The Residential Lease Agreement With Option To Purchase is a sophisticated legal instrument used in Nigerian real estate transactions where a property owner wishes to lease their residential property while giving the tenant the exclusive right to purchase it in the future. This document is particularly useful in situations where potential buyers need time to arrange financing or want to "try before they buy." The agreement must comply with Nigerian federal laws, including the Land Use Act 1978, as well as state-specific property and tenancy regulations. It combines standard residential lease provisions (such as rent, maintenance, and utilities) with detailed terms for the purchase option (including price, exercise period, and completion procedures). This type of agreement is commonly used in Nigeria's growing real estate market, especially in urban areas where property values are appreciating, and provides protection for both landlords and tenants while offering flexibility in property acquisition.
Your data doesn't train Genie's AI
You keep IP ownership聽of your information
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
OR
Let tiktok成人版's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.
1. Parties: Identification of the Landlord/Seller and Tenant/Potential Buyer with full legal names and addresses
2. Background: Context of the agreement including property ownership and intention to lease with purchase option
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including address and registration details
5. Lease Terms: Duration of lease, rent amount, payment terms, and renewal provisions
6. Option to Purchase: Terms of the purchase option including duration, exercise price, and exercise procedure
7. Rent Payments: Detailed provisions for rent payment, including method, due dates, and late payment consequences
8. Security Deposit: Amount, terms, and conditions for security deposit
9. Maintenance and Repairs: Responsibilities of each party for property maintenance and repairs
10. Utilities and Services: Allocation of responsibility for utilities and services
11. Insurance Requirements: Required insurance coverage for both parties
12. Exercise of Purchase Option: Detailed procedure for exercising the purchase option
13. Purchase Price and Payment: Purchase price calculation and payment terms if option is exercised
14. Default and Remedies: Consequences of default under either lease or purchase option terms
15. Termination: Conditions and procedures for termination of the agreement
16. Governing Law: Specification of Nigerian law as governing law
17. Execution: Signature blocks and execution requirements
1. Rent Credit: Optional provision for applying portion of rent payments toward purchase price
2. Property Inspection: Terms for property inspection rights during lease period
3. Assignment and Subletting: Rights and restrictions regarding assignment or subletting
4. Pet Policy: Terms and conditions for keeping pets on the property
5. Option Extension: Provisions for extending the purchase option period
6. Mortgage Contingency: Conditions related to tenant's ability to secure financing
7. Property Improvements: Terms regarding tenant's right to make improvements and their impact on purchase price
8. First Right of Refusal: Additional rights if landlord receives third-party purchase offer
9. Force Majeure: Provisions for unforeseen circumstances affecting performance
1. Schedule A - Property Details: Detailed property description, boundaries, and included fixtures/fittings
2. Schedule B - Rent Payment Schedule: Detailed breakdown of rent payments and due dates
3. Schedule C - Property Condition Report: Initial condition assessment of the property
4. Schedule D - Purchase Price Calculation: Formula and terms for determining final purchase price
5. Schedule E - Permitted Uses: Specific allowed and prohibited uses of the property
6. Appendix 1 - Property Photos: Photographic documentation of property condition
7. Appendix 2 - Required Maintenance Schedule: Regular maintenance requirements and schedules
8. Appendix 3 - Property Title Documents: Copies of relevant title documents and certificates
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Residential Property
Property Management
Legal Services
Housing Development
Property Investment
Real Estate Finance
Property Leasing
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Contract Administration
Property Operations
Investment
Risk Management
Facilities Management
Relevant Roles
Real Estate Manager
Property Manager
Legal Counsel
Real Estate Agent
Property Developer
Housing Officer
Lease Administrator
Contract Manager
Real Estate Investment Manager
Property Investment Advisor
Real Estate Lawyer
Compliance Officer
Property Portfolio Manager
Find the exact document you need
Investment Agreement Between Individual And Individual
A Nigerian law-governed agreement establishing investment terms and conditions between two individuals, including investment amount, returns, rights, and obligations.
find out more
Bike Purchase Agreement
A Nigerian law-governed agreement for the sale and purchase of a bike, outlining terms, conditions, and ownership transfer requirements.
find out more
Automobile Purchase Agreement
A Nigerian law-governed agreement for the sale and purchase of an automobile, detailing vehicle specifications, price, and ownership transfer terms.
find out more
Agreement Of Purchase
A Nigerian law-governed agreement that documents the terms and conditions for the sale and purchase of goods, assets, or property between parties.
find out more
Vehicle Purchase Agreement Form
A Nigerian law-governed agreement that formalizes the sale and purchase of vehicles, including essential terms and conditions for ownership transfer.
find out more
House Offer To Purchase
A formal offer document under Nigerian law outlining terms and conditions for purchasing residential property, including price and essential transaction details.
find out more
Equity Investment Contract
A Nigerian law-governed agreement documenting terms and conditions for equity investment in a company, including share allocation, shareholder rights, and protective provisions.
find out more
Letter Of Intent To Purchase Goods
A preliminary document under Nigerian law outlining the proposed terms for purchasing goods, serving as a framework for negotiating a final purchase agreement.
find out more
Agreement For Advance Payment For Purchase Of Land
Nigerian law-governed agreement documenting terms and conditions for advance payment in land purchase transactions, securing parties' interests before final property transfer.
find out more
Contract For Selling A Car With Payments
A Nigerian law-governed agreement for the sale of a vehicle with installment payments, detailing vehicle specifications, payment terms, and ownership transfer conditions.
find out more
Agreement For Advance Payment For Purchase Of House
A Nigerian legal agreement governing advance payments for house purchases, detailing payment terms and property transfer conditions under Nigerian law.
find out more
Shares Agreement
A Nigerian law-governed agreement establishing terms for share ownership, transfer, and shareholder rights within a company under CAMA 2020.
find out more
Car Lease To Own Agreement
A Nigerian law-governed agreement establishing terms for vehicle lease-to-own arrangements, including payment terms and ownership transfer conditions.
find out more
Equipment Purchase Contract
Nigerian law-governed agreement for equipment purchase, detailing specifications, price, warranties, and compliance requirements.
find out more
Business Sale Contract
A Nigerian law-governed agreement for the sale and purchase of a business, detailing transaction terms, warranties, and completion requirements.
find out more
Public Offer Agreement
A legally binding agreement governing public securities offerings in Nigeria, compliant with Nigerian securities laws and SEC regulations.
find out more
Buyback Agreement
A Nigerian law-governed agreement establishing terms for repurchasing assets, securities, or goods previously sold, ensuring compliance with local regulatory requirements.
find out more
Vehicle Hire Purchase Agreement
A Nigerian law-governed agreement for the purchase of vehicles through installment payments, with ownership transferring upon final payment.
find out more
Lease Agreement With Option To Purchase
Nigerian law-governed agreement combining property lease terms with a purchase option, establishing rights and obligations for both rental period and potential property acquisition.
find out more
Home For Sale By Owner Contract
A legal contract for direct property sale between private parties in Nigeria, compliant with Nigerian property law and the Land Use Act.
find out more
Bike Hire Purchase Agreement
A Nigerian law-governed agreement for the purchase of a bike through installment payments, with ownership transferring upon final payment.
find out more
Artwork Purchase Agreement
A Nigerian law-governed agreement for the sale and purchase of artwork, including authenticity, payment terms, and cultural property compliance requirements.
find out more
Aircraft Sale Agreement
A Nigerian law-governed agreement for the sale and transfer of aircraft ownership, complying with NCAA regulations and civil aviation requirements.
find out more
Agreement For Advance Payment For Purchase Of Goods
Nigerian law-governed agreement establishing terms for advance payment in goods purchase, including payment protection measures and delivery requirements.
find out more
Personal Property Purchase Agreement
A Nigerian law-governed agreement documenting the sale and purchase of personal property, specifying terms, conditions, and parties' rights and obligations.
find out more
Option To Purchase Contract
A Nigerian law-governed agreement granting exclusive rights to purchase specified property at a predetermined price within an agreed timeframe.
find out more
Non Binding Letter Of Intent To Purchase Product
A non-binding document under Nigerian law expressing formal interest in purchasing specific products, outlining basic terms and conditions for potential transaction.
find out more
Dealer Purchase Agreement
A Nigerian law-governed agreement establishing terms between supplier/manufacturer and dealer for product distribution and resale within specified territories.
find out more
Cross Purchase Agreement
A Nigerian law-governed agreement establishing terms for business owners to purchase each other's interests upon specific triggering events.
find out more
Asset Purchase Form
A standardized form for asset purchases in Nigeria, ensuring legal compliance and proper transfer of ownership between parties.
find out more
Seller Financed Purchase Agreement
A Nigerian law-governed agreement where the property seller provides purchase financing to the buyer, combining sale and loan terms.
find out more
Real Estate Contract Agreement
A Nigerian law-governed agreement for the sale and purchase of real estate property, ensuring compliant transfer of ownership and detailing all sale terms and conditions.
find out more
Offer To Purchase And Contract
A Nigerian law-governed document combining property purchase offer and sale agreement, detailing terms and conditions for real estate transactions.
find out more
Letter Of Intent To Buy A Business
A preliminary document under Nigerian law outlining the proposed terms and conditions for acquiring a business, serving as a framework for future negotiations.
find out more
Letter Of Intent For Purchase Order
A preliminary document under Nigerian law that outlines the intention to enter into a formal purchase agreement, detailing key terms and conditions of the proposed transaction.
find out more
High Purchase Agreement Form
A Nigerian law-governed agreement enabling purchase of goods through installments, with ownership transferring upon final payment.
find out more
Basic Real Estate Contract
A standardized real estate sale agreement template compliant with Nigerian law, facilitating property transfers between parties.
find out more
Commercial Property Sale Agreement
A Nigerian law-governed agreement for the sale and purchase of commercial property, ensuring legal compliance and protecting both parties' interests.
find out more
Purchase Agreement For Car Loan
A Nigerian law-governed agreement combining vehicle purchase and loan financing terms, establishing rights and obligations for vehicle acquisition through financial institution funding.
find out more
Car Dealer Purchase Agreement Form
A Nigerian law-governed agreement between a car dealer and purchaser for the sale and purchase of a vehicle, including key terms and conditions.
find out more
骋别苍颈别鈥檚 Security Promise
Genie is the safest place to draft. Here鈥檚 how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; 骋别苍颈别鈥檚 AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
.png)