Document background
The Real Estate Addendum is a crucial document used in Nigerian property transactions when parties need to modify or supplement an existing real estate agreement without creating an entirely new contract. This document type is particularly relevant given Nigeria's complex land tenure system under the Land Use Act of 1978 and various state-specific property laws. It serves multiple purposes, including updating property descriptions, modifying payment terms, adjusting timelines, or adding new conditions to the original agreement. The addendum must be properly executed, stamped, and registered with relevant authorities to be legally enforceable in Nigeria. It's commonly used in both residential and commercial real estate transactions, requiring careful consideration of federal and state-specific property regulations.
