Ready to use legal template
Drafted by experienced lawyers
Compliant with Indian law
Ready to use legal template
Drafted by lawyers
Compliant with Indian law
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Learn more about Intent to Purchase Letter in India
An offer to acquire real estate should not be taken lightly. You should only make a written offer if you are positive that you are willing and able to acquire the property in question. A sale may be preceded by oral or written talks, including letter exchanges. The letter of intent, for example, permits one party to accept the idea of finalising the sales contract while the fundamental aspects are still being defined; the interested party agrees to evaluate with the other party all of the duties related to the contract to be executed. Get a letter of intent template in word format from Themis Partner for the acquisition of your property in India.
Table of contents
What is an Intent to Purchase Letter?
A Letter of Intent is a written document that explains the parameters of a proposed purchase or other transaction between two parties. Consider it a road plan for how the discussion and deal will progress. Before signing a purchase agreement, the two parties might agree to compromise on specific conditions while continuing to discuss the remaining terms and details of the deal.
What is included in the Letter of Intent?
When completing a letter of intent, make sure you include the following information. It is beneficial to utilise a blank, fillable template to ensure you do not overlook any important information.
Who are the Participants?
Determine who is the seller (the existing owner) and who is the buyer (the potential new owner).
What exactly is the transaction?
Describe in detail what is being acquired, including any agreements between the parties on what will be included or omitted in the transaction.
What are the Terms and Conditions?
Include any agreed-upon terms, such as the purchase price or price modifications. If the seller has committed to exclusivity (not negotiating with other parties), that should also be disclosed.
What about the actual Letter of Intent?
The agreement should indicate plainly whether it is binding or nonbinding — don’t leave it up to a judge to decide. Include when it (and the discussions) will terminate, as well as which state’s legislation will control it.
Are there any restrictions?
Certain requirements that must be met before a definitive agreement may be included by the parties, such as:
➤ The buyer obtaining money the buyer carrying out due diligence |
➤ A successful sale of the buyer's house an examination of the property regulatory or other relevant approvals |
➤ A Letter of Intent can be either a legally enforceable contract or a non-binding agreement between the parties. |