Document background
A Letter of Intent To Purchase Vacant Land is commonly used in the early stages of land acquisition in England and Wales, where parties wish to formally document their intentions before proceeding with a full purchase contract. This document typically precedes the exchange of contracts and completion, setting out the fundamental terms of the proposed transaction while allowing the buyer to conduct necessary due diligence. While most provisions are non-binding, it can include binding elements such as confidentiality and exclusivity periods. The document helps prevent misunderstandings between parties and provides a clear framework for moving forward with the transaction.
