SAMPLE OF SALE OF LAND CONTRACT

THIS AGREEMENT is executed on the [date] day of [month] 20[year], BETWEEN [Vendor's Name] residing at [Vendor's Address] (hereinafter referred to as the 'Vendor') of the first part AND [Purchaser's Name] residing at [Purchaser's Address] (hereinafter referred to as the 'Purchaser') of the second part.

The Vendor agrees to sell, and the Purchaser agrees to buy, the property described in the first schedule to this Agreement, subject to the following terms and conditions:

1. The purchase price for the property is agreed upon as [amount].
2. The Purchaser shall, prior to the execution of this Agreement, remit a deposit of [amount] to the Vendor’s solicitor, [Solicitor's Name], who shall hold the deposit in stakeholder capacity pending completion.
3. The balance of the purchase price, amounting to [amount], shall be settled at the time of completion. In the event of a delay caused by the default of the Purchaser, the Purchaser shall be liable to pay interest at the prevailing bank rate.
4. The sale encompasses chattels, fittings, and other items specified in the second schedule, valued at [amount], for which the Vendor acknowledges receipt.
5. The Vendor, as the Beneficial Owner, sells the property subject to the inclusion of a specific clause in the Assignment, stipulating that the implied covenants do not infer the Vendor's compliance with the repair covenant in the title document.
6. The Purchaser acknowledges the inspection of the property for personal use and enjoyment as a licensee. In the event of default in payment of the property balance, the deposit paid under this Agreement shall be forfeited.
7. Upon the execution of this Agreement, the Purchaser shall immediately take possession of the property for personal use and enjoyment as a licensee. Failure to make the payment for the property balance shall result in the forfeiture of the deposit paid under this Agreement.
8. Time is deemed essential to this Agreement, which must be completed on or before the [date] of [month] 20[year], at the Vendor's office.
9. The Vendor undertakes to execute the Deed of Assignment prepared by the Purchaser and to obtain the Governor’s consent for the property transfer to the Purchaser.
10. The Vendor shall insure the property with a reputable Nigerian insurance company against fire, flood, and other common perils for the cost of reinstatement. The insurance policy shall be assigned to the Purchaser upon completion. In the event of non-reinstatement, the insurance proceeds shall be shared proportionally to the Purchaser's deposit.
11. The Vendor indemnifies the Purchaser against any loss or damages associated with the Vendor's title.
12. The Purchaser shall bear all incidental costs related to the preparation and execution of this Agreement.
13. This contract takes precedence over any prior agreements and constitutes the final agreement between the parties.

IN WITNESS WHEREOF, the parties have signed this Agreement on the date and year first above written.

FIRST SCHEDULE
(description of the property)
Property located at [property location]

SECOND SCHEDULE
(list of chattels and fittings sold along with the property and their respective prices)
1. [Item description and price]
2. [Item description and price]
3. [Item description and price]

Executed by the Vendor [Vendor's Signature] IN THE PRESENCE OF:
Name: [Witness Name]
Address: [Witness Address]
Occupation: [Witness Occupation]
Signature: [Witness Signature]

Executed by the Purchaser [Purchaser's Signature] IN THE PRESENCE OF:
Name: [Witness Name]
Address: [Witness Address]
Occupation: [Witness Occupation]
Signature: [Witness Signature]

Prepared by
Chigozie Victor Ezekiel Esq.
Sterling Sure Law Firm
No. 4 Onumiri Street,
Owerri, Imo State.
Contact Number: 08034997413