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Option Agreement Land
"I need a Land Option Agreement for a 5-hectare plot in Lagos State, with a 12-month option period starting March 2025, where my development company will have the exclusive right to purchase the land for industrial development after completing environmental assessments."
1. Parties: Identification of the option grantor (landowner) and option holder, including full legal names and addresses
2. Background: Context of the agreement, including brief description of the property and parties' intentions
3. Definitions: Key terms used throughout the agreement, including 'Option Period', 'Option Fee', 'Purchase Price', and 'Property'
4. Grant of Option: Terms of the option grant, including exclusivity and duration
5. Option Fee: Details of the option fee, payment terms, and whether it forms part of the purchase price
6. Exercise of Option: Process and requirements for exercising the option, including notice requirements
7. Purchase Price: Agreed purchase price for the property if option is exercised
8. Title and Capacity: Grantor's warranties regarding ownership and authority to sell
9. Property Condition: State of the property and any warranties regarding its condition
10. Completion: Process and requirements for completing the sale after option exercise
11. Termination: Circumstances under which the agreement can be terminated
12. Notices: How formal notices should be given between parties
13. Governing Law: Confirmation of Nigerian law as governing law and jurisdiction
14. General Provisions: Standard boilerplate clauses including entire agreement, variation, and severance
1. Environmental Matters: Required if the property has known environmental issues or if environmental investigations are pending
2. Planning Permissions: Include if the option is conditional on obtaining specific planning permissions
3. Development Conditions: Required if the option is linked to specific development proposals
4. Land Use Restrictions: Include if there are specific restrictions on land use during the option period
5. Survey Rights: Include if the option holder needs rights to conduct surveys or investigations
6. Assignment Rights: Include if either party needs the right to assign the option
7. Traditional Rights: Required in areas where traditional land rights need to be addressed
8. Local Community Provisions: Include where local community interests need to be protected or addressed
1. Property Description: Detailed description of the property including boundaries, coordinates, and survey plans
2. Title Documents: List of relevant title documents and certified copies
3. Option Notice Form: Prescribed form for exercising the option
4. Payment Schedule: If payment is to be made in installments or stages
5. Encumbrances: List of any existing encumbrances, easements, or rights affecting the property
6. Required Consents: List of necessary government or regulatory consents required
7. Land Use Specifications: Details of permitted use and development restrictions
8. Due Diligence Requirements: Checklist of required due diligence items and documentation
Authors
Real Estate
Construction
Agriculture
Mining
Oil & Gas
Industrial Manufacturing
Renewable Energy
Infrastructure Development
Commercial Development
Residential Development
Hospitality
Retail
Warehousing & Logistics
Education
Legal
Real Estate
Property Development
Land Acquisition
Investment
Operations
Compliance
Risk Management
Commercial
Project Management
Government Relations
Real Estate Director
Property Development Manager
Land Acquisition Manager
Legal Counsel
Corporate Lawyer
Property Lawyer
Investment Manager
Project Manager
Development Director
Chief Investment Officer
Land Officer
Compliance Officer
Risk Manager
Commercial Director
Operations Director
Traditional Ruler Liaison Officer
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