When Mr. Ade rented out his three-bedroom apartment in Lekki to Lekan Olunade. He trusted his tenant’s word over a formal lease agreement. A simple handshake sealed the deal—no formal Tenancy agreement, no written terms, just a verbal understanding.
Fast forward two years, and he found himself locked in a legal battle. The tenant refused to vacate, claimed he had “rights” to the property, and because there was no solid lease document, Mr. Ade had no legal ground to stand on. The case dragged on for months, costing him lost rent and legal fees running into millions.
Don’t be like Mr. Ade. Properly documenting a property lease isn’t just paperwork—it’s your financial security. Here’s how to do it right.
Get Everything in Writing – No Assumptions
A lease agreement isn’t just a formality—it’s a contract that defines your rights and protects your property. Ensure it covers:
✅ Who the parties are (full legal names)
✅ Property details (address, condition, and permitted use)
✅ Rent structure (amount, due date, payment terms)
✅ Security deposit (amount, conditions for deductions and refunds)
✅ Exit strategy (lease renewal, termination, eviction process)
Verify Before You Sign the Lease
A bad tenant can cost you more than an empty property. Always:
✔️ Request valid ID and proof of income
✔️ Check rental history and references
✔️ Conduct a background check
Document the Property’s Condition before the Transaction
Before handing over the keys, take clear photos and have both parties sign a checklist of the property’s state—this protects you from disputes over damages.
Sign, Seal, and Store the Tenancy agreement properly
Have both parties sign and keep copies of the lease. If required by law, get it notarized or registered. Also, store all payment receipts and communication records—these could save you in court.
Make It Legal, Make It Foolproof
A handshake won’t hold up in court, but a well-drafted lease agreement will. Protect your property, your finances, and your peace of mind—document your lease the right way.
Want a rock-solid lease agreement? Talk to us today.
