The Land Option Contract serves as a crucial instrument in Nigerian real estate transactions, providing a structured framework for securing future land acquisition rights while managing risk and maintaining flexibility. This document is particularly valuable when parties need time to conduct due diligence, secure financing, or obtain necessary permits before committing to a full purchase. It must comply with the Land Use Act 1978 and relevant state property laws, requiring careful consideration of Governor's consent requirements and local land administration regulations. Typically used in development projects, strategic land banking, and commercial real estate transactions, the contract balances the interests of both landowner and potential purchaser while addressing specific Nigerian legal requirements for land transactions.
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1. Parties: Identification of the Grantor (landowner) and Grantee (option holder), including full legal names and addresses
2. Background: Context of the agreement, brief description of the property, and parties' intentions
3. Definitions: Definitions of key terms used throughout the agreement, including 'Option Period', 'Option Fee', 'Purchase Price', and 'Property'
4. Grant of Option: Express grant of the option rights, including exclusivity provisions
5. Option Period: Duration of the option, including start and end dates
6. Option Fee: Amount of option fee, payment terms, and whether it's applicable to purchase price
7. Exercise of Option: Procedure for exercising the option, including notice requirements and timing
8. Purchase Price: Agreed purchase price for the property if option is exercised
9. Title and Due Diligence: Grantor's warranties regarding title and Grantee's rights to conduct investigations
10. Completion: Procedures and requirements for completing the sale if option is exercised
11. Termination: Circumstances under which the option may be terminated and consequences
12. Governing Law: Specification of Nigerian law and relevant state jurisdiction
13. Notices: Process for giving formal notices under the agreement
14. General Provisions: Standard contractual provisions including entire agreement, amendments, and severability
1. Development Rights: Used when the Grantee needs rights to investigate development potential during the option period
2. Environmental Matters: Include when environmental investigations are required or environmental issues are known
3. Planning Permissions: Include when exercise of the option is conditional on obtaining specific planning permissions
4. Multiple Properties: Include when the option covers multiple land parcels with specific provisions for each
5. Assignment Rights: Include when the Grantee needs the right to assign the option to other parties
6. Governor's Consent: Include specific provisions regarding obtaining necessary Governor's consent under the Land Use Act
7. Option Extension: Include mechanism for extending the option period if this flexibility is required
1. Property Description: Detailed legal description of the property, including survey plans and title particulars
2. Form of Option Exercise Notice: Prescribed form for validly exercising the option
3. Purchase Price Calculation: If price is variable or requires calculation, detailed methodology and terms
4. Permitted Encumbrances: List of accepted encumbrances or restrictions on the property
5. Due Diligence Requirements: Detailed list of required searches, investigations and documents
6. Required Consents: List of necessary governmental or third-party consents
7. Land Use Restrictions: Any restrictions on land use or development during the option period
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