Contract of sale (sale agreement, agreement for sale)

Most Nigerian property sales happen in two legal steps. First the parties agree the deal in a contract of sale. Then, on completion, the seller signs a deed of assignment that actually transfers the property.

A contract for land must be in writing, or at least evidenced in writing, to be enforced. Once it is signed and the buyer has paid, the buyer gets an equitable right: a court can order the seller to complete the transfer. But the buyer does not yet hold legal title.

A good contract of sale covers:

• the parties, the property and its survey plan;
• the price, deposit and payment stages;
• the seller's promises about title and freedom from claims, disputes and acquisition;
• the documents the seller must hand over;
• who applies for and pays for Governor's Consent, stamping and registration;
• what happens if consent is refused, the title fails or a payment is missed, including refunds;
• the completion date and possession.

For small land deals the contract and the deed are sometimes combined, or the buyer receives only a receipt and an "agreement". That leaves gaps, and buyers should insist on a proper deed afterwards.

For off-plan and instalment purchases from developers, the contract does most of the work for years before completion, so its terms on delivery dates, delays and refunds matter most.