A Letter Of Intent To Rent Commercial Space is a crucial preliminary document used in Nigerian commercial real estate transactions when a prospective tenant wishes to formally express interest in leasing a commercial property. This document typically precedes the formal lease agreement and outlines key terms such as proposed rental rates, lease duration, and intended use of the property. While generally non-binding, it may contain certain binding provisions such as confidentiality and exclusivity periods. The document must comply with Nigerian property law requirements and often serves as a basis for further negotiations. It's particularly important in complex commercial transactions where parties need to establish clear communication and understanding before proceeding with detailed lease negotiations and due diligence.
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1. Letter Header: Date, recipient's name and address, and subject line clearly indicating this is a Letter of Intent for commercial space rental
2. Introduction: Identifies the parties and their roles (prospective tenant and landlord)
3. Property Details: Specific description and address of the commercial space intended to be leased
4. Proposed Terms: Key commercial terms including proposed rental rate, lease duration, and intended use of property
5. Timeline: Proposed timeline for negotiation, due diligence, and execution of formal lease agreement
6. Non-Binding Nature: Clear statement that this is a non-binding letter of intent except for specific provisions
7. Exclusivity Period: Period during which the landlord agrees not to negotiate with other potential tenants
8. Closing: Signature blocks for both parties and formal letter closing
1. Due Diligence Requirements: Specific requirements for property inspection, document review, and other investigations - include when significant due diligence is anticipated
2. Confidentiality Provisions: Terms regarding confidentiality of negotiations and information exchange - include for sensitive commercial transactions
3. Deposit Terms: Details of any good faith deposit - include when a deposit is being offered
4. Condition Precedents: Specific conditions that must be met before proceeding with the lease - include for complex transactions
5. Broker Representation: Declaration of any broker involvement and commission arrangements - include when brokers are involved
6. Improvement Allowance: Proposed terms for any tenant improvements or allowances - include when property modifications are anticipated
1. Floor Plan: Basic layout or floor plan of the intended space
2. Preliminary Space Plan: Proposed configuration or layout modifications, if any significant changes are planned
3. Property Photographs: Current photographs of the space, particularly for properties requiring renovation
4. Proposed Timeline Schedule: Detailed timeline for lease execution, fit-out, and occupation if complex scheduling is involved
Relevant legal definitions
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Relevant Industries
Real Estate
Retail
Healthcare
Financial Services
Technology
Professional Services
Manufacturing
Hospitality
Education
Logistics and Warehousing
Entertainment and Media
Food and Beverage
Relevant Teams
Legal
Real Estate
Finance
Operations
Facilities Management
Business Development
Procurement
Risk Management
Corporate Development
Administration
Relevant Roles
Real Estate Manager
Property Manager
Business Development Manager
Chief Financial Officer
Facilities Manager
Legal Counsel
Operations Director
Commercial Director
Real Estate Broker
Expansion Manager
Store Planning Manager
Regional Manager
Chief Executive Officer
Property Lawyer
Procurement Manager
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