The Property Purchase Letter of Intent is a crucial preliminary document used in Irish property transactions to establish the fundamental terms of a proposed property acquisition before proceeding to a formal purchase agreement. It is typically used when parties have reached initial understanding on key commercial terms but require a structured framework for further negotiations and due diligence. While primarily non-binding, it often includes binding provisions regarding confidentiality and exclusivity. The document reflects Irish property law requirements and commercial practices, providing a clear roadmap for the transaction while maintaining flexibility for detailed negotiations. It's particularly valuable in complex commercial property transactions or when dealing with international parties unfamiliar with Irish property law requirements.
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1. Date and Parties: Full legal names and addresses of both the potential purchaser and property owner
2. Property Details: Clear identification and description of the subject property, including its full legal address and any relevant title information
3. Purchase Price: Proposed purchase price and any initial thoughts on payment structure
4. Transaction Timeline: Proposed timeline for due diligence, negotiation of final agreement, and completion of the transaction
5. Due Diligence: Outline of the due diligence process and requirements
6. Exclusivity Period: Proposed period during which the seller agrees not to negotiate with other parties
7. Confidentiality: Terms regarding the confidential treatment of information exchanged
8. Non-Binding Nature: Clear statement that the letter is non-binding except for specified provisions (typically confidentiality and exclusivity)
9. Expiration: Validity period of the LOI and conditions for extension
1. Deposit Terms: Include when an initial deposit is proposed as part of the transaction structure
2. Financing Contingency: Include when the purchase is contingent on the buyer securing specific financing
3. Property Access: Include when specific arrangements for property inspection and access during due diligence are needed
4. Existing Tenancies: Include when the property has existing tenants and arrangements need to be addressed
5. Planning Permissions: Include when the purchase is contingent on obtaining specific planning permissions or zoning changes
6. Environmental Conditions: Include when environmental assessments or specific environmental concerns need to be addressed
7. Break Fee: Include when parties agree to a fee structure if either party withdraws under specific circumstances
1. Property Description Schedule: Detailed description of the property including boundaries, fixtures, and fittings
2. Initial Due Diligence Checklist: List of required documents and information for the due diligence process
3. Proposed Transaction Timeline: Detailed timeline with key milestones and deadlines
4. Essential Terms Summary: Summary of key commercial terms to be included in the final purchase agreement
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