The Residential Lease Agreement With Option To Purchase is a sophisticated legal instrument used in Nigerian real estate transactions where a property owner wishes to lease their residential property while giving the tenant the exclusive right to purchase it in the future. This document is particularly useful in situations where potential buyers need time to arrange financing or want to "try before they buy." The agreement must comply with Nigerian federal laws, including the Land Use Act 1978, as well as state-specific property and tenancy regulations. It combines standard residential lease provisions (such as rent, maintenance, and utilities) with detailed terms for the purchase option (including price, exercise period, and completion procedures). This type of agreement is commonly used in Nigeria's growing real estate market, especially in urban areas where property values are appreciating, and provides protection for both landlords and tenants while offering flexibility in property acquisition.
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1. Parties: Identification of the Landlord/Seller and Tenant/Potential Buyer with full legal names and addresses
2. Background: Context of the agreement including property ownership and intention to lease with purchase option
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including address and registration details
5. Lease Terms: Duration of lease, rent amount, payment terms, and renewal provisions
6. Option to Purchase: Terms of the purchase option including duration, exercise price, and exercise procedure
7. Rent Payments: Detailed provisions for rent payment, including method, due dates, and late payment consequences
8. Security Deposit: Amount, terms, and conditions for security deposit
9. Maintenance and Repairs: Responsibilities of each party for property maintenance and repairs
10. Utilities and Services: Allocation of responsibility for utilities and services
11. Insurance Requirements: Required insurance coverage for both parties
12. Exercise of Purchase Option: Detailed procedure for exercising the purchase option
13. Purchase Price and Payment: Purchase price calculation and payment terms if option is exercised
14. Default and Remedies: Consequences of default under either lease or purchase option terms
15. Termination: Conditions and procedures for termination of the agreement
16. Governing Law: Specification of Nigerian law as governing law
17. Execution: Signature blocks and execution requirements
1. Rent Credit: Optional provision for applying portion of rent payments toward purchase price
2. Property Inspection: Terms for property inspection rights during lease period
3. Assignment and Subletting: Rights and restrictions regarding assignment or subletting
4. Pet Policy: Terms and conditions for keeping pets on the property
5. Option Extension: Provisions for extending the purchase option period
6. Mortgage Contingency: Conditions related to tenant's ability to secure financing
7. Property Improvements: Terms regarding tenant's right to make improvements and their impact on purchase price
8. First Right of Refusal: Additional rights if landlord receives third-party purchase offer
9. Force Majeure: Provisions for unforeseen circumstances affecting performance
1. Schedule A - Property Details: Detailed property description, boundaries, and included fixtures/fittings
2. Schedule B - Rent Payment Schedule: Detailed breakdown of rent payments and due dates
3. Schedule C - Property Condition Report: Initial condition assessment of the property
4. Schedule D - Purchase Price Calculation: Formula and terms for determining final purchase price
5. Schedule E - Permitted Uses: Specific allowed and prohibited uses of the property
6. Appendix 1 - Property Photos: Photographic documentation of property condition
7. Appendix 2 - Required Maintenance Schedule: Regular maintenance requirements and schedules
8. Appendix 3 - Property Title Documents: Copies of relevant title documents and certificates
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