Document background
The Letter of Agreement to Sell Property is commonly used in England and Wales as an initial step in property transactions. This document serves to formalize the preliminary understanding between parties before proceeding to the formal contract stage. It typically includes essential details such as property description, agreed price, proposed timeline, and any special conditions. While not legally binding in most cases, this agreement helps prevent misunderstandings and provides a clear framework for solicitors to draft the formal contract. It's particularly useful in complex property transactions or when specific terms need to be clearly documented early in the process.
