Doc - Construction Agreement
Sign Here
Sign Here
Sign Here
Sign Here

How to use this

This agreement is used when the buyer intends to purchase a landed property from the seller.

This type of agreement is mostly drawn up where the buyer intends to make payment for the land on an installment basis

 

For this type of agreement to be effective, it has to contain the following:

  • The precise purpose of the agreement
  • A detailed description of the land to be purchased by the buyer
  • The purchase price of the land
  • The instalment payment schedule
  • Date of completion of the agreement
  • Interest for default of payment if need be.
  • Responsibility of the parties.
  • Indemnity clause of the parties.
  • Governing law of the agreement.  This is usually the governing law of the country where the land is located.

Other names for

  • Contract for Sale of Land
  • Sale of Land Contract

Applicable Laws in Nigeria

  • The Land Use Act
  • The Law of Contract applicable in Nigeria.
  • The Commercial Laws in Nigeria
  • Nigeria Property law if applicable in the contract
  • Federal Competition and Consumer Protection Act
  • Negotiable Instrument Law in Nigeria.

Other documents:

Deed of Assignment (Corporate to Corporate)

Updated on
This review list is provided to inform you about this document in question and assist you in its preparation.  This document is an instrument of transfer often used in real estate transactions to transfer a legal title. After a contract of sale of land is executed between a vendor and a buyer, a deed of…

Interior Design Contract

Updated on
Looking for an interior design contract template in Nigeria? This agreement spells out all the terms of the agreement between the parties, including services to be rendered, durations, deliverables, and more.

Event Planner Contract

Updated on
Here’s an Event Planner Contract Template in Nigeria that’ll help make sure your event goes off without a hitch!