Document background
A Letter of Intent to Purchase Land is a crucial preliminary step in Nigerian land acquisition processes, used when a prospective buyer wishes to formally communicate their serious intention to purchase a specific property. This document, while typically non-binding except for specific clauses like confidentiality, sets the framework for subsequent negotiations and due diligence. It provides essential details about the proposed transaction, including property description, intended purchase price, timeline, and any special conditions. In the Nigerian context, where land transactions are governed by the Land Use Act of 1978 and various state laws, this document helps ensure clarity of intentions and terms before proceeding with the more complex and binding documentation required for land transfer. It's particularly valuable in commercial real estate transactions and helps prevent misunderstandings while facilitating initial agreement on key terms.
