Document background
A Letter of Intent to Sell House is commonly used in New Zealand real estate transactions as a preliminary step before entering into a formal Sale and Purchase Agreement. It serves to document the seller's serious intention to proceed with a property sale and outlines the basic terms of the proposed transaction. This document is particularly useful when parties want to establish clear intentions and basic terms before proceeding with more detailed negotiations, due diligence, or when seeking financing. While not legally binding for the actual sale, it demonstrates commitment and can help prevent misunderstandings during the negotiation process. The document needs to comply with New Zealand property law principles and typically includes property details, proposed price, timeline, and any specific conditions, while clearly stating its non-binding nature.
