A Letter of Intent to Buy Property is a crucial preliminary document in UAE real estate transactions, typically used before entering into a formal Sale and Purchase Agreement. This document is particularly relevant in the UAE's dynamic property market, where transactions often involve complex regulatory requirements and multiple stakeholders. The letter outlines the potential buyer's serious interest in acquiring a specific property and establishes key commercial terms, timelines, and conditions for the proposed transaction. While primarily non-binding, it may contain certain binding provisions such as confidentiality and exclusivity clauses. The document must align with UAE federal laws and emirate-specific regulations, including requirements from regulatory authorities like RERA in Dubai or the Department of Municipalities and Transport in Abu Dhabi. It serves as a foundation for further negotiations and demonstrates the parties' commitment to pursuing the transaction.
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1. Date and Reference: Clear identification of the date of the letter and any reference numbers
2. Parties: Full legal names and addresses of both the potential buyer and the property owner
3. Property Details: Precise identification of the property including address, size, and registration details as per UAE property registry
4. Purchase Price: Proposed purchase price and any initial price negotiations framework
5. Payment Terms: Proposed structure of payments including deposits and installments
6. Due Diligence: Timeline and scope of the due diligence process
7. Timeline: Proposed timeline for negotiation, due diligence, and completion
8. Exclusivity: Period during which the seller agrees not to negotiate with other parties
9. Confidentiality: Agreement to keep negotiations and information confidential
10. Non-Binding Nature: Clear statement that the LOI is non-binding except for specified clauses
1. Broker Details: Include when a real estate broker is involved in the transaction
2. Financing Contingency: Include when purchase is dependent on obtaining financing
3. Property Condition: Include when specific property conditions or repairs are material to the purchase
4. Governing Law and Jurisdiction: Include when parties want to specify which emirate's laws will govern
5. Language Preference: Include when document needs to be in both Arabic and English
6. Property Management: Include when property is currently tenanted or under management
7. Development Status: Include for off-plan properties or properties under construction
1. Property Details Schedule: Detailed description of the property including plot number, title deed details, and amenities
2. Payment Schedule: Detailed breakdown of proposed payment structure and timelines
3. Due Diligence Requirements: List of documents and information required for due diligence
4. Required Approvals: List of necessary governmental and regulatory approvals needed
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Property Development
Banking and Finance
Hospitality
Retail
Commercial Property
Residential Property
Industrial Property
Investment and Asset Management
Relevant Teams
Legal
Real Estate
Property Management
Corporate Development
Mergers & Acquisitions
Investment
Finance
Business Development
Facilities Management
Compliance
Relevant Roles
Real Estate Manager
Property Development Director
Legal Counsel
Corporate Lawyer
Investment Manager
Asset Manager
Property Manager
Acquisition Manager
Real Estate Broker
Business Development Manager
CEO
CFO
Commercial Director
Facilities Manager
Real Estate Investment Analyst
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