Document background
The Lease Transfer Agreement Form is a crucial legal instrument used in Nigerian property transactions when an existing tenant wishes to transfer their leasehold interest to another party. This document is essential for ensuring compliance with the Land Use Act 1978 and state-specific property laws, while protecting the interests of all parties involved. The agreement captures critical details including the original lease terms, transfer consideration, property condition, and ongoing obligations. It requires the explicit consent of the landlord and must be properly stamped and registered with relevant authorities. The document is particularly important in commercial and residential property sectors, where lease transfers are common due to business relocations, expansions, or personal circumstances. The agreement helps prevent disputes by clearly defining the rights, responsibilities, and liabilities of the transferor, transferee, and landlord.
