Document background
A Letter Of Intent To Sell (Real Estate) is a crucial preliminary document in Irish property transactions, typically used before entering into a formal contract of sale. This document is particularly important in situations where parties want to document their serious intention to proceed with a property transaction while allowing time for due diligence, financing arrangements, and legal review. The letter outlines key terms such as property details, proposed price, timeline, and any specific conditions, while usually maintaining a non-binding nature. Under Irish law, while the letter itself is generally not legally binding for the main transaction, certain provisions like confidentiality and exclusivity periods may be enforceable. This document is especially valuable in complex commercial property transactions or when dealing with international buyers who may be familiar with different property transaction processes.
