Document background
The Option To Renew Tenancy Agreement is a crucial document in Nigerian property law that provides tenants with the contractual right to extend their tenancy beyond the initial lease term. This document is typically used when both landlord and tenant wish to establish a framework for potential lease continuation, offering certainty to tenants while protecting landlords' interests. It must comply with various Nigerian legal requirements, including state-specific tenancy laws and the Rent Control and Recovery of Residential Premises Laws. The agreement specifies critical elements such as notice periods, renewal terms, rent determination methods, and conditions that must be met for the option to be valid. It's particularly important in commercial leases where tenants make significant investments in the property and need security of tenure, but it's also relevant for residential properties where long-term occupancy is anticipated.
