Document background
The Long Term Rental Agreement is a crucial legal instrument in Nigerian property law, designed for situations where a property is to be rented for an extended period, typically one year or more. This document is essential for both residential and commercial property rentals in Nigeria, incorporating requirements from federal legislation such as the Recovery of Premises Act and state-specific tenancy laws. It serves to protect the interests of both landlords and tenants by clearly defining rights, responsibilities, and obligations throughout the rental period. The agreement includes critical elements such as rent payment terms, maintenance responsibilities, security deposits, and termination conditions, while ensuring compliance with local property regulations and rent control measures where applicable. This document is particularly important in Nigerian urban centers where long-term property rental is common and requires careful consideration of both statutory requirements and customary practices.
