Document background
The Estate Agent Memorandum of Sale is a crucial document in Nigerian property transactions that serves as an official record of the agreed terms between parties in a property sale. It is typically prepared by the estate agent once a sale price has been agreed upon and initial terms have been established. The document complies with Nigerian property laws, including the Land Use Act and Estate Surveyors and Valuers Registration Act, and forms the basis for solicitors to prepare the final sale contract. While not legally binding in itself, the Memorandum of Sale contains essential information about the property, parties involved, agreed price, deposit details, and timeline for completion. It also includes important details about any conditions of sale, chain details, and solicitor information, making it an indispensable reference document throughout the conveyancing process.
