¶¶Òõ¶ÌÊÓƵ

The Contract For Lease To Own is a specialized agreement used in Nigerian property transactions where parties wish to combine leasing with a future purchase option. This document is particularly useful when buyers need time to arrange financing or prefer a gradual approach to property ownership. It provides a structured path to ownership while allowing immediate occupancy under lease terms. The agreement must comply with Nigerian property laws, including the Land Use Act, and typically includes detailed provisions for payment terms, maintenance responsibilities, and the process for exercising the purchase option. This type of contract is commonly used in both residential and commercial property transactions, requiring careful attention to local property regulations, registration requirements, and governmental consents. The document protects both parties' interests during the lease period and ensures a clear framework for the eventual transfer of ownership.

1. Parties: Identification of the lessor/seller and lessee/buyer with full legal names, addresses, and registration details if companies

2. Background: Context of the agreement, including property details and parties' intentions regarding the lease-to-own arrangement

3. Definitions: Key terms used throughout the agreement including Property, Purchase Price, Lease Payments, Option Fee, etc.

4. Property Description: Detailed description of the property including location, boundaries, and registration details

5. Lease Terms: Duration of lease, monthly payments, maintenance responsibilities, and conditions of occupancy

6. Purchase Option: Terms of the purchase option, including purchase price, option fee, and how lease payments contribute to the purchase

7. Payment Terms: Detailed payment schedule, including lease payments, option fees, and purchase price calculations

8. Title and Ownership: Warranties of title, encumbrances, and process for transfer of ownership

9. Maintenance and Repairs: Responsibilities for property maintenance, repairs, and improvements during the lease period

10. Insurance and Taxes: Requirements for property insurance and responsibility for property taxes and other assessments

11. Default and Remedies: Consequences of default on lease payments or breach of agreement terms

12. Exercise of Purchase Option: Process and requirements for exercising the purchase option

13. Governing Law: Specification of Nigerian law as governing law and relevant jurisdictional details

14. Termination: Conditions and process for termination of the agreement

15. Notices: Process for formal communications between parties

16. Execution: Signature blocks and attestation requirements