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Lease Purchase Contract Template for Nigeria

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Key Requirements PROMPT example:

Lease Purchase Contract

"I need a Lease Purchase Contract for a commercial warehouse in Lagos, Nigeria, with a 2-year initial lease period starting March 1, 2025, and a purchase option exercisable after 18 months, including special provisions for heavy machinery installation."

Document background
The Lease Purchase Contract serves as a crucial legal instrument in Nigerian property transactions, offering a flexible pathway to property ownership. This document is particularly useful when buyers need time to arrange full purchase financing or want to occupy the property while working towards ownership. The agreement details both the leasing phase and the purchase option, including rent payments, purchase price, maintenance responsibilities, and conditions for exercising the purchase option. It ensures compliance with Nigerian property laws, including the Land Use Act and state-specific regulations, while protecting both parties' interests throughout the lease-to-purchase transition. This type of contract is commonly used in both commercial and residential property transactions, requiring careful attention to local property registration requirements and transfer procedures.
Suggested Sections

1. Parties: Identification of the lessor/seller and lessee/buyer with full legal names and addresses

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

3. Definitions: Definitions of key terms used throughout the agreement

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

5. Lease Terms: Terms of the lease including duration, rent amount, payment schedule, and maintenance responsibilities

6. Purchase Option: Details of the purchase option including purchase price, option period, and how/when the option can be exercised

7. Rent Credits: Specification of how rental payments will be credited towards the purchase price

8. Property Maintenance and Repairs: Responsibilities for maintenance, repairs, and improvements during the lease period

9. Insurance and Property Taxes: Requirements for property insurance and responsibility for property taxes

10. Default and Remedies: Consequences of default by either party and available remedies

11. Assignment and Subletting: Restrictions on assignment or subletting of the property

12. Notices: Process for giving formal notices between parties

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

14. Execution: Signature blocks and execution requirements

Optional Sections

1. Property Inspection: Initial property condition assessment and inspection requirements, used when the property requires specific documentation of its condition

2. Environmental Matters: Environmental warranties and indemnities, included for properties with potential environmental concerns

3. Planning Permissions: Details of existing planning permissions and restrictions, included for properties with specific development potential or restrictions

4. Third Party Rights: Acknowledgment of any third party rights or restrictions, included when relevant encumbrances exist

5. Special Conditions: Any special conditions or requirements specific to the property or transaction

6. Early Purchase Option: Terms for early exercise of purchase option, included when early purchase is permitted

7. Force Majeure: Provisions for unforeseen circumstances preventing performance, included in areas prone to specific risks

Suggested Schedules

1. Schedule 1 - Property Details: Detailed property description, including land registry information and plans

2. Schedule 2 - Payment Schedule: Detailed breakdown of lease payments and purchase price calculations

3. Schedule 3 - Property Inventory: Inventory of any fixtures, fittings, or contents included in the lease-purchase

4. Schedule 4 - Maintenance Schedule: Detailed maintenance responsibilities and schedules

5. Schedule 5 - Property Rules and Regulations: Specific rules and regulations governing property use

6. Appendix A - Property Plans: Floor plans, site plans, and other relevant property drawings

7. Appendix B - Land Documents: Copies of land title documents and certificates

8. Appendix C - Photographs: Photographs documenting property condition at lease commencement

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions







































Clauses






























Relevant Industries

Real Estate

Commercial Property

Residential Property

Retail

Industrial

Agriculture

Hospitality

Office Space

Manufacturing

Warehouse and Storage

Relevant Teams

Legal

Real Estate

Property Management

Operations

Finance

Business Development

Facilities Management

Asset Management

Contract Administration

Risk Management

Relevant Roles

Property Manager

Real Estate Agent

Legal Counsel

Property Lawyer

Commercial Director

Facilities Manager

Asset Manager

Real Estate Developer

Property Investment Manager

Leasing Manager

Contract Administrator

Business Development Manager

Finance Manager

Operations Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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