A Letter Of Intent To Sell Property To Tenant is commonly used in South African property transactions when a property owner wishes to formally communicate their intention to sell a property to their existing tenant. This document serves as a crucial intermediate step between the informal discussions and a formal sale agreement. It typically follows successful tenancy and often arises when tenants express interest in purchasing the property they occupy. The document should comply with South African property law requirements and typically includes key information such as property details, proposed purchase price, basic terms of sale, and any specific conditions related to the existing tenancy. While not legally binding for the final sale, it helps establish clear communication and intentions between parties, setting the foundation for the subsequent formal sale agreement.
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1. Letter Header: Formal business letter header including date, addressee details, and property reference
2. Subject Line: Clear indication that this is a Letter of Intent to sell the specified property
3. Opening Statement: Formal introduction confirming the intention to sell the property to the current tenant
4. Property Details: Full legal description and address of the property being offered for sale
5. Current Tenancy Reference: Reference to existing lease agreement and tenant's good standing
6. Proposed Purchase Price: Clear statement of the offered selling price and any price calculation basis
7. Basic Terms: Key terms including proposed timeline, deposit requirements, and basic payment terms
8. Duration of Offer: Validity period of the offer and deadline for response
9. Next Steps: Clear outline of what happens next if the tenant wishes to proceed
10. Closing Statement: Standard closing including contact details for further discussion
11. Signature Block: Space for signature, name, and title of the property owner or authorized representative
1. Special Conditions: Include when there are specific conditions attached to the sale offer, such as repairs or improvements needed
2. Existing Mortgage Details: Include when there are specific mortgage-related conditions that affect the sale
3. Tenant Improvements Consideration: Include when acknowledging and factoring in improvements made by tenant
4. Financial Qualification Requirements: Include when specific financial prerequisites need to be met by the tenant
5. Property Maintenance Status: Include when there are specific maintenance issues or agreements that need to be addressed
6. Third-Party Rights: Include when there are other parties' rights that need to be considered (e.g., other tenants, easements)
1. Property Description Schedule: Detailed description of the property including boundaries, fixtures, and fittings
2. Price Calculation Breakdown: Detailed breakdown of how the purchase price was calculated, including any adjustments
3. Current Lease Summary: Summary of key terms from existing lease relevant to the proposed sale
4. Property Condition Report: Current condition assessment of the property if relevant to the sale terms
5. Payment Schedule: Proposed schedule of payments if offering payment terms or installments
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