HOW TO SECURE YOUR INTEREST IN LAND WHILE PAYING IN INSTALLMENTS

HOW TO SECURE YOUR INTEREST IN LAND WHILE PAYING IN INSTALLMENTS

A Contract of Sale of Land is a temporary but binding agreement between a land seller and a buyer, in which the buyer pays an initial deposit (or installment) for a piece of land and agrees to pay the balance at a specified future date.

During this period, the contract of sale of land ensures that the seller cannot sell the land to another person or call off the agreement.

1. Initial Payment: A part of the purchase price is paid upfront (initial deposit).
2. Balance Payment: The agreement states when the buyer will pay the remaining balance.
3. Protection for the Buyer: It prevents the seller from selling the land to someone else while the agreement is in effect.
4. Binding Nature: It legally binds the buyer and seller, even though it is not the ownership transfer document.

A Contract of Sale of Land secures the buyer’s interest while raising the balance of the purchase price. It complies with property law which states that every transaction concerning land must be in writing.

It should contain a clear description of the land including size, location and any issues and terms for deposit, balance and penalties for late or non-payment.

The seller and buyer must sign and the agreement must be witnessed by a third party.

To draft and prepare a Contract of Sale of Land, get a Property Lawyer/Attorney.

APEX CHAMBERS, Property/Real Estate Lawyers, Barristers, Solicitors, Attorneys and Legal Practitioners in Port Harcourt, Rivers State, Nigeria.

Phone: +234(0)7030868694

Email: info@apexchambersglobal.com

Website: www.apexchambersglobal.com