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Non Binding Letter Of Intent To Lease for Nigeria

Non Binding Letter Of Intent To Lease Template for Nigeria

A Non-Binding Letter of Intent to Lease is a preliminary document used in Nigerian real estate transactions to outline the proposed terms and conditions for a future lease agreement. Operating under Nigerian property law, including the Land Use Act of 1978, this document serves as a formal expression of interest between potential landlords and tenants. While not legally binding, it establishes the framework for lease negotiations and typically includes key terms such as proposed rental rates, lease duration, property specifications, and timeline for finalizing the formal lease agreement. The document acknowledges Nigerian state-specific property regulations while providing a structured approach to initiating lease negotiations.

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What is a Non Binding Letter Of Intent To Lease?

The Non-Binding Letter of Intent to Lease is a crucial preliminary document in Nigerian real estate transactions, used when parties wish to formally express their interest in entering into a lease arrangement while maintaining flexibility during negotiations. This document is typically used before committing to a binding lease agreement, allowing parties to outline key commercial terms, conduct due diligence, and establish a framework for further negotiations. While subject to Nigerian property laws and regulations, including the Land Use Act of 1978 and state-specific property legislation, the document's non-binding nature provides protection for both parties during the preliminary stages of lease discussions. It serves as a roadmap for the eventual lease agreement, capturing essential terms such as property details, proposed rental terms, intended use, and timeline for finalizing the formal lease.

What sections should be included in a Non Binding Letter Of Intent To Lease?

1. Letter Header and Date: Formal business letter header including sender's details, recipient's details, and date

2. Subject Line: Clear identification of the document as a Non-Binding Letter of Intent to Lease

3. Introduction: Identification of the parties and their roles (prospective landlord/tenant)

4. Property Description: Detailed description of the property proposed to be leased

5. Proposed Terms: Overview of key lease terms including proposed rent, duration, and intended use

6. Timeline: Proposed timeline for negotiation, due diligence, and execution of formal lease

7. Non-Binding Statement: Clear statement that the letter is non-binding and for discussion purposes only

8. Confidentiality: Statement regarding confidentiality of discussions and proposed terms

9. Closing: Formal closing, signature blocks for both parties

What sections are optional to include in a Non Binding Letter Of Intent To Lease?

1. Due Diligence Process: Include when specific due diligence requirements or process needs to be outlined

2. Deposit Terms: Include when discussing any preliminary deposits or earnest money

3. Exclusivity Period: Include when parties agree to negotiate exclusively for a specific period

4. Conditions Precedent: Include when there are specific conditions that must be met before proceeding with formal lease

5. Broker Representation: Include when real estate brokers or agents are involved in the transaction

6. Cost Allocation: Include when there's a need to specify who bears the costs of lease preparation and related expenses

What schedules should be included in a Non Binding Letter Of Intent To Lease?

1. Property Details Schedule: Detailed description of the property including address, dimensions, and relevant features

2. Proposed Commercial Terms: Detailed breakdown of proposed financial terms, including rent, service charges, and other payments

3. Preliminary Space Plan: Basic layout or floor plan of the property, if relevant

4. Timeline Schedule: Detailed timeline for key milestones in the lease negotiation and execution process

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

Letter of Intent

Cost

Free to use
Relevant legal definitions


























Clauses
























Relevant Industries

Real Estate

Retail

Commercial Office

Industrial

Healthcare

Education

Hospitality

Manufacturing

Technology

Financial Services

Professional Services

Logistics and Warehousing

Relevant Teams

Real Estate

Legal

Finance

Operations

Facilities Management

Business Development

Procurement

Corporate Services

Risk Management

Property Management

Relevant Roles

Real Estate Manager

Property Manager

Facilities Manager

Chief Financial Officer

Legal Counsel

Business Development Manager

Operations Director

Real Estate Director

Procurement Manager

Commercial Director

Head of Expansion

Regional Manager

Corporate Services Manager

Real Estate Broker

Property Lawyer

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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