The First Option To Purchase Agreement is a crucial document in Nigerian real estate transactions, providing a potential purchaser with exclusive rights to buy a property while conducting necessary due diligence and arranging financing. This agreement is commonly used in commercial real estate deals, property development projects, and strategic land acquisitions. It must comply with Nigerian federal and state property laws, including the Land Use Act 1978, and often requires careful consideration of Governor's consent requirements. The document typically includes detailed provisions on option fees, exercise periods, purchase price mechanisms, and property specifications. It serves as a valuable tool for securing property rights while maintaining flexibility in complex real estate transactions, particularly in Nigeria's dynamic property market.
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1. Parties: Identification and details of the Option Grantor (Property Owner) and Option Holder
2. Background: Context of the agreement and brief description of the property and parties' intentions
3. Definitions: Definitions of key terms used throughout the agreement
4. Grant of Option: Express grant of the option rights and exclusivity provisions
5. Option Period: Duration of the option, including start and end dates
6. Option Fee: Amount payable for the option and payment terms
7. Exercise of Option: Process and requirements for exercising the option
8. Purchase Price: Agreed purchase price for the property if option is exercised
9. Property Details: Detailed description of the property subject to the option
10. Title and Capacity: Grantor's warranties regarding ownership and authority to sell
11. Conditions Precedent: Conditions that must be satisfied before option can be exercised
12. Termination: Circumstances under which the agreement may be terminated
13. Notices: Process for giving formal notices under the agreement
14. Governing Law: Specification of Nigerian law as governing law and jurisdiction
1. Due Diligence: Right to conduct property investigations and consequences - include if due diligence period is required
2. Governor's Consent: Specific provisions regarding obtaining Governor's consent - include for land requiring consent
3. Property Access: Rights of access during option period - include if inspection/survey rights needed
4. Assignment: Right to assign the option - include if transferability is contemplated
5. Development Rights: Rights to develop property during option period - include for development properties
6. Multiple Properties: Special provisions for options over multiple properties - include if applicable
7. Tenant Rights: Provisions regarding existing tenancies - include if property is tenanted
8. Environmental Matters: Environmental warranties and indemnities - include for industrial/commercial properties
1. Property Description: Detailed legal description of the property, including survey plans and boundaries
2. Option Exercise Notice: Pro-forma notice for exercising the option
3. Title Documents: List of title documents and certified copies
4. Payment Schedule: Detailed breakdown of option fee and purchase price payment structure
5. Due Diligence Requirements: List of required documents and investigations if applicable
6. Existing Encumbrances: Details of any existing charges, mortgages, or encumbrances on the property
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