Document background
The Real Estate Development Term Sheet serves as a crucial preliminary document in Nigerian property development projects, providing a structured framework for negotiations and subsequent detailed agreements. It is typically used at the initial stages of large-scale development projects when parties have reached a preliminary understanding but before committing to fully binding agreements. The document encompasses key commercial terms, development rights, regulatory requirements, and project timelines, all within the context of Nigerian law, particularly the Land Use Act and relevant state regulations. This term sheet helps parties align their expectations and forms the basis for more detailed documentation while maintaining flexibility for negotiation. It is particularly important in the Nigerian context where land rights, government approvals, and community interests must be carefully balanced.
