Document background
The Real Estate Purchase Letter of Intent is a crucial preliminary document in Australian property transactions, serving as a formal expression of interest from a prospective buyer to a property seller. It is typically used when a buyer wishes to communicate serious purchase intent while maintaining flexibility before entering into a binding contract. This document outlines key transaction terms including proposed purchase price, payment structure, due diligence period, and closing timeline. While generally non-binding, it sets the framework for subsequent negotiations and the formal contract of sale. The document is particularly valuable in complex commercial property transactions or when dealing with foreign investment considerations under Australian law.
