Document background
The Letter of Intent to Sell (Real Estate) is a crucial preliminary document in New Zealand's property transaction process, commonly used when parties wish to formalize their initial discussions before proceeding to a binding Sale and Purchase Agreement. This document typically comes into play when there's serious interest in a property but parties need time for due diligence, financing arrangements, or further negotiation. It outlines key aspects such as the proposed purchase price, basic terms, and timelines, while maintaining a non-binding nature for the final sale. The document is particularly relevant in complex property transactions or when dealing with commercial properties in New Zealand, where detailed due diligence is required. It provides a structured framework for negotiations while allowing both parties to proceed with confidence that their basic understanding is documented.
