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The Lease To Own Property Agreement is a specialized legal instrument used in Nigerian real estate transactions where traditional mortgage financing may not be suitable or available. This document is particularly relevant in urban areas where property prices are high and buyers seek alternative purchase arrangements. It provides a structured path to property ownership while allowing immediate occupancy under lease terms. The agreement must comply with Nigerian property laws, including the Land Use Act of 1978 and state-specific property regulations. It typically includes detailed provisions for rental payments, purchase option terms, property maintenance, and title transfer procedures. This type of agreement is commonly used for both residential and commercial properties, offering flexibility to both property owners looking to secure long-term buyers and prospective purchasers seeking to build equity while renting.

1. Parties: Identification of lessor/seller and lessee/buyer with full legal names and addresses

2. Background: Context of the agreement, including property ownership status and parties' intentions regarding lease-to-own arrangement

3. Definitions: Key terms used throughout the agreement including Property, Lease Period, Purchase Option, Option Price, etc.

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

5. Lease Terms: Duration of lease, rental amount, payment schedule, and conditions for renewal

6. Purchase Option Terms: Details of the purchase option, including option price, exercise period, and credit of rental payments

7. Payment Structure: Breakdown of rental payments, option fees, and purchase price calculations

8. Maintenance and Repairs: Responsibilities for property maintenance, repairs, and improvements during lease period

9. Insurance and Property Taxes: Requirements for insurance coverage and responsibility for property taxes

10. Default and Remedies: Consequences of default on rent or breach of agreement terms

11. Exercise of Purchase Option: Process and requirements for exercising the purchase option

12. Title Transfer: Procedures for transferring property title upon exercise of purchase option

13. Governing Law: Specification of Nigerian law as governing law and relevant jurisdictional details

14. Execution: Signature blocks and execution requirements