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The Residential Lease Agreement With Option To Purchase is a sophisticated legal instrument used in Nigerian real estate transactions where a property owner wishes to lease their residential property while giving the tenant the exclusive right to purchase it in the future. This document is particularly useful in situations where potential buyers need time to arrange financing or want to "try before they buy." The agreement must comply with Nigerian federal laws, including the Land Use Act 1978, as well as state-specific property and tenancy regulations. It combines standard residential lease provisions (such as rent, maintenance, and utilities) with detailed terms for the purchase option (including price, exercise period, and completion procedures). This type of agreement is commonly used in Nigeria's growing real estate market, especially in urban areas where property values are appreciating, and provides protection for both landlords and tenants while offering flexibility in property acquisition.

1. Parties: Identification of the Landlord/Seller and Tenant/Potential Buyer with full legal names and addresses

2. Background: Context of the agreement including property ownership and intention to lease with purchase option

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Description: Detailed description of the property including address and registration details

5. Lease Terms: Duration of lease, rent amount, payment terms, and renewal provisions

6. Option to Purchase: Terms of the purchase option including duration, exercise price, and exercise procedure

7. Rent Payments: Detailed provisions for rent payment, including method, due dates, and late payment consequences

8. Security Deposit: Amount, terms, and conditions for security deposit

9. Maintenance and Repairs: Responsibilities of each party for property maintenance and repairs

10. Utilities and Services: Allocation of responsibility for utilities and services

11. Insurance Requirements: Required insurance coverage for both parties

12. Exercise of Purchase Option: Detailed procedure for exercising the purchase option

13. Purchase Price and Payment: Purchase price calculation and payment terms if option is exercised

14. Default and Remedies: Consequences of default under either lease or purchase option terms

15. Termination: Conditions and procedures for termination of the agreement

16. Governing Law: Specification of Nigerian law as governing law

17. Execution: Signature blocks and execution requirements