Document background
The Letter of Agreement to Sell Property is a crucial document in Irish property transactions, serving as the initial binding agreement between parties before the formal contract is drafted. This document is typically used when parties have reached an agreement on key terms and wish to formalize their commitment while legal due diligence and formal documentation are being prepared. The agreement, compliant with Irish property law, includes essential details such as property description, purchase price, payment terms, and conditions precedent. It provides security to both parties by documenting their intentions and obligations, while allowing flexibility for the more detailed formal contract to follow. This type of agreement is particularly important in Irish property transactions as it helps prevent misunderstandings and provides a clear framework for the transaction to proceed.
