Document background
The Rent To Own Lease Agreement is a specialized contract used in Nigerian property transactions where traditional property purchase or standard lease arrangements don't meet the parties' needs. This hybrid document becomes relevant when property owners wish to offer tenants the opportunity to purchase the property while initially renting it, or when prospective buyers need time to arrange financing or assess the property's suitability for long-term ownership. The agreement, governed by Nigerian federal and state laws, includes specific provisions for rent payments, purchase option terms, maintenance responsibilities, and the eventual transfer of property ownership. It's particularly useful in Nigeria's dynamic real estate market where immediate property purchase may not be feasible for many prospective buyers, offering a structured path to ownership while providing security for both parties.
