The Letter Of Intent For Apartment is a crucial preliminary document in Indian real estate transactions, commonly used before entering into a formal sale agreement. This document is typically employed when a prospective buyer has identified a specific apartment and wishes to formally express their interest and outline the basic terms of the proposed purchase. While not a legally binding purchase agreement, it serves as an important step in the property buying process in India, particularly in new developments or pre-sale situations. The document typically includes essential details such as property specifications, proposed purchase price, payment terms, and timeline for the transaction. It helps prevent misunderstandings by documenting the initial understanding between parties and is particularly relevant in the context of the Real Estate (Regulation and Development) Act, 2016 (RERA), which has brought increased formality to real estate transactions in India.

1. Date and Place: Current date and place of execution of the LOI

2. Addressee Details: Complete details of the seller/developer including name, address, and project details

3. Subject Line: Clear indication that this is a Letter of Intent for purchase of apartment

4. Property Description: Specific details of the apartment including project name, unit number, floor, carpet area, and super built-up area

5. Purchase Price: Total consideration amount and price per square foot

6. Payment Terms: Proposed payment schedule and method of payment

7. Timeline: Expected timeline for execution of sale agreement and completion of transaction

8. Validity Period: Period for which the LOI remains valid

9. Closing Statement: Request for confirmation and next steps

10. Signature Block: Space for signature of the intending purchaser with complete contact details