Property Lease With Option To Buy

Property Lease With Option To Buy Template for Nigeria

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Key Requirements PROMPT example:

"I need a Property Lease With Option to Buy agreement for a commercial warehouse in Lagos, with a 3-year initial lease starting March 1, 2025, and an option to purchase that can be exercised after 18 months at a pre-agreed price of ₦150 million."

Document background

The Property Lease With Option To Buy agreement is a sophisticated legal instrument used in Nigerian real estate transactions where parties wish to combine a standard lease with a future purchase opportunity. This document is particularly relevant when tenants require immediate occupancy while securing the right to purchase the property later, or when property owners wish to offer purchase flexibility to their tenants. It must comply with Nigerian federal laws, particularly the Land Use Act 1978, as well as relevant state property and planning regulations. The agreement includes comprehensive provisions for both the leasing phase (including rent, maintenance, and usage terms) and the purchase option (including price determination, exercise periods, and completion procedures). This document type is commonly used in commercial, industrial, and residential property transactions throughout Nigeria, requiring careful consideration of local property registration requirements and necessary governmental approvals.

Suggested Sections

1. Parties: Identification of the Landlord/Seller and Tenant/Potential Buyer, including full legal names, addresses, and registration details if companies

2. Background: Context of the agreement, including property ownership confirmation and parties' intentions regarding lease and potential purchase

3. Definitions: Definitions of key terms used throughout the agreement, including Property, Lease Period, Option Period, Purchase Price, etc.

4. Property Description: Detailed description of the leased property, including address, boundaries, and registered title information

5. Lease Terms: Core lease provisions including duration, rent amount, payment terms, and renewal options

6. Option to Purchase: Terms of the purchase option, including option period, purchase price calculation, and exercise procedure

7. Tenant's Obligations: Comprehensive list of tenant responsibilities during the lease period

8. Landlord's Obligations: Comprehensive list of landlord responsibilities during the lease period

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

10. Insurance and Risk: Requirements for property insurance and allocation of risks

11. Exercise of Option: Detailed procedure for exercising the purchase option, including notice requirements and timeframes

12. Completion of Purchase: Process and requirements for completing the property purchase if option is exercised

13. Default and Remedies: Consequences of default under either lease or option terms and available remedies

14. General Provisions: Standard contract clauses including notices, amendments, governing law, and dispute resolution

Optional Sections

1. Property Management: Include when the property is part of a larger complex or requires specific management arrangements

2. Utilities and Services: Include when there are specific arrangements for utilities or shared services

3. Subletting and Assignment: Include when subletting or assignment rights need to be specifically addressed

4. Environmental Matters: Include for properties with specific environmental considerations or requirements

5. Planning and Zoning: Include when there are specific planning permissions or zoning requirements relevant to current use or future development

6. Alterations and Improvements: Include when specific provisions are needed regarding property modifications

7. Option Premium: Include when there is a separate payment required for the purchase option

8. Mortgage and Financing: Include when there are specific provisions regarding existing mortgages or future financing arrangements

Suggested Schedules

1. Schedule 1 - Property Details: Detailed property description, including plans, boundaries, and registered title information

2. Schedule 2 - Rent Payment Schedule: Detailed breakdown of rent payments, including amounts, due dates, and payment methods

3. Schedule 3 - Purchase Price Calculation: Formula or method for calculating final purchase price, including any rent credit arrangements

4. Schedule 4 - Inventory: List of fixtures, fittings, and contents included in the lease and potential sale

5. Schedule 5 - Property Condition Report: Detailed assessment of property condition at lease commencement

6. Schedule 6 - Permitted Uses: Specific details of permitted uses of the property

7. Appendix A - Required Maintenance Schedule: Detailed maintenance requirements and schedules

8. Appendix B - Option Exercise Form: Template form for exercising the purchase option

Authors

Alex Denne

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Retail

Commercial Property

Industrial

Healthcare

Education

Hospitality

Manufacturing

Professional Services

Agriculture

Logistics

Warehousing

Relevant Teams

Legal

Real Estate

Operations

Finance

Facilities Management

Risk and Compliance

Corporate Services

Business Development

Property Management

Asset Management

Relevant Roles

Real Estate Manager

Property Manager

Legal Counsel

Commercial Director

Facilities Manager

Chief Financial Officer

Operations Director

Business Development Manager

Asset Manager

Compliance Officer

Risk Manager

Property Lawyer

Estate Agent

Leasing Manager

Corporate Services Manager

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