Document background
A Letter Of Intent To Purchase Residential Property is a crucial preliminary document in Nigerian property transactions, serving as a formal expression of interest from a potential buyer to a property owner. This document is typically used at the early stages of a property transaction, after initial property viewing and price discussions but before entering into a formal sale agreement. It outlines the proposed terms of the purchase while maintaining flexibility for further negotiations. Under Nigerian law, particularly considering the Land Use Act of 1978, this document helps establish the framework for due diligence, acknowledging both statutory requirements and any relevant customary land considerations. While primarily non-binding, it demonstrates serious intent and can include certain binding provisions such as confidentiality or exclusivity periods.
