These are the documents that bind any real estate deal between all the parties involved in the real estate transaction, they outline property terms and conditions as well as property values / amount.
Official documents for Sales & Lettings
Mandate To Sell Immovable Property
In order for any party to sell a property, which they do not own. The party should have what is known as a Mandate to sell. This is a legal and binding document which gives a real estate agent/ agency the power to sell a property on behalf of the rightful owner. The document also gives power to the agent/ agency to advertise, consult conduct property viewings and also negotiate with the prospective buyers.
An offer letter to purchase is a written document that outlines the terms and conditions of a proposed purchase of a property. It is typically written by a potential buyer to the seller, and includes information such as the purchase price, closing date, and any contingencies or conditions that must be met before the sale can be completed.
The offer letter to purchase is an important step in the buying process, as it establishes the framework for negotiations between the buyer and seller. The letter may also include other important details such as the amount of the earnest money deposit, any financing arrangements, and a proposed timeline for completing the transaction.
Once the offer letter to purchase is submitted to the seller, they have the option to accept the offer as is, reject it, or make a counteroffer. Negotiations may continue until both parties come to an agreement on the terms of the sale, at which point a contract is typically drafted and signed.
It's important to note that an offer letter to purchase is a legally binding document, and should be written with care to ensure that all terms and conditions are clearly spelled out and understood by both parties. It's often advisable to seek the advice of a real estate attorney before submitting an offer letter to purchase, to ensure that all legal requirements are met and the buyer's interests are protected.