Document background
The Home Offer Letter is a crucial initial document in Nigerian property transactions, serving as the first formal step in the property acquisition process. It is used when a prospective buyer wishes to communicate their serious intent to purchase a residential property, outlining the specific terms and conditions of their offer. The document must align with Nigerian federal and state property laws, particularly the Land Use Act of 1978, and typically includes details such as the property description, purchase price, payment terms, and any conditions precedent to the purchase. While not legally binding in itself, the Home Offer Letter forms the basis for the subsequent sale agreement and helps establish clear communication between parties regarding the proposed transaction terms.
