A Letter of Intent to Sell Property to Tenant is commonly used in England and Wales when a landlord wishes to sell their property to the current tenant. This document serves as an initial step in the property sale process, bridging the gap between informal discussions and formal legal contracts. It typically outlines key terms such as the proposed purchase price, timeline for completion, and any specific conditions that need to be met. While not legally binding, it helps establish clear communication between parties and can be used to secure preliminary agreements on key terms before proceeding with formal legal documentation.
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1. Sender and Recipient Details: Full names, addresses and contact information of both the current property owner (sender) and tenant (recipient)
2. Property Identification: Detailed description of the property including full address, title number, and any relevant identifying features
3. Current Tenancy Status: Details of the existing tenancy agreement, including type of tenancy, start date, and current terms
4. Intent to Sell: Clear statement of intention to sell the property to the tenant and the proposed purchase price
5. Timeline and Process: Proposed timeline for the sale process, including key milestones and deadlines
6. Legal Framework: Statement that the letter is subject to contract and not legally binding, plus any relevant legal requirements
1. Exclusivity Period: Period during which the seller commits not to negotiate with other potential buyers
2. Deposit Arrangements: Terms and conditions for any deposit required as part of the transaction
3. Due Diligence Requirements: Specific requirements for property inspection, documentation review, and other necessary checks
4. Conditions Precedent: Any specific conditions that must be met before proceeding with the sale
5. Cost Allocation: Details of how legal costs and other expenses will be allocated between parties
1. Property Details Schedule: Detailed description of the property including floor plan, fixtures, and fittings
2. Current Tenancy Agreement: Copy of the existing tenancy agreement between the parties
3. Title Documentation: Official copy of the title plan and register from Land Registry
4. Energy Performance Certificate: Current EPC rating and report for the property
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