The legal terms governing the sale of homes in LivMalik Project I, Eden.
Draft pending lawyer review. This is a placeholder for LivMalik's Terms of Sale. The full version will be drafted and signed off by Bashmash Solicitors before reservations open. The actual binding terms will appear in the Sale Agreement and Deed of Sub-Underlease, which your lawyer reviews before you sign.
These terms set out the framework for the sale of homes (Àríkẹ́, Ivory, and Adé) in LivMalik Project I, located at Block IV, Plots 2 & 3, Layout of Educational Zone, Ring Road GRA, Ibadan, Oyo State, Nigeria. The legally binding sale terms are contained in the Sale Agreement and the Deed of Sub-Underlease, signed at reservation and at handover respectively.
Reservations open after Governor's Consent is granted at the Oyo State Lands Bureau. Reservation requires payment of 10% of the purchase price, locking the home for 30 days while the buyer's lawyer reviews the Sale Agreement. After signing, milestone payments of 25% / 25% / 25% / 15% are made at signing, roofing, finishing, and handover respectively.
Legal title transfers at handover via a Deed of Sub-Underlease, registered in the buyer's name at the Oyo State Lands Registry. Until handover, the buyer holds an equitable interest in the property.
LivMalik provides a 12-month defects liability period from the date of handover, covering structural defects, plumbing and electrical faults, and finishing failures. Beyond the 12-month period, individual systems carry their own manufacturer warranties, transferred at handover.
If LivMalik fails to deliver handover within the contracted timeline plus the published buffer, the Sale Agreement provides for liquidated damages of 0.5% of the purchase price per week of delay, payable to the buyer.
Cancellation terms are set out in the Sale Agreement, signed at reservation.
These terms are governed by the laws of the Federal Republic of Nigeria. Disputes are subject to the jurisdiction of the courts of Oyo State.
Last updated: [Date pending publication]. Always read the full Sale Agreement and Deed of Sub-Underlease, with your own lawyer present, before signing.