Document background
A Letter Of Intent To Buy Property is commonly used in Indian real estate transactions as an initial step before entering into a formal sale agreement. It serves multiple purposes: documenting the buyer's serious interest, outlining preliminary terms and conditions, and providing a framework for further negotiations. The document is particularly relevant in complex property transactions where detailed due diligence is required. While not typically legally binding in its entirety, it may contain certain binding provisions such as confidentiality or exclusivity clauses. The document must comply with Indian contract law principles and consider state-specific property regulations, as property laws can vary across different Indian states. It's especially useful in commercial property transactions, development projects, or situations where multiple stakeholders are involved.
