Document background
A Letter Of Intent To Purchase Commercial (Real Estate) is a crucial preliminary step in commercial real estate transactions in Saudi Arabia. It serves as a formal expression of interest from a prospective buyer to a property owner, outlining the fundamental terms of a proposed purchase while maintaining flexibility for detailed negotiations. This document is typically used after initial property viewing and preliminary discussions but before entering into a binding purchase agreement. It must account for Saudi Arabian real estate regulations, including foreign ownership restrictions where applicable, and conform to Sharia law principles. The document typically includes property details, proposed purchase price, due diligence requirements, exclusivity periods, and key commercial terms, while clearly stating its generally non-binding nature except for specific provisions like confidentiality.
