The Option To Purchase Agreement is a crucial document in Nigerian property transactions that provides a potential buyer with the exclusive right to purchase a property while allowing time for due diligence, financing arrangements, or other contingencies. This agreement type is particularly valuable in the Nigerian real estate market where property transactions can be complex and time-consuming due to regulatory requirements. The document must comply with the Land Use Act 1978 and state-specific property laws, often requiring governmental consents and proper registration. It typically includes detailed specifications about the property, option period, purchase price, exercise mechanisms, and completion requirements. This agreement is commonly used in commercial real estate transactions, development projects, and strategic property acquisitions where parties need to secure their interests while finalizing other arrangements.
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1. Parties: Identification of the Option Grantor (seller) and Option Holder (potential buyer), including full legal names and addresses
2. Background: Context of the agreement, including brief description of the property and parties' intention to enter into an option arrangement
3. Definitions: Definitions of key terms used throughout the agreement, including 'Option Period', 'Purchase Price', 'Property', etc.
4. Grant of Option: Express grant of the option to purchase, specifying exclusivity and basic terms
5. Option Period: Duration of the option, including start and end dates, and any extension provisions
6. Option Price: Amount payable for the option itself (if applicable)
7. Purchase Price: Agreed purchase price for the property if the option is exercised
8. Exercise of Option: Procedure for exercising the option, including notice requirements and timeframes
9. Property Details: Detailed description of the property, including title information and registration details
10. Representations and Warranties: Standard warranties about property ownership, authority to sell, and condition
11. Completion: Procedures and requirements for completing the sale if option is exercised
12. Termination: Circumstances under which the agreement may be terminated
13. Governing Law: Specification of Nigerian law as governing law and relevant jurisdiction
14. Execution: Signature blocks and execution formalities
1. Due Diligence: Terms for conducting property investigations and searches, used when the option holder requires a due diligence period
2. Development Conditions: Include when the option is contingent on obtaining development approvals or permits
3. Environmental Matters: Used when environmental investigations or warranties are required
4. Assignment: Terms for assigning the option rights, included when transfer rights are important to the option holder
5. Multiple Properties: Additional provisions for handling multiple properties under one option
6. Financing Conditions: Include when the option exercise is subject to obtaining financing
7. Local Government Consent: Required when the property is in a state requiring specific local government approval
1. Property Description Schedule: Detailed legal description of the property, including boundaries, certificates of occupancy, and survey details
2. Option Exercise Notice: Pro-forma notice for exercising the option
3. Purchase Price Schedule: Breakdown of purchase price and payment terms if complex structure
4. Title Documents: Copies of relevant title documents and certificates
5. Property Plans: Survey plans and property drawings
6. Encumbrances Schedule: List of any existing encumbrances, charges, or restrictions on the property
7. Required Consents: List of necessary governmental or regulatory consents required for the sale
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