Document background
The Apartment Letter of Intent is a crucial preliminary document used in Indian real estate transactions to initiate the formal process of apartment purchase. This document is typically used when a prospective buyer has identified a specific apartment and wishes to formally communicate their interest and basic terms of purchase to the seller. While not legally binding for the final purchase, it serves as a foundation for the transaction by documenting key aspects such as property identification, proposed price, payment structure, and timeline. The document needs to comply with Indian property laws and regulations, including state-specific real estate rules and RERA guidelines where applicable. It's particularly important in establishing good faith between parties and providing a framework for the subsequent sale agreement.
