Document background
The Pre Lease Agreement is a crucial document in Nigerian real estate transactions, typically used when parties have agreed in principle to a lease but need to establish certain conditions or complete specific actions before executing the final lease agreement. This document is particularly valuable in commercial property transactions, new developments, or situations where property modifications are required before occupancy. It provides security for both landlord and tenant while conditions are being satisfied, such as obtaining permits, completing renovations, or conducting due diligence. The agreement must comply with Nigerian federal property laws, including the Land Use Act and relevant state-specific tenancy laws, while also addressing specific commercial requirements of the parties involved. It typically includes details about the property, proposed lease terms, conditions precedent, timelines, and any pre-lease payments or deposits required.
