Lease To Purchase Contract Template for Nigeria

The Lease To Purchase Contract is a specialized agreement used in Nigerian property transactions where parties wish to combine a lease arrangement with a future purchase option. This document is particularly useful when a potential buyer needs time before completing a full purchase, whether for financial planning, due diligence, or other strategic reasons. It includes specific provisions required under Nigerian law, including compliance with the Land Use Act and state-specific property regulations. The agreement details rental payments, purchase price, option terms, and how rent payments contribute to the final purchase. It's commonly used in both commercial and residential property transactions and must account for state government consent requirements for property transfers in Nigeria. The document provides security for both parties - giving the tenant a path to ownership while allowing the owner to maintain property rights until the purchase option is exercised.

1. Parties: Identification of the lessor/seller and lessee/buyer with full legal names and addresses

2. Background: Context of the agreement including property ownership status and intention to enter into a lease-to-purchase arrangement

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

4. Property Description: Detailed legal description of the property including boundaries, improvements, and registration details

5. Lease Terms: Duration of lease, rental amount, payment terms, maintenance responsibilities

6. Purchase Option Terms: Conditions for exercising the purchase option, option period, and purchase price calculation

7. Rent Credits: Specification of how rental payments will be credited towards the purchase price

8. Property Maintenance and Repairs: Responsibilities for maintenance, repairs, and improvements during the lease period

9. Insurance and Risk: Requirements for property insurance and allocation of risk during lease period

10. Default and Remedies: Consequences of default under either lease or purchase terms

11. Exercise of Purchase Option: Process and requirements for exercising the purchase option

12. Completion of Purchase: Procedures for completing the property purchase once option is exercised

13. Governing Law: Specification of Nigerian law as governing law and relevant jurisdiction

14. Execution: Signature blocks and attestation requirements