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Letter Of Reservation for Nigeria

Letter Of Reservation Template for Nigeria

A Letter of Reservation is a formal document used in Nigerian property transactions to establish the provisional commitment between a property seller/developer and a potential buyer. It serves as an initial agreement that reserves a specific property for a defined period, typically requiring a reservation fee. The document, while not as comprehensive as a full sale agreement, provides essential protection under Nigerian law by documenting the parties' intentions, property details, reservation period, and financial terms. It must comply with Nigerian property law requirements, particularly the Land Use Act 1978 and relevant contract formation principles.

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What is a Letter Of Reservation?

The Letter of Reservation serves as a crucial preliminary document in Nigerian property transactions, bridging the gap between initial interest and formal purchase agreement. This document is typically used when a potential buyer wishes to secure their interest in a property while conducting due diligence, arranging financing, or awaiting further documentation. It outlines key details such as the property description, reservation fee amount, validity period, and basic terms of the potential purchase. Under Nigerian law, while not as binding as a full sale agreement, the Letter of Reservation provides important legal protection for both parties and helps prevent multiple reservations of the same property. This document is particularly common in new developments, off-plan purchases, and high-demand property markets where buyers need to secure their interest quickly.

What sections should be included in a Letter Of Reservation?

1. Letter Header: Date, reference number, and formal address to the recipient

2. Property Details: Complete and accurate description of the property being reserved, including address, plot number, and size

3. Reservation Terms: Clear statement of the reservation period and the amount paid for the reservation

4. Purchase Price: Statement of the total purchase price for the property and payment terms

5. Validity Period: Specific timeframe for which the reservation is valid

6. Payment Details: Bank account details or payment method for the reservation fee

7. Signature Block: Space for signatures of both parties and dates

What sections are optional to include in a Letter Of Reservation?

1. Special Conditions: Any specific conditions attached to the reservation, used when there are unique circumstances or requirements

2. Refund Policy: Terms for refund of reservation fee, included when the developer offers specific refund conditions

3. Development Timeline: Expected completion dates and construction milestones, included for off-plan properties

4. Property Specifications: Detailed description of property features and finishes, included for new developments or off-plan properties

What schedules should be included in a Letter Of Reservation?

1. Property Layout Plan: Architectural drawing or layout plan of the property

2. Payment Schedule: Detailed breakdown of payment installments and due dates

3. Property Documentation: Copies of relevant property titles and permits

4. Property Photos: Current photographs of the property or architectural renderings for off-plan properties

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Nigeria

Publisher

Ƶ

Document Type

Service Letter

Cost

Free to use
Relevant legal definitions




















Clauses















Relevant Industries

Real Estate

Construction

Property Development

Commercial Property

Residential Property

Industrial Property

Banking

Investment

Hospitality

Retail

Relevant Teams

Legal

Real Estate

Sales

Business Development

Property Management

Facilities Management

Contract Administration

Investment

Operations

Customer Relations

Relevant Roles

Real Estate Manager

Property Developer

Sales Director

Legal Counsel

Property Manager

Investment Manager

Real Estate Agent

Business Development Manager

Facilities Manager

Contract Administrator

Real Estate Consultant

Property Acquisition Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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