Document background
The Letter of Offer to Purchase Property is a crucial initial document in Nigerian property transactions, serving as the formal starting point for real estate acquisitions. This document is typically used when a potential buyer has identified a property of interest and wishes to formalize their intention to purchase. It includes essential elements such as property details, purchase price, payment terms, and conditions precedent, all structured to comply with Nigerian property law, particularly the Land Use Act of 1978. The letter needs to consider both federal and state-specific requirements, as land administration in Nigeria operates at both levels. While not legally binding in itself, this document sets the foundation for the subsequent sale agreement and helps prevent misunderstandings between parties. It's particularly important in Nigerian real estate transactions where property rights and transfer procedures are strictly regulated.
