Document background
A Letter of Offer to Sell Property is a crucial initial document in Indian property transactions, typically used when a property owner wishes to formally communicate their intention to sell a specific property to a potential buyer. This document serves as the first official step in the property sale process, preceding the sale agreement and final deed of sale. The letter outlines key information including property details, proposed sale price, payment terms, and any specific conditions of sale. While not legally binding like a sale agreement, it helps establish clear communication and basic terms between parties. Under Indian law, particularly the Transfer of Property Act 1882 and the Indian Contract Act 1872, this document helps initiate negotiations and can be referenced in subsequent legal documentation. It's particularly useful in both residential and commercial property transactions, providing a formal basis for further negotiations and legal documentation.
