Real Estate Contract Lagos Nigeria - Free Real Estate Contracts Guide
By definition, a real estate contract is a legal document that states the nature of the real estate transaction between the buyer and the seller of a property or the landlord and the tenant of a property.
These four elements above must be present for a contract to be complete.
Remember . . . the property contract is an agreement between two parties.
Consequently, a real estate contract is not binding on either party unless it is signed by both parties. When both parties sign the document, they in effect say they both agree on the terms of the real estate contract.
Property Contract - The Purpose
If the agreement you had with the seller was "gentleman agreement", then you will likely lose that property to the seller's children.
3. A Real Estate Contract Is A Legal Document Tenable In A Court of Law.
Therefore, in the event of a dispute, you can seek re-dress in court knowing that you have a document that is acceptable in court. And with this document you can legally regain possession of your property from any trespassers.
Loopholes In Real Estate Contracts
Who is qualified to draw up a legal contract?
The person recognized by law to do so is a real estate attorney.
Real estate attorneys in Lagos Nigeria often charge five (5) percent of the property value as their attorney fees.
If the property price is, say, 40 million Naira then you're likely to pay 2,000,000 Naira as attorney fee. Even if your attorney agrees to collect 2.5 percent of the property value as his fee, that will still amount to 1,000,000 Naira.
Sizable amount, right? And just for writing an agreement!
Therefore, a number of real estate clients feel they can save on this fee by pulling together information from various sources to draw up the agreement without a lawyer.
You know what that is?
This kind of behaviour results in property contracts that do not include all the terms required to make the contract rock solid. So when there is a dispute that results in a court case, the prosecution's attorney can easily flaw the terms of the contract and your property ownership could be at risk.
The truth is . . . a real estate or property contract looks like a simple document to put up, but it's actually more complicated than that.
Use a real estate attorney for all your property contracts. It's a sure way to avoid home contract loopholes and secure your investment.
Share Your Experience With Real Estate Contract. Offer Helpful Tips.
Have some experience with real estate contracts?