Document background
The Letter of Intent to Sell Property is a crucial preliminary document in New Zealand's property transaction process, typically used before entering into a formal Sale and Purchase Agreement. This document serves as a structured way to initiate property sales negotiations and demonstrate serious intent to proceed with a transaction. While primarily non-binding, it helps establish clear expectations and basic terms between parties. The document is particularly useful in complex property transactions or when parties need to document their preliminary understanding before proceeding with due diligence and formal agreements. Under New Zealand law, this document should be carefully drafted to avoid unintended binding obligations while still maintaining its effectiveness as a serious expression of intent to sell.
