Document background
The Real Estate Term Sheet is a crucial preliminary document used in Nigerian property transactions to establish the fundamental terms and conditions between parties before proceeding to detailed agreements. It is typically employed during the initial stages of significant real estate transactions, whether for property acquisition, development, or leasing. The document incorporates essential elements of Nigerian property law, including considerations under the Land Use Act and relevant state-level regulations. While maintaining a non-binding nature (except for specific provisions), it serves as a roadmap for subsequent negotiations and due diligence, outlining key commercial terms, timelines, and conditions precedent. This document is particularly important in Nigeria's dynamic real estate market, where clear documentation of preliminary agreements helps prevent misunderstandings and facilitates smoother transactions.
