A Letter of Intent to Buy Property is a crucial preliminary step in Irish property transactions, typically used before entering into a formal contract of sale. This document is particularly valuable when dealing with commercial properties or complex residential transactions where parties need to establish clear parameters before proceeding with detailed negotiations and due diligence. While primarily non-binding, it demonstrates serious intent and typically includes key transaction elements such as property identification, proposed price, timeline, and any special conditions. Under Irish law, this document helps structure negotiations and can include binding provisions for certain aspects like confidentiality or exclusivity periods. It serves as a roadmap for the transaction while maintaining flexibility for both parties to negotiate final terms in the binding contract.
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1. Date and Parties: Full legal names and addresses of both the potential buyer and the current property owner
2. Property Details: Precise identification and description of the property, including its full address and any relevant land registry details
3. Purchase Price: Proposed purchase price and any initial price negotiations or range
4. Payment Terms: Outline of how and when payment would be made, including any deposit arrangements
5. Due Diligence: Statement of buyer's intention to conduct necessary property investigations and searches
6. Timeline: Proposed timeline for completing the transaction, including key milestones
7. Conditions: Key conditions that must be met before proceeding with the purchase
8. Non-Binding Nature: Clear statement that this is a non-binding letter of intent, except for any specifically binding provisions
9. Signature Block: Space for signatures of both parties and dates
1. Exclusivity Period: Used when buyer wants exclusive rights to negotiate for a specified period
2. Confidentiality: Include when sensitive information will be shared during due diligence
3. Property Access: Include when specific arrangements for property inspection and survey access are needed
4. Broker/Agent Details: Include when real estate agents or brokers are involved in the transaction
5. Break Fee: Used when parties want to include a fee for breaking the exclusivity arrangement
6. Existing Tenancies: Include when the property has existing tenants and their rights need to be addressed
1. Property Description Schedule: Detailed description of the property including boundaries, fixtures, and fittings
2. Due Diligence Checklist: List of required documents and searches to be completed
3. Timeline Schedule: Detailed timeline with specific dates for each milestone
4. Price Calculation Details: If the price is subject to adjustments or calculations, detail the methodology here
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Relevant Teams
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Relevant Roles
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Investment Manager
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Acquisition Manager
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Corporate Real Estate Manager
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