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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.

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