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The Option To Buy Land Agreement is a strategic legal instrument used in Nigerian real estate transactions where a potential buyer seeks to secure the right to purchase land without immediate commitment to the full purchase. This document is particularly valuable in development projects, large-scale agricultural investments, or commercial real estate ventures where buyers need time for due diligence, financing arrangements, or regulatory approvals. The agreement must navigate the complexities of Nigerian land law, including the Land Use Act requirements, state-specific regulations, and where applicable, traditional land rights. It typically includes detailed property descriptions, option terms, exercise mechanisms, and pricing structures, while ensuring compliance with local property registration requirements and consent procedures.

1. Parties: Identification of the Option Grantor (landowner) and Option Holder, including full legal names and addresses

2. Background: Context of the agreement, current ownership status, and purpose of the option arrangement

3. Definitions: Definitions of key terms used throughout the agreement, including 'Option Period', 'Option Fee', 'Purchase Price', and 'Property'

4. Grant of Option: Clear statement of the grant of option to purchase the land, specifying the exclusive nature of the option

5. Option Period: Duration of the option, including start and end dates, and any conditions for extension

6. Option Fee: Amount of option fee, payment terms, and whether it's applicable to the purchase price

7. Exercise of Option: Process and requirements for exercising the option, including notice requirements

8. Purchase Price: Agreed purchase price for the land if the option is exercised, including any adjustment mechanisms

9. Property Details: Detailed description of the land, including boundaries, measurements, and registration details

10. Title and Governor's Consent: Confirmation of title and provisions regarding obtaining necessary Governor's consent

11. Representations and Warranties: Statements and guarantees about the property and parties' authority

12. Completion: Process and requirements for completing the sale if option is exercised

13. Termination: Circumstances under which the agreement can be terminated

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

15. Execution: Signature blocks and execution requirements