The Commercial Property Letter of Intent is a crucial preliminary document used in Nigerian commercial real estate transactions to establish the initial framework for property acquisition or leasing negotiations. It serves as a formal expression of interest and outlines key commercial terms, conditions, and timelines before parties proceed with a binding agreement. This document is particularly important in the Nigerian context, where property transactions must comply with the Land Use Act and various state-specific regulations. While primarily non-binding, it often includes certain binding provisions such as confidentiality and exclusivity clauses. The LOI helps parties align their expectations and provides a roadmap for due diligence, reducing the risk of misunderstandings in later stages of the transaction. It's commonly used when businesses seek to acquire or lease significant commercial properties and require a formal way to communicate their serious interest while maintaining flexibility during negotiations.
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1. Letter Header: Date, recipient details, and property address
2. Introduction: Brief statement of intent to purchase/lease the specified commercial property
3. Party Information: Full details of both the prospective buyer/tenant and the property owner
4. Property Description: Detailed description of the commercial property including address, size, and current condition
5. Commercial Terms: Proposed purchase price or lease terms, payment structure, and timeline
6. Due Diligence: Timeline and scope of the due diligence process
7. Exclusivity Period: Proposed period during which the seller cannot negotiate with other parties
8. Transaction Timeline: Proposed schedule for key milestones including inspections, documentation, and closing
9. Confidentiality: Statement regarding the confidential nature of negotiations and information shared
10. Non-Binding Nature: Clear statement about which provisions are binding and non-binding
11. Closing: Signature blocks and contact information for further communication
1. Broker Information: Include when real estate brokers or agents are involved in the transaction
2. Contingencies: Include when there are specific conditions that must be met before proceeding with the transaction
3. Existing Tenancies: Include when the property has existing tenants and their rights need to be addressed
4. Development Plans: Include when the buyer has specific development or renovation plans that need to be acknowledged
5. Environmental Concerns: Include when there are known environmental issues or requirements for environmental assessments
6. Financing Conditions: Include when the transaction is subject to securing specific financing arrangements
7. Planning Permissions: Include when the intended use requires new planning permissions or zoning changes
1. Property Plans: Floor plans, site plans, or architectural drawings of the property
2. Preliminary Terms Sheet: Detailed breakdown of proposed commercial terms in table format
3. Due Diligence Checklist: List of required documents and investigations to be conducted
4. Timeline Schedule: Detailed breakdown of proposed dates and deadlines for the transaction
5. Existing Leases Summary: Summary of any existing tenancies and their key terms (if applicable)
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