The Property Purchase Letter of Intent is a crucial preliminary document used in Nigerian real estate transactions to initiate the formal property acquisition process. It serves as a stepping stone between initial interest and a binding purchase agreement, allowing parties to outline key terms while maintaining flexibility for negotiations. This document becomes particularly important in the Nigerian context due to the complex nature of land ownership under the Land Use Act and the need for various governmental approvals. The Letter of Intent typically includes proposed purchase price, payment terms, due diligence requirements, and transaction timeline, while also addressing specific local requirements such as governor's consent for land transfers. While not fully binding, it demonstrates serious intention to proceed with the transaction and often includes binding elements such as confidentiality and exclusivity provisions.
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1. Date and Parties: Full identification of the potential buyer and seller, including addresses and registration details if companies
2. Property Description: Detailed description of the property, including address, land registry details, and size
3. Purchase Price: Proposed purchase price and any initial price discussions or ranges
4. Payment Terms: Proposed payment structure, including any deposits or stage payments
5. Due Diligence: Buyer's right to conduct due diligence and timeline for this process
6. Timeline: Proposed timeline for negotiation, due diligence, and completion
7. Exclusivity: Any exclusivity period requested for negotiations
8. Confidentiality: Confidentiality obligations regarding the proposed transaction
1. Conditions Precedent: Any specific conditions that must be met before proceeding with the transaction
2. Broker/Agent: Details of any real estate agents or brokers involved, if applicable
3. Local Considerations: Specific references to local government requirements or certificates needed
4. Property Access: Terms for accessing the property during the due diligence period
5. Cost Allocation: Proposed allocation of transaction costs and professional fees
1. Property Details Schedule: Detailed technical description of the property including boundaries, features, and included fixtures
2. Due Diligence Requirements: List of documents and information required for due diligence
3. Proposed Timeline: Detailed timeline with key milestones and deadlines
4. Required Documentation: List of certificates, permits and documentation required for the transaction
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