Lease Purchase Agreement House Template for Nigeria

The Lease Purchase Agreement House is a specialized legal instrument used in Nigerian real estate transactions that combines traditional leasing arrangements with a path to homeownership. This document is particularly suitable when a potential buyer wishes to occupy and eventually purchase a property but needs or prefers a transitional period of leasing before completing the purchase. The agreement details both the leasing phase (including rent payments, maintenance, and standard tenancy terms) and the purchase option phase (including purchase price, credit of rental payments, and conditions for exercising the option). It must comply with Nigerian property law, including the Land Use Act and state-specific requirements for property transfers. This type of agreement provides flexibility for both parties while ensuring legal protection under Nigerian jurisdiction, making it particularly valuable in situations where immediate purchase isn't feasible or desired.

1. Parties: Identification of the Owner/Seller and Tenant/Buyer, including full legal names, addresses, and contact details

2. Background: Context of the agreement, including property description and intent to enter into a lease-purchase arrangement

3. Definitions: Key terms used throughout the agreement including Property, Purchase Price, Lease Payment, Option Fee, etc.

4. Lease Terms: Duration of lease, monthly payments, security deposit, and other standard lease provisions

5. Purchase Option: Terms of the purchase option, including option price, exercise period, and credit of lease payments towards purchase

6. Property Condition: Current condition of property, required inspections, and disclosure of known defects

7. Maintenance and Repairs: Responsibilities for property maintenance, repairs, and improvements during the lease period

8. Insurance and Property Taxes: Requirements for property insurance and responsibility for property taxes

9. Default and Remedies: Consequences of default under either lease or purchase provisions, including termination rights

10. Transfer of Title: Process and requirements for eventual transfer of property title upon exercise of purchase option

11. Governing Law and Jurisdiction: Application of Nigerian law and jurisdiction for dispute resolution

12. Execution: Signature blocks and execution requirements