Document background
The House Offer To Purchase agreement is a crucial initial document in Nigerian residential property transactions, serving as the formal written offer from a prospective buyer to a property seller. This document is typically used when a buyer has identified a property they wish to purchase and needs to formalize their intention to buy. It includes essential details such as property description, purchase price, payment terms, conditions precedent, and completion timeline. The document must comply with Nigerian property law, particularly the Land Use Act of 1978, and forms the basis for subsequent negotiations and the final sale agreement. It's designed to protect both parties' interests and ensure clarity in the proposed transaction terms while adhering to local legal requirements and customs in Nigerian property transactions.
