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A Letter Of Intent For Buying Property is a crucial preliminary document in Indian real estate transactions, typically used before entering into a formal sale agreement. This document serves as a stepping stone in property acquisitions, outlining the potential buyer's serious interest and the basic terms of the proposed purchase. While not legally binding for the final purchase under Indian law, it helps establish clear communication between parties and can be particularly useful in complex property transactions or when dealing with multiple stakeholders. The LOI typically precedes due diligence processes and helps frame subsequent negotiations. It's especially relevant in commercial property transactions and situations where detailed terms need to be negotiated before proceeding with a formal agreement.
