The Letter of Intent to Sell is a crucial preliminary document in Irish property transactions, typically used before entering into a formal sale agreement. It serves as a structured way to communicate serious interest in a property transaction and outline key terms and conditions. While primarily non-binding, certain provisions such as confidentiality and exclusivity can be made binding. This document is particularly important in Irish property law as it helps establish clear communication between parties and can prevent misunderstandings in later negotiations. The Letter of Intent to Sell should align with Irish legal requirements, including those set out in the Land and Conveyancing Law Reform Act 2009, and typically precedes more formal documentation such as contracts for sale. It's commonly used in both commercial and residential property transactions, particularly in complex or high-value deals where preliminary agreement on key terms is essential before proceeding with detailed due diligence and formal documentation.
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1. Date and Parties: Full legal names and addresses of both the potential seller and buyer
2. Subject Property: Detailed description of the property being offered for sale, including address, boundaries, and relevant title details
3. Purchase Price: Proposed purchase price and any conditions related to pricing
4. Payment Terms: Outline of how and when payments will be made, including deposits and balance
5. Timeline: Proposed timeline for the transaction, including key dates and deadlines
6. Due Diligence: Period allowed for buyer's due diligence and conditions for access to property/documents
7. Exclusivity: Statement regarding any exclusive negotiation period
8. Non-Binding Nature: Clear statement that this is a non-binding letter of intent, except for specific binding provisions
9. Confidentiality: Statement regarding confidentiality of negotiations and information shared
10. Signature Block: Space for signatures of both parties and date
1. Conditions Precedent: Any conditions that must be met before proceeding with the sale, used when specific requirements must be fulfilled
2. Property Contents: List of any contents/fixtures included in the sale, used when selling property with specific included items
3. Planning Permissions: Details of any relevant planning permissions or restrictions, used for properties with development potential
4. Existing Tenancies: Information about current tenants and leases, used when property is currently let
5. Environmental Matters: Declarations regarding environmental conditions, used for commercial properties or properties with potential environmental concerns
6. Break Clause: Conditions under which either party can terminate negotiations, used in complex transactions
7. Costs: Agreement on who bears various transaction costs, used when there's a specific cost-sharing arrangement
1. Property Details Schedule: Detailed description of the property including boundaries, title numbers, and maps
2. Price Calculation Schedule: Breakdown of purchase price components if the pricing structure is complex
3. Timeline Schedule: Detailed timeline of key dates and milestones for the transaction
4. Included Items Schedule: Comprehensive list of fixtures, fittings, and contents included in the sale
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Relevant Teams
Legal
Real Estate
Property Management
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Acquisitions
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Investment
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Risk Management
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Relevant Roles
Real Estate Manager
Property Developer
Commercial Director
Legal Counsel
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Business Development Manager
Investment Manager
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Property Portfolio Manager
Acquisitions Manager
Corporate Lawyer
Real Estate Agent
Property Consultant
Development Director
Company Secretary
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