Contract of Sale of Land
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oil_well_moneyContract of Sale of Land
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oil_well_moneyCONTRACT OF SALE OF PROPERTY
BETWEEN
NEL-HABIDON GLOBAL SERVICES
NIGERIA LTD.
(THE VENDOR)
AND
ALI ABDULKAREEM OBOMHERO TRADING
UNDER THE NAME AND STYLE OF
ALIKING 5050 PROJECT
CLOUD 9 PROPERTIES NIGERIA
LTD.
(THE PURCHASERS)
ALL THAT PROPERTY KNOWN AND DESCRIBED AS 1
HECTARE OUT OF 4 HECTARES OF PLOT 356A, CADASTRAL
ZONE 04-07, PHASE III, RESIDENTIAL AND COMMERCIAL
LAYOUT, GWAGWALADA, FCT-ABUJA.
Prepared by:
K.B. SALAWUDEEN ESQ.
No.9 P.O. Idisi Street,
Gwagwalada, FCT-Abuja.
07062868281.
THIS CONTRACT OF SALE OF LAND is dated this …………. day
of ………………………, 2024
BETWEEN:
NEL-HABIDON GLOBAL SERVICES NIGERIA LTD. Of Plot 356A,
Cadastral Zone 04-07, Phase III, Residential and Commercial
Layout, Gwagwalada, FCT-Abuja. (Hereinafter referred to as the
“Vendor”) of the FIRST PART
AND
ALI ABDULKAREEM OBOMHERO TRADING UNDER THE
NAME AND STYLE OF ALIKING 5050 PROJECT of Suite 2, Mobil
Filling Station, beside NNPC, opposite GDSS, along UATH road,
Gwagwalada, FCT-Abuja.
CLOUD 9 PROPERTIES NIGERIA LTD. of Mobil Filling Station,
beside NNPC, opposite GDSS, along UATH road, Gwagwalada,
FCT-Abuja
(Hereinafter referred to as “Purchasers”) of the OTHER PART
The Vendor and the Purchasers are jointly referred to as “the
parties”.
WHEREAS:
1. The Vendor is the beneficial owner of all that Property known
and described as 1 hectare out of 4 hectares of Plot
356A, Cadastral Zone 04-07, Phase III, Residential and
Commercial Layout, Gwagwalada, FCT-Abuja.
2. The Vendor is desirous of selling the said 1 hectare out of
4 hectares of Plot 356A, Cadastral Zone 04-07, Phase
III, Residential and Commercial Layout, Gwagwalada,
FCT-Abuja to the Purchasers for a valuable consideration.
3. The Parties have agreed to transact in the manner contained
in this agreement.
IT IS HEREBY AGREED AS FOLLOWS:
1. The parties hereby agree that upon payment of the total
sum of N30,000,000.00 (Thirty Million Naira Only) by
the Purchasers to the Vendor as CONSIDERATION for the
Property known and described as 1 hectare out of 4
hectares of Plot 356A, Cadastral Zone 04-07, Phase
III, Residential and Commercial Layout, Gwagwalada,
FCT-Abuja, the title in the said Property shall pass from the
Vendor to the Purchasers.
2. The Vendor hereby acknowledges the receipt of the sum
N10, 000, 000.00 (Ten Million Naira) Only as part
payment for the said property.
3. The Purchasers shall pay the balance of the purchase price
of N20,000,000.00 (Twenty Million Naira) only to the
Vendor’s account on or before March 2025. The account
details are:
Account Name: NelHabidon Group Limited.
Bank: Sterling Bank.
Account Number: 0094779733.
4. The Vendor reserves the right to dispose of the property
when the Purchasers fail or refuse to pay the balance of the
purchase price on the expiration of the time agreed by the
parties and shall refund the Purchasers the initial deposit
made in respect of the property.
5. The parties understand and agree that the Vendor shall not
transfer, assign, or alienate the property to any individual or
corporate body within the period the Purchasers have to pay
the balance of the purchase price.
6. The parties understand and agree that Title in the said
Property shall transfer to the Purchasers when formal
instruments of transfer of title i.e Deed of Assignment and
Irrevocable Power of Attorney are executed by the parties in
respect of the Property.
7. It is also understood and agreed by the parties that both
parties are obliged to conclude the contract on the same
terms as set forth in this agreement and there shall be no
“Gazumping” or “Gazundering”.
8. The Vendor with the object and intention of affording the
Purchasers sufficient indemnity hereby covenants with the
Purchasers that he has full powers and right to convey the
said property to the Purchasers and further covenants that
the property sought to be conveyed will be quietly enjoyed
by the Purchasers and their successors-in-title without any
interruptions or disturbances from the Vendor or any
person(s) claiming by, through, under or in trust for him or
from any person or persons claiming by a paramount title.
9. The Vendor affirms and represents to the Purchasers that
there shall be no outstanding statutory bills, rents, rates or
payments on the property at the time of executing final
instruments of transfer of title.
10.The parties agree and understand that this agreement
supersedes all previous verbal and/or written agreements.
IN WITNESS WHEREOF the parties have hereunto set their
hands and seals the day and year first above written.
THE COMMON SEAL OF THE WITHIN NAMED ‘’NEL-HABIDON
GLOBAL SERVICES NIGERIA LTD’’ IS HEREUNTO AFFIXED
________________________
_____________________
DIRECTOR
DIRECTOR/SECRETARY
SIGNED BY THE WITHIN NAMED “PURCHASER”
________________________
ALI ABDULKAREEM OBOMHERO TRADING UNDER THE
NAME AND STYLE OF ALIKING 5050 PROJECT
IN THE PRESENCE OF:
Name:……………………………………………………
Address: …………………………………………………………
Occupation: ……………………………………………………
Signature………………………………………………………
Date: …………………………………………………………….
THE COMMON SEAL OF THE WITHIN NAMED ‘’CLOUD 9
PROPERTIES NIGERIA LTD’’ IS HEREUNTO AFFIXED
________________________
_____________________
DIRECTOR
DIRECTOR/SECRETARY