CONTRACT OF SALE
THIS CONTRACT OF SALE is made on ________ (the "Effective Date").
BETWEEN
________, having its registered business address at the following:
________
(hereinafter referred to as the "Vendor") which expression shall, where the context so admits, include the Vendor's representatives assignees of the one part;
AND
________, having its registered business address at the following:
________
(hereinafter referred to as the "Purchaser") which expression shall, where the context so admits, include the Purchaser's representatives assignees of the other part.
The Vendor and the Purchaser are jointly referred to as the "Parties".
WHEREAS:
a. The Vendor confirms that it has the legal and beneficial ownership of the Property and has resolved to sell it to the Purchaser.
b. The Purchaser has agreed to buy the Property from the Vendor.
IT IS HEREBY AGREED AS FOLLOWS:
1. CONTRACT OF SALE
a. In pursuance of this Contract, the Vendor hereby agrees to sell and the Purchaser agrees to purchase the following property subject to the terms and conditions of this contract (the "Property"):
________
b. The Vendor warrants that it possesses good and valid title to the Property and has the capacity to sell.
2. PURCHASE PRICE
The Purchase Price which is the consideration for the sale of the Property shall be ₦________ (________) (the "Purchase Price").
3. TERMS OF PAYMENT AND POSSESSION
a.The Purchase Price shall be paid in equal installments. The Purchaser shall pay the sum of ₦________ (________) every week for a period of ________ (________) weeks.
b. The above payment shall be made in cash.
4. DEDUCING TITLE
The Vendor's title to the Property has been deduced to the Purchaser before the date of this contract and the Purchaser is not entitled to raise any objection, enquiry or requisition in relation to it.
5. VACANT POSSESSION
The Vendor covenants that the Property shall be sold with vacant possession on completion.
6. INSPECTION OF THE PROPERTY
The Vendor agrees to permit the Purchaser to inspect the Property at any reasonable time before the closing of this Contract.
7. COVENANTS AND REPRESENTATION THE VENDOR
a. The Vendor shall sell the Property free from encumbrances other than:
I. any matter which the Vendor does not and could not reasonably know about;
II. matters which may have been discovered by inspection of the Property before the date of this Contract;
III. matters disclosed or which would have been disclosed by the searches and inquiries which a prudent Purchaser would have made before entering into this Contract.
b. The Vendor covenants with the Purchaser that the Property is completely free from all mortgages, charges and encumbrances or adverse third party rights.
8.COVENANTS AND REPRESENTATION OF THE PURCHASER
a. The Purchaser covenants to do the following:
I. pay the Purchase Price to the Vendor in accordance with clause 3 above;
II. be liable to the appropriate Government authorities for the payment of all applicable taxes, costs, levies and charges due and payable in respect of this transaction;
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b. The Purchaser shall perfect the title from the Vendor and the Vendor shall provide any relevant documentation and information that may be necessary for the perfection of the Purchaser's title.
9. EXECUTION OF A DEED OF ASSIGNMENT
The Vendor agrees to execute and transfer a deed of assignment to the Purchaser.
10. TIME AND PLACE OF CLOSING
a. The Contract shall be closed on ________ (the "Completion Date") and the closing shall take place at the following location:
________
b. At the closing of this Contract, the Vendor shall supply the documents in respect of the Property to the Purchaser.
11. GOVERNING LAW
This Contract shall be governed and construed in accordance with the laws of the Federal Republic of Nigeria.
12. JURISDICTION
Both parties agree that the Nigerian courts shall have the exclusive jurisdiction to settle any dispute or claim in connection with this Contract.
13. ENTIRE AGREEMENT
This Contract and any other document referred to in this Contract, constitutes the entire agreement between the Parties and supersede any prior written or oral agreement made by the Parties.
14. VARIATION
No variation or amendment of this Contract shall be valid or binding on the Parties unless it is made in writing and duly signed by or on behalf of both Parties.
15. NOTICES
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16. COUNTERPARTS
This Contract may be executed in several counterparts, all of which constitutes a single Contract between the Parties.
IN WITNESS WHEREOF the Parties hereto have executed this Contract this day and year first written above.
The Common Seal of the within named ________
is hereby affixed in the presence of:
______________________________
DIRECTOR
______________________________
DIRECTOR/SECRETARY
The Common Seal of the within named ________
is hereby affixed in the presence of:
______________________________
DIRECTOR
______________________________
DIRECTOR/SECRETARY