LEASE AGREEMENT

LEASE AGREEMENT

A client recently contacted Apex Chambers after the Landlord from whom he intended to lease a large parcel of land for 10 years said there was no need for a written Agreement.

According to the landowner, their long-standing business relationship was enough and payment should be made.

That was not just wrong, it was dangerous. Accepting such an arrangement would have been a terrible mistake.

The law is that every lease of land exceeding 3 years must be in writing.

Without a properly drafted Lease Agreement (Deed of Lease), everything becomes uncertain. The landowner can deny the agreed lease term. Rent can be arbitrarily increased. The land can be re-leased to another person. Possession can be challenged.

Improvements made on the land can be lost without compensation. Worse still, if a dispute arises, the court will have little or nothing concrete to rely on, because oral promises are weak and easily deniable.

A Lease Agreement states the duration of the lease, rent, payment structure, permitted use, renewal rights, obligations of both parties, and what happens if things go wrong.

Without it, your investment is shaky. So a Lease Agreement must be prepared by an experienced Property Lawyer, not downloaded or assumed. It must be carefully drafted, reviewed and signed before payment.

At Apex Chambers, we advise clients that no matter how long a relationship has existed, land transactions must always be documented.

Familiarity can never replace legality.

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APEX CHAMBERS, Law Firm of Property/Real Estate and Business/Corporate/Commercial Lawyers, Attorneys, Barristers, Solicitors Advocates, Legal Practitioners rendering legal services, Legal Consultants and Notary Public with Law Office in Port Harcourt, Rivers State, Nigeria

Phone: +234(0)7030868694 (Calls & Whatsapp)
Email: info@apexchambersglobal.com
Website: www.apexchambersglobal.com.