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Rent Review Notice

Rent Review Notice Template for Nigeria

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Key Requirements PROMPT example:

Rent Review Notice

"I need a Rent Review Notice for a commercial property in Lagos, Nigeria, to increase the rent by 15% effective from March 1, 2025, including market analysis data to justify the increase."

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Document background
A Rent Review Notice is essential in the Nigerian real estate market when a landlord wishes to modify the rental amount for a property. This document is used in accordance with both federal Nigerian property laws and state-specific regulations, requiring careful attention to compliance with the Rent Control and Recovery of Residential Premises Act, as well as local tenancy laws. The notice must be issued within specific timeframes as outlined in the original lease agreement and applicable regulations. It serves as the formal mechanism for initiating rent adjustments, whether for residential or commercial properties, and must include detailed information about the current rent, proposed new amount, effective date, and justification for the change. The document plays a crucial role in maintaining transparent landlord-tenant relationships and ensuring legal compliance in rent review processes.
Suggested Sections

1. Date and Address Block: Current date and address details of both landlord and tenant

2. Reference Line: Property address and any relevant reference numbers

3. Subject Line: Clear indication that this is a Rent Review Notice

4. Current Rent Statement: Statement of the current rent amount and payment terms

5. New Rent Proposal: Clear statement of the proposed new rent amount

6. Effective Date: The date from which the new rent will become payable

7. Legal Basis: Reference to the relevant clause in the lease allowing for rent review

8. Response Period: Specification of the time period within which the tenant must respond

9. Signature Block: Space for landlord's or authorized agent's signature

Optional Sections

1. Market Analysis Summary: Brief explanation of market conditions justifying the rent increase, used when a significant increase is proposed

2. Payment Instructions: Include if payment details are changing along with the rent amount

3. Negotiation Period: Include if the lease allows for a negotiation period before the new rent takes effect

4. Professional Valuation Reference: Include when the rent review is based on a professional valuation

5. Dispute Resolution Process: Include when the lease provides specific procedures for resolving rent review disputes

Suggested Schedules

1. Schedule A - Rent Calculation: Detailed breakdown of how the new rent was calculated

2. Schedule B - Market Evidence: Comparable property rents in the area, if being used to justify the increase

3. Appendix 1 - Relevant Lease Clauses: Copy of the relevant rent review clauses from the original lease

4. Appendix 2 - Professional Valuation Report: If applicable, the professional valuation report supporting the rent review

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

alex.den.21@genieai.co
Relevant legal definitions




















Clauses















Relevant Industries

Real Estate

Commercial Property

Residential Property

Retail

Office Space

Industrial

Hospitality

Healthcare

Education

Mixed-Use Development

Relevant Teams

Legal

Real Estate

Property Management

Facilities Management

Asset Management

Operations

Tenant Relations

Administration

Compliance

Finance

Relevant Roles

Property Manager

Real Estate Manager

Facilities Manager

Legal Counsel

Leasing Manager

Asset Manager

Property Administrator

Real Estate Agent

Portfolio Manager

Tenant Relations Manager

Property Operations Manager

Real Estate Director

Lease Administrator

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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