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Letter of Intent to Purchase

Document Type
Microsoft Word (Editable)
Pages
3
Price: KES 200
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Document Overview

A Letter of Intent to Purchase (LOI) is a non-binding real estate document used to express a serious interest by a prospective buyer to acquire a specific piece of land or property.

Key Components of a Letter of Intent to Purchase:
1. Parties Involved
2. Property Description
3. Proposed Purchase Terms
4. Due Diligence Conditions
5. Legal Representation
6. Timeline and Next Steps
7. Non-Binding Clause
8. Signature Section
9. Optional Attachments

Purpose of a Letter of Intent to Purchase Real Estate:
1. To formally express serious intent to purchase a specific property.
2. To outline proposed key terms of the transaction (price, payment structure, conditions).
3. To facilitate negotiation before entering into a binding Sale Agreement.
4. To trigger due diligence such as title searches, boundary verification, and legal review.
5. To provide a written record of interest, which can help prevent gazumping or competing offers.

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