The Lease To Own Contract is a specialized legal instrument used in Nigerian property transactions that provides a structured pathway to property ownership through an initial leasing period. This document type is particularly relevant in situations where prospective buyers need time to arrange full financing or prefer a gradual approach to property ownership. The agreement, governed by Nigerian federal and state property laws, combines traditional lease provisions with purchase options, typically including detailed terms about payment allocation, maintenance responsibilities, and the conditions for exercising the purchase option. It's commonly used in both residential and commercial property transactions, providing flexibility while ensuring legal compliance with Nigerian property transfer requirements. The document must account for local land registration requirements, stamp duties, and the specific provisions of the Land Use Act of 1978.
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1. Parties: Identification and details of the lessor/seller and lessee/buyer
2. Background: Context of the agreement and brief description of the property and transaction structure
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed description of the property subject to the lease-to-own arrangement
5. Term and Possession: Duration of the lease period and conditions for taking possession
6. Lease Payments: Monthly payment amounts, due dates, and payment methods
7. Purchase Option: Terms and conditions for exercising the option to purchase
8. Purchase Price and Credits: Total purchase price and how lease payments are credited towards purchase
9. Maintenance and Repairs: Responsibilities for property maintenance during the lease period
10. Insurance and Property Taxes: Requirements for insurance coverage and responsibility for property taxes
11. Default and Remedies: Consequences of default by either party and available remedies
12. Assignment and Subletting: Restrictions on transferring rights under the agreement
13. Governing Law: Specification of Nigerian law and relevant jurisdiction
14. Notices: Process for formal communications between parties
15. Execution: Signature blocks and execution requirements
1. Property Management: Additional terms for property management services if provided by lessor
2. Early Purchase Option: Terms for early exercise of purchase option, if permitted
3. Co-signer Provisions: Terms applying to any co-signers or guarantors
4. Renovation Rights: Terms regarding permitted renovations or improvements by lessee
5. HOA Provisions: Terms relating to homeowners association if applicable
6. Environmental Provisions: Special terms regarding environmental conditions or requirements
7. Option Extension: Terms for extending the lease-to-own period if agreed
8. Special Conditions: Any unique terms specific to the transaction
1. Schedule A - Property Details: Detailed property description, boundaries, and included fixtures
2. Schedule B - Payment Schedule: Detailed breakdown of lease payments and purchase price calculations
3. Schedule C - Property Condition Report: Initial condition assessment and documentation of the property
4. Schedule D - Maintenance Schedule: Detailed maintenance responsibilities and schedules
5. Appendix 1 - Required Documents: List of documents required for eventual property transfer
6. Appendix 2 - Property Plans: Property plans, drawings, or surveys
7. Appendix 3 - Insurance Requirements: Detailed insurance requirements and specifications
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