The Option and Purchase Agreement serves as a crucial instrument in Nigerian property transactions, providing a structured framework for property acquisition negotiations. It is particularly useful when parties need time to arrange financing, conduct due diligence, or secure necessary approvals before committing to a full purchase. This document type must comply with Nigerian property laws, particularly the Land Use Act, and typically includes detailed provisions about property rights, option periods, purchase terms, and completion requirements. It's commonly used in commercial real estate transactions, development projects, and strategic property acquisitions where buyers need to secure their interest in a property while maintaining flexibility. The agreement protects both parties by clearly defining their rights and obligations throughout the option period and subsequent purchase process.
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1. Parties: Identification and details of the Option Grantor (Seller) and Option Holder (Potential Buyer)
2. Background: Context of the agreement, including property overview and parties' intentions
3. Definitions: Definitions of key terms used throughout the agreement
4. Grant of Option: Terms of the option, including exclusivity and duration
5. Option Fee: Details of the option fee, payment terms, and whether it's applicable to purchase price
6. Exercise of Option: Process and requirements for exercising the option
7. Purchase Price: Agreed purchase price and payment structure
8. Property Details: Comprehensive description of the property and any included/excluded items
9. Conditions Precedent: Conditions that must be satisfied before completion
10. Completion: Process and requirements for completing the purchase
11. Seller's Warranties: Warranties regarding property title, condition, and authority to sell
12. Buyer's Warranties: Warranties regarding capacity and authority to purchase
13. Default and Termination: Consequences of default and termination rights
14. Notices: Process for serving notices between parties
15. Governing Law: Confirmation of Nigerian law as governing law and jurisdiction
16. Execution: Signature blocks and execution requirements
1. Due Diligence: Detailed provisions for property investigation and verification - include when buyer requires specific due diligence rights
2. Environmental Matters: Environmental warranties and indemnities - include for industrial or potentially contaminated properties
3. Planning Permissions: Details of required planning permissions - include for development properties or change of use
4. Tenant Rights: Existing tenant details and rights - include for leased properties
5. Property Management: Interim property management obligations - include for commercial properties or during extended option periods
6. Foreign Investment: Additional requirements for foreign buyers - include when buyer is non-Nigerian
7. Mortgage Details: Existing mortgage arrangements - include for mortgaged properties
8. Tax Provisions: Specific tax arrangements - include for complex commercial transactions
1. Property Description: Detailed legal description of the property, including boundaries and plans
2. Title Documents: List of all relevant title documents and certificates
3. Option Exercise Notice: Pro-forma notice for exercising the option
4. Purchase Price Calculation: Detailed breakdown of purchase price components and adjustments
5. Excluded Items: List of items specifically excluded from the sale
6. Existing Encumbrances: Details of any existing charges, mortgages, or encumbrances
7. Required Consents: List of required governmental or third-party consents
8. Completion Requirements: Detailed checklist of completion requirements and documents
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