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Lease Addendum Change Of Ownership

Lease Addendum Change Of Ownership Template for Nigeria

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Key Requirements PROMPT example:

Lease Addendum Change Of Ownership

"I need a Lease Addendum Change of Ownership for my residential property in Lagos, Nigeria, where I'm taking over as the new landlord from March 1, 2025, with three existing tenants who need to be notified of new rent payment details and property management contact information."

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Document background
The Lease Addendum Change Of Ownership is a crucial legal document used in Nigerian property transactions when there is a transfer of property ownership during an active lease period. This document is essential for maintaining legal compliance with Nigerian property laws and protecting the rights of all parties involved. It becomes necessary when a property is sold or transferred to new ownership while tenant(s) are still occupying the property under an existing lease agreement. The addendum formally documents the change in landlord, transfers all rights and obligations to the new owner, and ensures continuity of lease terms for the tenant. It must comply with the Land Use Act of 1978, state-specific Rent Control laws, and other relevant Nigerian property legislation. The document typically includes details about the original lease, specifics of the ownership transfer, updated payment instructions, and new landlord contact information.
Suggested Sections

1. Parties: Identifies the current owner (assignor), new owner (assignee), and existing tenant(s)

2. Background: References the original lease agreement, states the change in ownership, and confirms the purpose of the addendum

3. Definitions: Defines key terms used in the addendum, including references to the Original Lease, Property, and Effective Date of ownership change

4. Notice of Change of Ownership: Formal notification of the transfer of ownership and landlord rights

5. Transfer of Rights and Obligations: Specifies the transfer of landlord rights and obligations from current to new owner

6. Continuation of Lease Terms: Confirms that all existing lease terms remain in effect

7. Security Deposit Transfer: Addresses the transfer of tenant's security deposit to the new owner

8. Rent Payment Instructions: Provides updated payment details for rent submission to the new owner

9. Contact Information: New owner's contact details for notices and property management matters

10. Governing Law: Confirms Nigerian law governs the addendum and original lease

11. Execution: Signature blocks for all parties and execution requirements

Optional Sections

1. Multiple Properties: Required when the ownership change affects multiple properties under the same lease agreement

2. Property Management Company: Include when a new property management company is appointed by the new owner

3. Rent Proration: Used when ownership change occurs mid-month and rent needs to be prorated between old and new owners

4. Outstanding Repairs: Needed when there are ongoing maintenance issues or repair obligations to be transferred

5. Special Payment Arrangements: Include when existing special payment arrangements need to be acknowledged and continued

6. Tenant Acknowledgment of Inspection: Optional section for documenting property condition at ownership change

Suggested Schedules

1. Schedule A - Property Details: Detailed description of the leased property and any included fixtures/fittings

2. Schedule B - Original Lease: Copy of the original lease agreement and any previous addenda

3. Schedule C - Ownership Transfer Documentation: Evidence of property ownership transfer (e.g., deed of assignment, certificate of occupancy)

4. Schedule D - Updated Payment Instructions: Detailed banking or payment information for the new owner

5. Appendix 1 - Property Inspection Report: Current condition report of the property at time of ownership change

6. Appendix 2 - Security Deposit Statement: Statement showing current security deposit amount and transfer confirmation

Authors

Alex Denne

Head of Growth (Open Source Law) @ ºÚÁÏÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Real Estate

Property Management

Commercial Leasing

Residential Housing

Retail

Office Space Management

Industrial Properties

Healthcare Facilities

Educational Institutions

Hospitality

Relevant Teams

Legal

Real Estate

Property Management

Facilities Management

Operations

Compliance

Asset Management

Contract Administration

Tenant Relations

Risk Management

Relevant Roles

Property Manager

Real Estate Agent

Legal Counsel

Property Administrator

Lease Administrator

Asset Manager

Facilities Manager

Real Estate Portfolio Manager

Compliance Officer

Property Operations Manager

Tenant Relations Manager

Real Estate Transaction Manager

Contract Administrator

Legal Operations Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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