The Option To Buy Contract is a crucial legal instrument in Nigerian property transactions, providing potential buyers with the exclusive right to purchase a property within a specified timeframe. This document is particularly useful in situations where buyers need time to arrange financing or conduct due diligence, while sellers want commitment from serious buyers. It must comply with Nigerian property law, including the Land Use Act 1978, and typically includes detailed terms about the option period, purchase price, exercise conditions, and property specifications. The agreement protects both parties' interests by clearly defining their rights and obligations, while ensuring all necessary regulatory requirements for property transactions in Nigeria are met.
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1. Parties: Identification of the Option Grantor and Option Holder, including full legal names and addresses
2. Background: Context of the agreement and relationship between parties
3. Definitions: Definitions of key terms used throughout the agreement
4. Grant of Option: Explicit statement granting the option to purchase the property
5. Option Period: Duration of the option, including start and end dates
6. Option Price: Amount payable for the option itself (if any)
7. Purchase Price: Agreed purchase price for the property if option is exercised
8. Property Description: Detailed description of the property subject to the option
9. Exercise of Option: Process and requirements for exercising the option
10. Payment Terms: Terms and conditions for payment of both option price and purchase price
11. Representations and Warranties: Statements of fact and promises by both parties
12. Completion: Process and requirements for completing the sale if option is exercised
13. Termination: Circumstances under which the option agreement may be terminated
14. Governing Law: Specification of Nigerian law as governing law
15. Execution: Signature blocks and execution requirements
1. Due Diligence: Terms allowing the Option Holder to conduct property investigations, used when due diligence period is required
2. Assignment: Rights to assign the option to third parties, included if assignment is to be permitted
3. Property Maintenance: Obligations regarding property maintenance during option period, used for longer option periods
4. Exclusivity: Prevents the Grantor from selling to others during the option period, used when exclusive rights are negotiated
5. Force Majeure: Provisions for unforeseen circumstances, included for longer-term options
6. Insurance: Requirements for property insurance during option period, used for valuable properties or longer terms
7. Extension Rights: Terms for extending the option period, included if extension possibilities are negotiated
8. Mortgagee Consent: Required if the property is subject to an existing mortgage
1. Property Details: Detailed technical description of the property, including boundaries and title information
2. Plan: Property plans, maps and surveys
3. Option Exercise Notice: Pro-forma notice for exercising the option
4. Payment Schedule: Detailed breakdown of payment terms and installments if applicable
5. Title Documents: Copies of relevant title documents and certificates
6. Encumbrances: List of any existing encumbrances, easements or restrictions on the property
7. Due Diligence Requirements: Specific requirements and checklist for due diligence if applicable
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