Document background
The Memorandum of Understanding For Flat Sale is a crucial preliminary document used in Nigerian property transactions to establish the framework for a flat sale before proceeding to a formal sale agreement. This document is typically employed when parties have reached initial agreement on key terms but need to document their understanding while addressing conditions precedent, such as obtaining necessary government consents or completing due diligence. It reflects the specific requirements of Nigerian property law, including compliance with the Land Use Act and state-specific regulations. The MOU includes essential details such as property description, purchase price, payment terms, completion timeline, and any special conditions. While not the final sale agreement, it serves as a important stepping stone in the property transfer process and can be particularly useful when dealing with complex transactions or when parties need to secure financing or other approvals before proceeding to final sale.
