YOU NEED A CONTRACT OF SALE OF LAND WHEN PAYING IN INSTALMENTS

YOU NEED A CONTRACT OF SALE OF LAND WHEN PAYING IN INSTALMENTS

Priye, a young professional, thought he had found his dream land in Port Harcourt. He paid a large initial deposit and agreed to pay the balance in two instalments.

When he wanted to make the final instalment the seller told him he would refund him, as he was now selling to someone who made him a higher offer.

Priye’s nightmare would have been avoided if he had signed a Contract of Sale of Land.

A contract of sale of land is a written agreement between the buyer and the seller, stating that the buyer will pay by instalments and the seller will not have the right to sell to another person, except the buyer does not pay the instalments at the agreed date.

A standard Contract of Sale of Land should include the names and addresses of the buyer and seller; accurate description of the land or house; instalment schedule, payment amounts, and deadlines; date the buyer will take possession of the property and consequences of either party defaulting.

The consequences of not having a Contract of Sale of Land are: the seller may change his mind and sell to a higher bidder and you may lose the property or end up in court spending time and money.

Don’t repeat Priye’s mistake.

Get a Property Lawyer to prepare for you a Contract of Sale of Land when paying on instalments in Nigeria.

This will save you from legal headaches.
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APEX CHAMBERS, top Property/Real Estate & Business Lawyers/Barristers in Port Harcourt, Nigeria

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