Document background
The Letter of Intent to Sell Property is a crucial preliminary document in Indian real estate transactions, commonly used before proceeding with a full property sale agreement. This document is particularly relevant when parties need to formalize their initial understanding while maintaining flexibility for negotiations. It typically includes essential details such as property description, proposed price, payment terms, and timeline, while clearly stating its non-binding nature except for specific provisions. Under Indian law, while not legally required, it serves as a valuable tool for documenting serious intent and basic terms, especially in complex or high-value property transactions. The document helps prevent misunderstandings and provides a framework for due diligence and further negotiations, while adhering to relevant Indian property laws and regulations.
