A HIRE PURCHASE AGREEMENT MUST BE IN WRITING

A HIRE PURCHASE AGREEMENT MUST BE IN WRITING

Hire purchase sounds simple: take a vehicle or goods, pay in installments and eventually own it. You must know that under Nigerian law, hire purchase is a legally binding contract with strict rules, and the most important rule is this: your hire purchase agreement MUST be in writing.

Without a written contract, your agreement is almost worthless. An oral agreement is like bathing during harmattan but forgetting to apply body cream before going to an important meeting.

The Nigerian Hire Purchase law demands a signed written agreement to protect both the owner and the hirer. This written document proves the price, payment schedule, rights and obligations clearly.

If you do not have a written agreement, the hirer may deny the terms; you lose vital legal protection and cannot enforce payments easily; legal safeguards like the cooling-off period and repossession rules won’t apply; disputes become messy and often impossible to win.

On the flip side, a comprehensive written hire purchase agreement drafted by an experienced Property and Business Lawyer gives you clear terms and timelines, reducing misunderstandings; legal backing to recover your property/money; protection against unlawful repossession claims and confidence that your investments are safe.

In hire purchase, writing isn’t just formality, it’s survival. Don’t gamble with oral promises.
_
APEX CHAMBERS, best Law Firm of Property, Real Estate & Business/Corporate/Commercial  Lawyers, Attorneys, Barristers, Solicitors , Advocates, Legal Practitioners rendering legal services, Legal Consultants and Notary Public in Port Harcourt, Nigeria

Phone: +234(0)7030868694 (Calls & Whatsapp)
Email: info@apexchambersglobal.com
Website: www.apexchambersglobal.com