What does a letter of intent for a condominium purchase typically include?

A letter of intent for a condominium purchase is a preliminary document that outlines the key terms and conditions that the buyer and seller agree upon before drawing up a formal purchase agreement. This document typically includes essential details such as the price of the condominium, the completion date for the transaction, how the unit will be used (e.g., as a primary residence, rental property, etc.), and information regarding deposits that will be made as part of the purchase process. By clearly stating these terms, both parties have a clearer understanding of their intentions and responsibilities moving forward, which helps facilitate a smoother transaction.

In contrast, health and safety regulations, details about previous owners, and building maintenance history do not fundamentally define the transactional agreement between a buyer and seller at this stage, making them less relevant to a letter of intent focused on the specifics of the sale.