Document background
The Property Deposit Agreement is a critical document in Nigerian real estate transactions, used when a potential buyer wishes to secure their interest in a property by paying a deposit before completing the full purchase. This agreement typically follows initial negotiations and precedes the final sale agreement, operating within the framework of Nigerian property law, particularly the Land Use Act 1978 and state-specific property legislation. It should be used whenever a deposit is being paid for property purchase in Nigeria, whether for residential or commercial properties. The document includes crucial details such as property description, deposit amount, payment terms, conditions for refund or forfeiture, and completion timeframes. It serves to protect both parties' interests by clearly documenting the terms of the deposit and its role in the broader transaction, while ensuring compliance with Nigerian legal requirements for property transactions.
