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LETTER OF INTENT
LETTER OF INTENT
Real Estate
LETTER OF INTENT
Date: ____________
Date: ____________
TO:
Name: ________________
Address: ________________, ________, ____ _____
Name: ________________
Address: ________________, ________, ____ _____
FROM:
Name: ________________
Address: ________________, ________, ____ _____
Phone: ________________
Email: ________________
Name: ________________
Address: ________________, ________, ____ _____
Phone: ________________
Email: ________________
Re: ________________, ________, ____ _____
Dear ________________,
This Letter of Intent ("LOI") sets forth the principal terms under which ________________
________________, ________, ____ _____ ("Property") from ________________ ("Seller"). This LOI is intended to serve as a basis for the negotiation and preparation of a definitive . Except as expressly provided herein, this LOI is non-binding on both parties.
This Letter of Intent ("LOI") sets forth the principal terms under which ________________
________________, ________, ____ _____ ("Property") from ________________ ("Seller"). This LOI is intended to serve as a basis for the negotiation and preparation of a definitive . Except as expressly provided herein, this LOI is non-binding on both parties.
1. PROPERTY DESCRIPTION
The Property is described as follows:Address: ________________, ________, ____ _____
Property Type: ________________
2. PURCHASE PRICE AND EARNEST MONEY
2.1 Purchase Price: The proposed purchase price for the Property is $_________ (the "Purchase Price").2.2 Earnest Money Deposit: Within five (5) business days of the execution of the definitive Purchase and Sale Agreement, Buyer shall deposit $_________ (the "Earnest Money") with a mutually agreed-upon escrow agent to be applied toward the Purchase Price at closing.
3. FINANCING
3.1 Financing Method: Buyer intends to finance the purchase via _____.4. CONTINGENCIES
The following contingencies must be satisfied or waived prior to closing:5. CLOSING DATE AND PROCESS
5.1 Closing Date:5.2 Title Company / Escrow Agent: To be mutually agreed upon by the parties.
5.3 Closing Costs: Closing costs shall be allocated between Buyer and Seller in accordance with the customs and practices of the State of ________________ and as set forth in the definitive Purchase and Sale Agreement.
6. TITLE AND ESCROW
Seller shall convey title to the Property by general warranty deed (or such deed as is customary in the State of ________________). The Earnest Money shall be held in escrow by a mutually agreed-upon escrow agent and applied toward the Purchase Price at closing, or returned to Buyer in accordance with the terms of the definitive agreement.7. NON-BINDING NATURE
7.1 Except for the Governing Law section, which is expressly intended to be legally binding, this LOI is a statement of intent only and does not constitute a binding agreement or commitment by either party to consummate the proposed transaction.7.2 No binding obligation to proceed with the transaction shall arise unless and until a definitive purchase agreement is negotiated, executed, and delivered by both parties.
7.3 Either party may terminate negotiations at any time and for any reason without liability to the other party, subject to the binding provisions referenced above.
8. GOVERNING LAW (BINDING PROVISION)
8.1 This Section is legally binding on both parties.8.2 This LOI and any disputes arising out of or relating to this LOI shall be governed by and construed in accordance with the laws of the State of ________________, without regard to its conflict of laws provisions.
9. EXPIRATION AND ACCEPTANCE
9.1 This LOI shall expire automatically if not executed by both parties on or before ____________. Upon expiration, this LOI and all obligations hereunder shall terminate, except for the binding provisions which shall survive in accordance with their terms.SIGNATURES
Respectfully submitted,BUYER:
Signature: ___________________
Date: ___________________
Printed Name: [Buyer]
________________, ________, ____ _____
Phone: ________________
Email: ________________
Signature: ___________________
Date: ___________________
Printed Name: [Buyer]
________________, ________, ____ _____
Phone: ________________
Email: ________________
ACCEPTED AND AGREED:
SELLER:
Signature: ___________________
Date: ___________________
Printed Name: [Seller]
________________, ________, ____ _____
SELLER:
Signature: ___________________
Date: ___________________
Printed Name: [Seller]
________________, ________, ____ _____
Frequently Asked Questions
LETTER OF INTENT