Document background
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.
