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A Letter Of Intent To Buy Property is a crucial preliminary document used in Austrian real estate transactions to establish the framework for a potential property purchase. It serves as a stepping stone between initial negotiations and the final purchase agreement, outlining key terms while maintaining flexibility for detailed negotiations. This document is particularly important in the Austrian legal context, where property transactions follow strict formal requirements and often involve multiple stakeholders including notaries. While generally non-binding, it can contain binding provisions for specific aspects such as confidentiality and exclusivity periods. The document is typically used when parties have reached preliminary agreement on key terms but need to conduct due diligence, arrange financing, or address other conditions before proceeding to a binding purchase agreement. It helps structure negotiations and provides a clear roadmap for the transaction while protecting both parties' interests during the pre-contractual phase.

1. Date and Parties: Full legal names and addresses of both the potential buyer and seller

2. Property Details: Precise identification of the property including address, land registry details, and property description

3. Purchase Price: Proposed purchase price and any preliminary terms regarding payment structure

4. Transaction Timeline: Proposed timeline for due diligence, contract signing, and completion

5. Due Diligence: Overview of the buyer's intended due diligence process and requirements

6. Exclusivity Period: Period during which the seller agrees not to negotiate with other potential buyers

7. Confidentiality: Agreement to keep negotiations and shared information confidential

8. Non-Binding Nature: Clear statement that this is non-binding except for specified clauses (e.g., confidentiality, exclusivity)