Document background
The Property Purchase Letter of Intent is a crucial preliminary document used in Irish property transactions to establish the fundamental terms of a proposed property acquisition before proceeding to a formal purchase agreement. It is typically used when parties have reached initial understanding on key commercial terms but require a structured framework for further negotiations and due diligence. While primarily non-binding, it often includes binding provisions regarding confidentiality and exclusivity. The document reflects Irish property law requirements and commercial practices, providing a clear roadmap for the transaction while maintaining flexibility for detailed negotiations. It's particularly valuable in complex commercial property transactions or when dealing with international parties unfamiliar with Irish property law requirements.
