Document background
The Formal Lease Agreement is a crucial legal instrument used in Nigerian property transactions to establish and regulate the relationship between property owners and tenants. This document is essential for both residential and commercial property leases, providing a comprehensive framework that ensures compliance with Nigerian federal and state property laws. It is commonly used when parties seek to create a legally enforceable long-term leasing arrangement, typically for periods exceeding one year. The agreement must be properly stamped according to the Stamp Duties Act and should incorporate relevant provisions from the Recovery of Premises Act and state-specific tenancy laws. A Formal Lease Agreement includes detailed terms covering rent payments, maintenance obligations, security deposits, utilities, insurance requirements, and termination procedures, while also addressing specific Nigerian legal requirements such as proper registration and notarization where required.
