Document background
A Letter of Intent to Purchase Vacant Land is commonly used in the United States as an initial step in real estate transactions involving undeveloped property. This document serves as a formal expression of interest and outlines preliminary terms before proceeding with a binding purchase agreement. It typically includes property details, proposed purchase price, due diligence requirements, and timeline for closing. While generally non-binding, except for specific provisions like confidentiality, it helps establish clear expectations and demonstrates serious intent to proceed with the transaction. This document is particularly useful in complex land acquisitions where detailed due diligence and negotiations may be necessary before finalizing a purchase agreement.
