Document background
A Letter Of Intent For Real Estate Development is typically used in the initial stages of a significant property development project in Nigeria, serving as a crucial stepping stone toward a full development agreement. This document outlines the parties' intentions, key commercial terms, and project parameters while maintaining a generally non-binding nature. It must comply with Nigerian federal and state-level property laws, particularly the Land Use Act of 1978 and relevant urban planning regulations. The document typically precedes more detailed agreements and helps secure initial commitments, outline due diligence requirements, and establish exclusivity periods. It's particularly important in the Nigerian context where land rights and development permissions involve multiple layers of governmental approval.
