Document background
The Memorandum of Land Contract is a essential document in Nigerian real estate transactions, used to formalize agreements between parties for the sale and purchase of land. This document is particularly important given Nigeria's unique land tenure system under the Land Use Act 1978, which vests all land in the state governors. It serves as a preliminary agreement that captures key terms of the transaction while awaiting necessary governmental approvals and final documentation. The memorandum typically includes detailed property descriptions, price and payment terms, conditions precedent, and completion requirements. It's commonly used in both private and commercial land transactions, requiring careful consideration of federal laws, state regulations, and where applicable, customary law provisions. The document is crucial for protecting parties' interests during the period between initial agreement and final completion of the land transfer.
