You should use this agreement if a) you are a potential buyer or seller of real estate, (b) define the legal rights of each party to the sale and (c) define the respective obligations of each party before the transfer of ownership. Escrow: Escrow is a neutral third party that is responsible for holding money during the buying process. Earnest money deposits are usually placed in trust. Escrow protects both parties until contractual risks have been taken. For example, a buyer could put his or her serious money deposit in trust until a home inspection is completed, and be sure that if he has problems with the inspection and the buyer decides not to proceed with the contract, he or she will receive the serious money deposit from the fiduciary party. After the execution of the sale contract by the parties and after payment of the entire purchase price, the parties continue to carry out an activity of transfer or authorization of transport or transport. A deed of transfer is the main proof that transfers ownership of the client`s land (now centrifuged) to the buyer (agent). Eventuality: An eventuality is a condition that must be fulfilled for the purchase to take place. If the eventuality is not fulfilled, the buyer has the option to terminate the contract and not continue the purchase. Some examples of common contractual quotas are: if you do not have a real estate purchase contract, you and the other party do not have a clear understanding of your rights, potential risks and possible economic effects of these potential risks. Without an agreement, it will be much more difficult to negotiate the extent of each party`s responsibility and enforce your legal rights. Explicitly state how the agreement is terminated if one of the parties is late under the terms agreed in the agreement. Earnest Money Deposit: A serious money deposit is a deposit that shows the buyer`s good faith and obligation to continue buying the property.
In return for the buyer who makes a serious deposit of money, the seller removes the property from the market. At the conclusion of the purchase, the deposit of the money is credited with the purchase price. If the contract is terminated under the terms of the contract, the deposit of money is normally refunded to the buyer. A land acquisition contract is entered into when two parties deal with each other. There are at least two different parties involved in the contract to purchase the land. That is, the seller and the buyer. The contract to purchase the land must contain all the information provided by the seller and buyer, such as. B the name and closing addresses: closing is the last step in a real estate transaction between buyer and seller. All contracts are concluded, money is exchanged, documents are signed and exchanged and title is transferred to the buyer. A land purchase agreement in Nigeria is a formal contract by which a seller agrees to sell, and the buyer agrees to purchase land on certain terms defined in writing in the agreement signed by both parties. The seller and buyer must assume a special responsibility in connection with the land acquisition contract. The seller is willing to release the buyer from any claim, claim, disturbance or interruption that may result from a lack of property rights or rights of the buyer on the land.