A Letter of Intent to Develop Property is commonly used in Nigerian real estate transactions as an initial step before entering into formal development agreements. It is typically employed when a developer or investor has identified a property for development and wishes to formalize their interest while conducting due diligence and negotiating detailed terms. The document outlines key aspects such as the property description, proposed development concept, timeline, and preliminary commercial terms, while usually maintaining a non-binding nature except for specific provisions. Under Nigerian law, particularly considering the Land Use Act and state-specific regulations, this document helps establish the framework for negotiations while demonstrating commitment to the project. It serves as a crucial tool for securing exclusivity periods and protecting confidential information during the preliminary phases of property development projects.

1. Date and Addresses: Full names and addresses of both parties (Sender and Recipient)

2. Subject Line: Clear identification of the document as a Letter of Intent for Property Development

3. Introduction: Opening paragraph identifying the parties and expressing interest in the development project

4. Property Details: Specific description of the property including location, dimensions, and current status

5. Proposed Development: Overview of the intended development project, including type of development and preliminary concept

6. Development Timeline: Proposed schedule for key milestones, including due diligence, planning, and construction phases

7. Financial Framework: Preliminary indication of investment commitment and funding structure

8. Due Diligence: Outline of the preliminary investigations and assessments to be conducted

9. Regulatory Compliance: Acknowledgment of key regulatory requirements and necessary approvals

10. Non-Binding Nature: Clear statement that the letter is non-binding except for specified clauses

11. Confidentiality: Binding confidentiality provisions regarding shared information

12. Exclusivity Period: Proposed period of exclusive negotiations

13. Next Steps: Outline of immediate actions and path forward

14. Signature Block: Space for signatures, dates, and witness details as required