Document background
A Letter of Intent for Purchase of Commercial Property is commonly used in the early stages of commercial property transactions in England and Wales. It serves as a crucial stepping stone between initial negotiations and the formal contract of sale. This document helps parties establish clear communication about their intentions and basic terms of the proposed transaction, while allowing flexibility for further negotiation. It typically includes property details, purchase price, timeline, due diligence requirements, and any conditional terms. While mainly non-binding, it can include binding provisions for confidentiality and exclusivity. The document is particularly useful for complex commercial property transactions where detailed negotiations and due diligence are required before proceeding to formal contracts.
