The Option To Purchase Contract is a crucial document in Nigerian property transactions, providing a structured framework for securing future property acquisition rights. This agreement is commonly used when parties need time to arrange financing, conduct due diligence, or obtain necessary approvals before completing a property purchase. It must comply with Nigerian property laws, including the Land Use Act 1978 and relevant state-specific regulations. The document typically includes essential details such as property description, purchase price, option period, exercise mechanisms, and completion procedures. It's particularly valuable in commercial real estate transactions, development projects, and situations where phased property acquisition is desired. The Option to Purchase Contract protects both the property owner's and potential buyer's interests while providing clarity on the terms and conditions of the potential sale.
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1. Parties: Identification and details of the Option Grantor (property owner) and Option Holder (potential purchaser)
2. Background: Context of the agreement and relationship between parties
3. Definitions: Key terms used throughout the agreement including Property, Option Period, Purchase Price, and Exercise Notice
4. Grant of Option: Clear statement granting the exclusive right to purchase the property within the specified period
5. Option Period: Duration for which the option is valid and any conditions for extension
6. Option Fee: Amount payable for the option 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 property and payment terms
9. Property Details: Legal description and details of the property subject to the option
10. Title and Ownership: Confirmation of title and any encumbrances on the property
11. Completion: Process and timeline for completing the sale after option exercise
12. Termination: Circumstances under which the option agreement may be terminated
13. Governing Law: Specification of Nigerian law as governing law and jurisdiction
14. Execution: Signature blocks and execution requirements
1. Due Diligence: Terms allowing the Option Holder to conduct property investigations, used when due diligence hasn't been completed before option agreement
2. Property Access: Terms governing access to the property during the option period, needed when inspection or evaluation is required
3. Assignment: Rights and restrictions regarding assignment of the option, included when transfer rights are negotiated
4. Development Rights: Terms regarding property development during the option period, relevant for undeveloped land or properties requiring renovation
5. Multiple Properties: Special terms for options covering multiple properties, used when deal involves property portfolio
6. Environmental Conditions: Special provisions regarding environmental assessments and liabilities, important for industrial or potentially contaminated properties
7. Planning Permissions: Conditions relating to obtaining necessary planning permissions, relevant for development properties
1. Property Description Schedule: Detailed legal description of the property, including boundaries, measurements, and registered title information
2. Option Exercise Notice Template: Standard form for exercising the option
3. Payment Schedule: Breakdown of payment terms, including option fee, deposit, and balance
4. Encumbrances Schedule: List of existing encumbrances, charges, or restrictions on the property
5. Due Diligence Requirements: Checklist of required documentation and investigations
6. Permitted Use Schedule: Details of allowed property uses and any restrictions
7. Title Documents: Copies of relevant title documents and certificates
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