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Commercial Rent Review Notice

Commercial Rent Review Notice Template for Nigeria

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Key Requirements PROMPT example:

Commercial Rent Review Notice

"I need to draft a Commercial Rent Review Notice as a landlord for my retail property in Lagos, proposing a 15% rent increase effective March 1, 2025, based on current market rates and recent improvements to the shopping district."

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Document background
The Commercial Rent Review Notice is a crucial document in Nigerian commercial property relations, typically used when a rent review date approaches as specified in a commercial lease agreement. This formal notification must align with Nigerian property law requirements and can be initiated by either landlord or tenant, though more commonly by landlords. The document serves to formally communicate proposed rent changes, usually supported by current market evidence and professional valuations. It must reference specific lease provisions authorizing the review, current rent details, and the proposed new terms. The notice plays a vital role in maintaining fair market value for commercial properties while ensuring procedural compliance with Nigerian federal and state property legislation.
Suggested Sections

1. Letterhead and Date: Full business details of the sender including registered address and date of notice

2. Recipient Details: Full name and address of the tenant/landlord

3. Property Identification: Clear description and address of the leased premises

4. Lease Reference: Details of the original lease including date of execution and parties

5. Rent Review Clause Reference: Specific reference to the rent review clause in the lease that is being activated

6. Current Rent Statement: Statement of the current rent being paid

7. Proposed New Rent: Clear statement of the proposed new rent figure

8. Effective Date: The date from which the new rent is proposed to take effect

9. Response Period: Specified timeframe for response and next steps

Optional Sections

1. Market Evidence Summary: Brief summary of comparable properties/rents - include when substantial market changes justify the review

2. Previous Correspondence Reference: Reference to any prior discussions or negotiations - include when there has been previous communication

3. Special Lease Terms: Reference to any special conditions affecting the rent review - include when lease contains unusual provisions

4. Appointment of Surveyor: Details of appointed surveyor - include when professional valuation has been conducted

5. Dispute Resolution Reminder: Reference to lease provisions for dispute resolution - include when anticipating potential disagreement

Suggested Schedules

1. Comparative Market Analysis: Detailed analysis of comparable properties and market rents in the area

2. Professional Valuation Report: Independent surveyor's valuation report if obtained

3. Rent Calculation Breakdown: Detailed calculations showing how the proposed new rent was determined

4. Relevant Lease Extracts: Copies of relevant sections from the lease agreement

5. Property Condition Photos: Recent photographs of the property if relevant to the rent review

6. Service Charge Statement: Statement of service charges if relevant to the rent review calculation

Authors

Alex Denne

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

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alex.den.21@genieai.co
Relevant Industries

Real Estate

Retail

Office Space

Industrial

Hospitality

Healthcare

Banking and Financial Services

Education

Manufacturing

Logistics and Warehousing

Professional Services

Technology

Relevant Teams

Legal

Real Estate

Property Management

Operations

Finance

Compliance

Facilities Management

Asset Management

Risk Management

Administration

Relevant Roles

Property Manager

Real Estate Manager

Facilities Manager

Legal Counsel

Commercial Lease Administrator

Asset Manager

Property Portfolio Manager

Real Estate Director

Operations Manager

Business Owner

Commercial Director

Finance Manager

Legal Officer

Compliance Officer

Real Estate Analyst

Industries
Rent Control and Recovery of Residential Premises Act: Federal legislation that provides framework for rent control and recovery of premises, including provisions for rent review procedures and notices
Nigerian Property and Conveyancing Law: Governs property rights, land ownership, and the transfer of property interests, including leasehold interests and commercial tenancies
Contract Law Act: Provides the legal framework for formation and enforcement of contracts, including commercial lease agreements and rent review provisions
Recovery of Premises Act: Regulates the relationship between landlords and tenants, including procedures for rent reviews and dispute resolution
Arbitration and Conciliation Act: Provides framework for resolving disputes related to commercial rent reviews through alternative dispute resolution mechanisms
Lagos Tenancy Law (if applicable to Lagos State): State-specific legislation governing landlord-tenant relationships and rent review procedures in Lagos State
Land Use Act: Fundamental law governing land rights and usage in Nigeria, affecting commercial property leases and development
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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