Document background
A Letter Of Intent Commercial (Real Estate) is a crucial preliminary document in Indian real estate transactions, commonly used before entering into definitive agreements for property purchase, sale, or lease. This document type is particularly relevant in commercial real estate transactions where parties need to outline their initial understanding while maintaining flexibility for detailed negotiations. It serves as a roadmap for the transaction, typically including property details, commercial terms, due diligence requirements, and timeline commitments. While generally non-binding in nature (except for specific provisions), it carries significant business importance in the Indian context, where it often serves as the basis for obtaining initial corporate or board approvals, initiating due diligence processes, and securing preliminary financing commitments. The document must comply with Indian contract law principles while addressing specific requirements of real estate transactions under various state laws and RERA regulations.
