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.
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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
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
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
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Real Estate
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Relevant Roles
Real Estate Manager
Property Manager
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Chief Financial Officer
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Business Development Manager
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Real Estate Director
Procurement Manager
Commercial Director
Head of Expansion
Regional Manager
Corporate Services Manager
Real Estate Broker
Property Lawyer
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