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The Lease and Sale Agreement is a sophisticated legal instrument used in Nigerian property transactions where parties wish to combine a lease period with a subsequent sale. This arrangement is particularly useful for buyers who want to occupy the property immediately but prefer or need to defer the full purchase, or for sellers who wish to ensure buyer commitment through an initial lease period. The document must comply with Nigerian federal and state property laws, particularly the Land Use Act 1978, and includes comprehensive provisions for both the lease period and the eventual sale. It covers essential elements such as property description, payment terms, maintenance responsibilities, conditions for sale completion, and regulatory compliance requirements. This type of agreement is commonly used in both commercial and residential property transactions and requires careful consideration of state-specific land regulations and registration requirements.

1. Parties: Identification and details of the Lessor/Seller and Lessee/Buyer, including registration details for companies

2. Background: Context of the transaction, property ownership history, and intention to lease with option to purchase

3. Definitions: Key terms used throughout the agreement, including Property, Lease Period, Purchase Price, Completion Date

4. Property Description: Detailed description of the property, including boundaries, improvements, and registration details

5. Lease Terms: Duration, rent amount, payment terms, and maintenance responsibilities during the lease period

6. Purchase Terms: Purchase price, payment structure, and conditions for exercising the purchase option

7. Transition Provisions: Process and conditions for transitioning from lease to purchase

8. Representations and Warranties: Statements and guarantees by both parties regarding the property and their capacity to enter the agreement

9. Covenants: Ongoing obligations of both parties during lease period and through to sale completion

10. Default and Remedies: Consequences of breach and available remedies for both parties

11. Termination: Circumstances under which the agreement can be terminated and the consequences

12. Governing Law: Specification of Nigerian law as governing law and relevant jurisdiction

13. Execution: Signature blocks and attestation requirements under Nigerian law