A Letter of Intent to Sell House is commonly used in Irish property transactions as a preliminary step before entering into a formal contract of sale. It serves to document the initial agreement between parties and outline the basic terms of the proposed transaction. This document is particularly useful when parties want to express serious intent while key details are still being finalized or due diligence is being conducted. While not legally binding for the actual sale, it helps prevent misunderstandings and provides a framework for the subsequent formal contract. The letter typically includes essential information such as property details, proposed price, timeline, and any specific conditions, while following Irish property law requirements and standard practices in the Irish real estate market.
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1. Date and Address Block: Current date and full addresses of both parties
2. Subject Line: Clear indication that this is a Letter of Intent to purchase specified property
3. Opening Statement: Formal introduction and declaration of intent to purchase the property
4. Property Details: Full legal description and address of the property being considered for purchase
5. Purchase Price: Proposed purchase price and any price-related conditions
6. Payment Terms: Outline of how and when payment would be made, including deposit details
7. Timeline: Proposed timeline for the transaction, including intended completion date
8. Due Diligence: Statement regarding buyer's right to conduct property inspections and title searches
9. Conditions: Key conditions that need to be met before proceeding to formal contract
10. Non-Binding Nature: Clear statement that this is not a binding contract for sale
11. Expiration: Validity period of the letter of intent
12. Closing: Signature blocks for both parties
1. Exclusivity Period: Used when buyer requests a period of exclusive negotiation rights
2. Property Contents: Include when specific fixtures, fittings or contents are to be included in the sale
3. Financing Contingency: Include when purchase is dependent on securing mortgage or other financing
4. Planning Permission: Used when purchase is contingent on obtaining specific planning permissions
5. Existing Tenancies: Include when property has sitting tenants and their status needs to be addressed
6. Chain Details: Used when either party's ability to proceed is dependent on other property transactions
1. Property Floor Plan: Layout and dimensions of the property
2. Inventory List: Detailed list of any contents included in the proposed sale
3. Photographs: Recent photographs of the property's exterior and key interior spaces
4. Land Registry Map: Official map showing the property boundaries and registered extent
5. BER Certificate: Building Energy Rating certificate details
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