The Lease With Option To Buy Contract is a sophisticated legal instrument used in Nigerian property transactions where parties wish to combine a lease arrangement with a future purchase possibility. This document is particularly relevant when tenants seek to eventually own the property but prefer or need an initial rental period, either for financial planning or property evaluation purposes. The agreement must comply with Nigerian land law requirements, particularly the Land Use Act of 1978 and state-specific property regulations. It provides detailed terms for both the lease period and the potential purchase, including rent payments, maintenance obligations, option exercise procedures, and purchase price mechanisms. This type of contract is commonly used in both residential and commercial contexts, offering flexibility while ensuring legal protection for all parties involved.
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1. Parties: Identification of the Lessor/Potential Seller and Lessee/Potential Buyer with full legal names and addresses
2. Background: Context of the agreement, including property ownership status and intention to lease with purchase option
3. Definitions: Definitions of key terms used throughout the agreement including Property, Option Period, Purchase Price, etc.
4. Property Description: Detailed description of the property including physical address, land registry details, and any included fixtures/fittings
5. Lease Terms: Core lease provisions including rent amount, payment terms, duration, and renewal options
6. Option to Purchase: Terms of the purchase option including option price, exercise period, and exercise mechanism
7. Purchase Price and Payment: Agreed purchase price if option is exercised, payment terms, and credit of rental payments if applicable
8. Maintenance and Repairs: Responsibilities for property maintenance during the lease period
9. Insurance and Risk: Insurance requirements and allocation of risk during lease period
10. Exercise of Option: Procedure for exercising the purchase option, including notice requirements and timeframes
11. Completion of Sale: Process and requirements for completing the sale if option is exercised
12. Default and Remedies: Consequences of default under either lease or option terms
13. Governing Law: Specification of Nigerian law as governing law and relevant jurisdiction
14. Execution: Signature blocks and execution requirements
1. Property Use Restrictions: Additional restrictions on property use beyond standard lease terms, used when property has specific use limitations
2. Environmental Matters: Environmental warranties and indemnities, included for commercial or industrial properties
3. Sub-letting Provisions: Terms regarding sub-letting rights, included if sub-letting is to be permitted
4. Mortgage Provisions: Provisions dealing with existing or future mortgages, included if property is or may be mortgaged
5. Option Premium: Terms regarding any upfront payment for the option, included if separate option payment is required
6. Rent Credit Provisions: Detailed provisions on how rent payments will be credited to purchase price, if applicable
1. Property Details Schedule: Detailed property description, including boundaries, plans, and land registry information
2. Inventory Schedule: List of fixtures, fittings, and contents included in the lease and potential sale
3. Rent Payment Schedule: Detailed breakdown of rent payments, including any planned increases
4. Option Exercise Notice: Pro-forma notice for exercising the purchase option
5. Property Condition Report: Baseline condition report of the property at lease commencement
6. Maintenance Schedule: Detailed breakdown of maintenance responsibilities between parties
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