Document background
A Letter Of Intent For Selling Property is a crucial preliminary step in Canadian property transactions, typically used before proceeding to a formal Purchase and Sale Agreement. This document is essential when parties want to document their serious intention to enter into a property transaction while still maintaining flexibility for negotiation and due diligence. It outlines key commercial terms such as purchase price, payment structure, timelines, and conditions precedent, while typically remaining non-binding except for specific provisions. Used across all Canadian provinces and territories, with specific considerations for provincial property laws, this document helps parties align their expectations and provides a framework for moving forward with the transaction. It's particularly valuable in complex commercial property transactions or when significant due diligence is required before finalizing the sale.
