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1. Parties: Identification of the option grantor (landowner) and option holder, including full legal names and addresses
2. Background: Context of the agreement, including brief description of the property and parties' intentions
3. Definitions: Key terms used throughout the agreement, including 'Option Period', 'Option Fee', 'Purchase Price', and 'Property'
4. Grant of Option: Terms of the option grant, including exclusivity and duration
5. Option Fee: Details of the option fee, payment terms, and whether it forms part of the purchase price
6. Exercise of Option: Process and requirements for exercising the option, including notice requirements
7. Purchase Price: Agreed purchase price for the property if option is exercised
8. Title and Capacity: Grantor's warranties regarding ownership and authority to sell
9. Property Condition: State of the property and any warranties regarding its condition
10. Completion: Process and requirements for completing the sale after option exercise
11. Termination: Circumstances under which the agreement can be terminated
12. Notices: How formal notices should be given between parties
13. Governing Law: Confirmation of Nigerian law as governing law and jurisdiction
14. General Provisions: Standard boilerplate clauses including entire agreement, variation, and severance
1. Environmental Matters: Required if the property has known environmental issues or if environmental investigations are pending
2. Planning Permissions: Include if the option is conditional on obtaining specific planning permissions
3. Development Conditions: Required if the option is linked to specific development proposals
4. Land Use Restrictions: Include if there are specific restrictions on land use during the option period
5. Survey Rights: Include if the option holder needs rights to conduct surveys or investigations
6. Assignment Rights: Include if either party needs the right to assign the option
7. Traditional Rights: Required in areas where traditional land rights need to be addressed
8. Local Community Provisions: Include where local community interests need to be protected or addressed
1. Property Description: Detailed description of the property including boundaries, coordinates, and survey plans
2. Title Documents: List of relevant title documents and certified copies
3. Option Notice Form: Prescribed form for exercising the option
4. Payment Schedule: If payment is to be made in installments or stages
5. Encumbrances: List of any existing encumbrances, easements, or rights affecting the property
6. Required Consents: List of necessary government or regulatory consents required
7. Land Use Specifications: Details of permitted use and development restrictions
8. Due Diligence Requirements: Checklist of required due diligence items and documentation
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