The Property Lease With Option To Buy agreement is a sophisticated legal instrument used in Nigerian real estate transactions where parties wish to combine a standard lease with a future purchase opportunity. This document is particularly relevant when tenants require immediate occupancy while securing the right to purchase the property later, or when property owners wish to offer purchase flexibility to their tenants. It must comply with Nigerian federal laws, particularly the Land Use Act 1978, as well as relevant state property and planning regulations. The agreement includes comprehensive provisions for both the leasing phase (including rent, maintenance, and usage terms) and the purchase option (including price determination, exercise periods, and completion procedures). This document type is commonly used in commercial, industrial, and residential property transactions throughout Nigeria, requiring careful consideration of local property registration requirements and necessary governmental approvals.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Your data doesn't train Genie's AI
You keep IP ownership of your docs
1. Parties: Identification of the Landlord/Seller and Tenant/Potential Buyer, including full legal names, addresses, and registration details if companies
2. Background: Context of the agreement, including property ownership confirmation and parties' intentions regarding lease and potential purchase
3. Definitions: Definitions of key terms used throughout the agreement, including Property, Lease Period, Option Period, Purchase Price, etc.
4. Property Description: Detailed description of the leased property, including address, boundaries, and registered title information
5. Lease Terms: Core lease provisions including duration, rent amount, payment terms, and renewal options
6. Option to Purchase: Terms of the purchase option, including option period, purchase price calculation, and exercise procedure
7. Tenant's Obligations: Comprehensive list of tenant responsibilities during the lease period
8. Landlord's Obligations: Comprehensive list of landlord responsibilities during the lease period
9. Property Maintenance and Repairs: Responsibilities for maintenance, repairs, and improvements during the lease period
10. Insurance and Risk: Requirements for property insurance and allocation of risks
11. Exercise of Option: Detailed procedure for exercising the purchase option, including notice requirements and timeframes
12. Completion of Purchase: Process and requirements for completing the property purchase if option is exercised
13. Default and Remedies: Consequences of default under either lease or option terms and available remedies
14. General Provisions: Standard contract clauses including notices, amendments, governing law, and dispute resolution
1. Property Management: Include when the property is part of a larger complex or requires specific management arrangements
2. Utilities and Services: Include when there are specific arrangements for utilities or shared services
3. Subletting and Assignment: Include when subletting or assignment rights need to be specifically addressed
4. Environmental Matters: Include for properties with specific environmental considerations or requirements
5. Planning and Zoning: Include when there are specific planning permissions or zoning requirements relevant to current use or future development
6. Alterations and Improvements: Include when specific provisions are needed regarding property modifications
7. Option Premium: Include when there is a separate payment required for the purchase option
8. Mortgage and Financing: Include when there are specific provisions regarding existing mortgages or future financing arrangements
1. Schedule 1 - Property Details: Detailed property description, including plans, boundaries, and registered title information
2. Schedule 2 - Rent Payment Schedule: Detailed breakdown of rent payments, including amounts, due dates, and payment methods
3. Schedule 3 - Purchase Price Calculation: Formula or method for calculating final purchase price, including any rent credit arrangements
4. Schedule 4 - Inventory: List of fixtures, fittings, and contents included in the lease and potential sale
5. Schedule 5 - Property Condition Report: Detailed assessment of property condition at lease commencement
6. Schedule 6 - Permitted Uses: Specific details of permitted uses of the property
7. Appendix A - Required Maintenance Schedule: Detailed maintenance requirements and schedules
8. Appendix B - Option Exercise Form: Template form for exercising the purchase option
Find the exact document you need
Property Lease With Option To Buy
Nigerian law-governed agreement combining property lease terms with a future purchase option, subject to Land Use Act requirements.
Download
Option To Renew Tenancy Agreement
A Nigerian law-compliant agreement granting tenants the right to renew their existing lease under specified terms and conditions.
Download
Option To Renew Commercial Lease
A Nigerian law-compliant agreement granting tenants the right to renew their commercial lease under specified terms and conditions.
Download
Option Agreement Contract
A Nigerian law-governed agreement granting one party the right, but not obligation, to enter into a specified transaction under predetermined terms within a set timeframe.
Download
Buy Back Option Contract
A Nigerian law-governed agreement establishing terms for a seller's right to repurchase previously sold assets under specified conditions.
Download
Extend Lease Agreement
A Nigerian law-compliant document that extends an existing lease agreement's duration while updating relevant terms and conditions.
Download
Option Cancellation Agreement
A Nigerian law-governed agreement that formally terminates an existing option agreement between parties, outlining cancellation terms and mutual releases.
Download
Option And Purchase Agreement
A Nigerian law-governed agreement granting exclusive rights to purchase property under specified terms and conditions within a set timeframe.
Download
First Option To Purchase Agreement
A Nigerian law-governed agreement granting exclusive rights to purchase specified property at predetermined terms within a set timeframe.
Download
Restricted Share Agreement
A Nigerian law-governed agreement establishing terms and conditions for restricted share issuance, including transfer restrictions, vesting conditions, and shareholder rights.
Download
Option Sales Contract
A Nigerian-law governed agreement granting the right to purchase specific assets under predetermined terms within a specified period.
Download
Simple Right Of First Refusal Agreement
A Nigerian law-governed agreement granting one party the first right to purchase an asset before it can be offered to others.
Download
Non Exclusive Option Agreement
A Nigerian law-governed agreement granting non-exclusive rights to enter into a future transaction or acquire specific rights/assets during a defined period.
Download
Lease To Own Land Agreement
A Nigerian law-governed agreement combining lease and purchase terms for land acquisition, allowing occupation while making payments toward eventual ownership.
Download
Land Lease Purchase Agreement
A Nigerian law-governed agreement combining land lease terms with a purchase option, structured to comply with the Land Use Act and state regulations.
Download
Land Buying Agreement
A Nigerian law-governed agreement for the purchase and transfer of land, incorporating all necessary elements under the Land Use Act and state requirements.
Download
Contract For Lease To Own
A Nigerian law-compliant agreement establishing terms for leasing property with an option to purchase, including payment structures and ownership transfer provisions.
Download
Company Equity Share Agreement
A Nigerian law-governed agreement for the transfer or issuance of company shares, ensuring compliance with CAMA 2020 and establishing parties' rights and obligations.
Download
Cash Payment Agreement
A Nigerian law-governed agreement establishing terms and conditions for structured cash payment arrangements between parties, ensuring regulatory compliance and transaction security.
Download
Truck Lease To Own Agreement
A Nigerian law-governed agreement enabling the lease of a commercial truck with an option to purchase after completing specified payment terms and conditions.
Download
Short Term Investment Agreement
A Nigerian law-governed agreement for structuring and managing short-term investments, ensuring regulatory compliance and protecting parties' interests.
Download
Seller Financing Purchase Agreement
A Nigerian law-governed agreement combining property sale and seller-provided financing terms, structured to facilitate property transfer while protecting both parties' interests through detailed payment and security provisions.
Download
Rental Agreement With Option To Purchase
A Nigerian law-governed agreement combining property rental terms with an option for the tenant to purchase the property, subject to Land Use Act requirements.
Download
Option To Buy Land Agreement
A Nigerian law-compliant agreement granting the right to purchase specified land within a set timeframe under predetermined terms.
Download
Land Option Contract
A Nigerian law-governed agreement granting exclusive rights to purchase land within a specified timeframe, subject to Land Use Act requirements.
Download
Option Agreement Land
A Nigerian law-governed agreement granting exclusive rights to purchase specified land within a set timeframe and price.
Download
Right Of First Refusal Agreement
A Nigerian law-governed agreement granting one party the first opportunity to enter into a business transaction before the grantor may engage with third parties.
Download
Lease With Option To Buy Contract
A Nigerian law-compliant agreement combining property lease terms with a future purchase option, structured to facilitate potential property acquisition.
Download
Vehicle Lease To Own Agreement
A Nigerian law-governed agreement establishing terms for a vehicle lease-to-own arrangement, including payment terms, maintenance requirements, and ownership transfer conditions.
Download
Lease Option Agreement
A Nigerian law-governed agreement combining a property lease with an option to purchase, providing tenants occupancy rights and a future purchase option at predetermined terms.
Download
ұԾ’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; ұԾ’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
.png)