The Letter of Intent for Property Sale is a crucial preliminary document in Indian real estate transactions, typically used before entering into a formal sale agreement. It serves as a documented expression of serious interest in purchasing a property and outlines the fundamental terms of the proposed transaction. While generally non-binding in nature, it helps establish clear communication between parties and can include binding provisions for aspects like confidentiality and exclusivity. This document is particularly important in complex property transactions where detailed due diligence is required and where parties need to document their initial understanding before committing to a full sale agreement. It provides a framework for further negotiations while protecting both parties' interests during the preliminary stages of the transaction.
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Key Requirements PROMPT example:
Letter Of Intent For Property Sale
"I need a Letter of Intent for Property Sale for purchasing a residential property in Mumbai, with a proposed completion date of March 15, 2025, and including an exclusivity period of 30 days for due diligence."
1. Date and Address Block: Contains the date of the LOI and complete address details of both parties
2. Subject Line: Clear indication that this is a Letter of Intent for property sale
3. Introduction: Identifies the parties (buyer and seller) with their full legal names and addresses
4. Property Details: Complete description of the property including address, dimensions, and registration details
5. Purchase Price: Proposed purchase price and basic payment terms
6. Timeline: Proposed timeline for completing the transaction and major milestones
7. Due Diligence: Statement regarding the buyer's right to conduct property investigation
8. Confidentiality: Basic confidentiality obligations regarding the proposed transaction
9. Non-Binding Nature: Clear statement that the LOI is non-binding except for specific clauses
10. Validity Period: Duration for which the LOI remains valid
11. Closing: Signature blocks for all parties
1. Earnest Money: Details of any initial deposit or earnest money, used when parties agree to a preliminary deposit
2. Exclusivity Period: Period during which the seller cannot negotiate with other parties, included when buyer requires exclusive negotiation rights
3. Conditions Precedent: Specific conditions that must be met before proceeding with the sale, used for complex transactions
4. Broker/Agent Details: Information about any real estate agents involved, included when transaction involves brokers
5. Foreign Investment Clause: Special provisions if buyer is an NRI or foreign national
6. Existing Tenancy: Details about current tenants if property is leased, included when property is not vacant
1. Property Description Schedule: Detailed description of the property including boundaries, measurements, and facilities
2. Title Documents List: List of property ownership documents to be reviewed during due diligence
3. Payment Schedule: Detailed breakdown of proposed payment structure if involving multiple installments
4. Due Diligence Checklist: List of documents and verifications required for property investigation
5. Property Photos: Recent photographs of the property and its key features
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Real Estate
Construction
Property Development
Hospitality
Retail
Manufacturing
Healthcare
Education
Information Technology
Banking and Financial Services
Industrial
Logistics and Warehousing
Commercial Office Space
Residential Development
Relevant Teams
Legal
Real Estate
Finance
Business Development
Operations
Facilities Management
Property Management
Corporate Affairs
Compliance
Risk Management
Asset Management
Investment
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Relevant Roles
Real Estate Manager
Property Developer
Business Development Manager
Legal Counsel
Corporate Lawyer
Property Manager
Facilities Manager
Chief Financial Officer
Real Estate Agent
Investment Manager
Asset Manager
Acquisition Manager
Real Estate Consultant
Property Valuation Expert
Company Secretary
Commercial Director
Operations Manager
Project Manager
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