Document background
The Letter of Intent to Sell House is a crucial preliminary document in Indian residential property transactions, serving as a formal expression of interest from a potential buyer to a property owner. This document, while not legally binding in most circumstances under Indian law, sets the foundation for the eventual sale transaction. It typically precedes the formal sale agreement and is used to outline the basic terms of the proposed purchase, including property details, price, timeline, and any specific conditions. The LOI helps parties establish clear communication and demonstrates serious intent while allowing flexibility for negotiations and due diligence. It's particularly useful in complex residential transactions or when dealing with high-value properties in India, where formal documentation of preliminary agreements is preferred.
