NLS SAMPLE DRAFTS ON PROPERTY LAW PRACTICE
Sample Draft of a Contract of Sale
THIS AGREEMENT made the 12th day of December 2014
BETWEEN Mr Biyo Aku of Plot 12 FHA Lugbe, Abuja (the ‘Vendor’) of the one
part
AND Mrs Juliet Eskor of No. 20 Abakpa Close, Kaduna (the ‘Purchaser’) of the
other part.
IT IS AGREED AS FOLLOWS:
That the Vendor sells and the Purchaser buys ALL THAT PROPERTY described
in the first schedule to this Agreement subject to the following terms and
conditions -
1. The consideration for the sale of the property shall be the sum of N4, 000,000
(four million) naira.
2. The Purchaser shall before the execution of this Agreement pay a deposit of
the sum of N320,000 (three hundred and twenty thousand) naira to the
Vendor’s solicitor, the firm of Ntephe, Smith & Wills who shall hold the deposit
as stakeholder pending completion.
3. The balance of the consideration being the sum of N3,680,000 (three million,
six hundred and eighty thousand) naira shall be paid at completion, and if
there is delay caused by the default of the Purchaser he shall be liable to pay
interest at the prevailing Central Bank of Nigeria rate.
4. The sale includes chattels, fittings, and other items specified in the second
schedule and valued at the sum of N2,700,000 (two million and seven
hundred thousand) naira. The receipt of which the vendor acknowledges.
5. The Vendor sells as Beneficial Owner PROVIDED ALWAYS and it is agreed
that the covenants which are by law implied by reason of assigning as
Beneficial Owner shall not be deemed to imply that the Vendor has performed
covenant for repairs contained in his document of title.
6. The Purchaser acknowledges that she has inspected the property for her use
and enjoyment as licensee, and if she defaults in payment of the balance of
the property to the Vendor and the deposit paid under this Agreement shall be
forfeited.
7. The purchaser after the execution of this Agreement shall take immediate
possession of the property for her use and enjoyment as licencee, and if she
defaults in the payment of the balance of the property to the Vendor, the
deposit paid under this Agreement shall be forfeited.
8. It is agreed that time is of the essence in this Agreement which shall be
NLS SAMPLE DRAFTS ON PROPERTY LAW PRACTICE
completed on or before 31st of March 2015 at the office of the Vendor.
9. The Vendor agrees to execute in favour of the purchaser, a Deed of
Assignment and such other documents as are required to vest legal title in
the purchaser and also to obtain the Governor’s consent to assign the
property to the purchaser.
10. The vendor having insured the property shall assign the insurance policy to
the purchaser upon completion. PROVIDED THAT where reinstatement is not
possible, the insurance money shall be shared between the parties pro rata
the deposit paid by the Purchaser.
11. The Vendor indemnifies the Purchaser for any loss or damages arising from
and connected with the title of the Vendor.
12. The Purchaser shall pay all costs incidental to the preparation and execution
of this Agreement and any further instruments necessary and proper for
carrying this agreement into effect.
13. This contract shall prevail over any previous agreement and it contains all the
terms finally agreed by the parties.
FIRST SCHEDULE
(Description of the property)
ALL THAT property situate at No 4 Chime Avenue, Benin City which include a
four bedroom bungalow with Boy’s Quarters fenced round with hollowed red
bricks.
SECOND SCHEDULE
(List of chattels and fittings sold along with property and their respective prices)
1. One 12.5KVA Top-Max generator for the price of N1,000,000 (one million)
naira
2. One Industrial Bosch refrigerator for the price of N1,200,000 (one million and
two hundred thousand) naira
3. Six Oriental Rugs for the price of N500,000 (five hundred thousand) naira
IN WITNESS OF WHICH the parties have executed this contract in the manner
below the day and year first above written.
SIGNED by the within named vendor Mr Biyo Aku
IN THE PRESENCE OF:
Name: Mr Uko Banki
NLS SAMPLE DRAFTS ON PROPERTY LAW PRACTICE
Address: No. 5 Bwari Crescent, Bwari, Abuja, FCT
Occupation: Business man
Signature:
SIGNED by the within named purchaser, Mrs Juliet Eskor
IN THE PRESENCE OF:
Name: Mr Joel Adamu
Address: No. 25 Bwari Crescent, Bwari, Abuja, FCT
Occupation: Business man
Signature:
Prepared by:
N.E. Killi Esq.
Ntephe, Smith & Wills.
No. 80 Pankshin Road Ikeja
Lagos State
