The Intent Proposal Letter For Renting Space is a crucial preliminary step in the property rental process within England and Wales. It's typically used when a prospective tenant wishes to formally express interest in a property while maintaining flexibility before entering into binding agreements. The document outlines key commercial terms, demonstrates serious intent, and provides a foundation for subsequent negotiations. While non-binding in nature, it helps establish clear expectations and can be particularly valuable in commercial property transactions where detailed due diligence may follow.
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1. Letter Date and Parties: Full names and addresses of both parties, including company registration details if applicable
2. Property Details: Specific description and address of the space to be rented, including any relevant measurements or boundaries
3. Proposed Terms: Key commercial terms including rent, duration, intended use, and any special conditions
4. Non-Binding Statement: Clear statement that this is not a binding agreement but rather an expression of intent
5. Next Steps: Proposed timeline and process for moving forward with negotiations and formal agreements
1. Due Diligence Requirements: Details of required documentation, checks, and verifications needed before proceeding to formal agreements
2. Exclusivity Period: Terms regarding exclusive negotiation rights and duration of such exclusivity
3. Confidentiality Provisions: Terms regarding the confidential nature of negotiations and any shared information
4. Break Conditions: Conditions under which either party may terminate discussions without liability
1. Floor Plan: Basic layout or floor plan of the space to be rented
2. Heads of Terms Summary: Summary table of key commercial terms and conditions proposed
3. Photographs: Current condition photographs of the property if relevant
4. Required Documentation List: List of documents required from both parties for due diligence
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