Sample Letter Of Intent To Purchase Property
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Sample Letter of Intent to Purchase Property
This document provides a sample Letter of Intent (LOI) to purchase real property. It is for informational purposes only and should not be considered legal advice. Consult with a qualified real estate attorney to draft or review a legally binding agreement tailored to your specific circumstances and jurisdiction.
[Your Name/Company Name]
[Your Address]
[Your City, State, Zip Code]
[Your Phone Number]
[Your Email Address]
[Date]
[Seller’s Name/Company Name]
[Seller’s Address]
[Seller’s City, State, Zip Code]
RE: Letter of Intent to Purchase Property Located at [Property Address]
Dear [Seller’s Name or “Seller”],
This letter constitutes a non-binding Letter of Intent (“LOI”) from [Your Name/Company Name] (“Buyer”) to [Seller’s Name/Company Name] (“Seller”) expressing Buyer’s intent to purchase the real property located at [Property Address] (the “Property”). This LOI is intended to serve as a framework for a more definitive and legally binding Purchase and Sale Agreement (the “Agreement”).
1. Property Description
The Property includes all land, improvements, fixtures, and appurtenances located at [Property Address], as more fully described in the attached Exhibit A (if applicable). Exhibit A may include a survey, plat map, or other detailed description of the Property.
2. Purchase Price
The proposed purchase price for the Property is [Dollar Amount] (the “Purchase Price”).
3. Terms of Payment
The Purchase Price will be paid as follows:
- Earnest Money Deposit: Buyer will deposit [Dollar Amount] (the “Earnest Money Deposit”) into an escrow account held by [Escrow Agent Name] within [Number] business days of the execution of the Agreement. The Earnest Money Deposit will be credited towards the Purchase Price at closing.
- Financing: Buyer intends to obtain financing for [Percentage]% of the Purchase Price. Buyer’s obligation to purchase the Property is contingent upon securing satisfactory financing within [Number] days of the execution of the Agreement. Buyer will diligently pursue such financing.
- Cash at Closing: The balance of the Purchase Price, after deduction of the Earnest Money Deposit and any financing, will be paid in cash or by wire transfer at closing.
4. Due Diligence
Buyer will have [Number] days from the execution of the Agreement (the “Due Diligence Period”) to conduct due diligence investigations of the Property, including but not limited to:
- Environmental assessments
- Title searches and examinations
- Property inspections (e.g., structural, mechanical, electrical, plumbing)
- Review of existing leases, contracts, and other relevant documents
- Zoning and land use compliance
Seller agrees to provide Buyer with reasonable access to the Property and all relevant documents and information necessary for Buyer to conduct its due diligence investigations. Buyer may terminate the Agreement at any time during the Due Diligence Period if Buyer, in its sole discretion, is not satisfied with the results of its due diligence. If Buyer terminates the Agreement during the Due Diligence Period, the Earnest Money Deposit will be returned to Buyer.
5. Closing Date
The closing of the purchase and sale of the Property (the “Closing”) will occur on or before [Date], or such other date as may be mutually agreed upon in writing by Buyer and Seller.
6. Closing Costs
Buyer and Seller will be responsible for their respective closing costs, including but not limited to:
- Buyer: Recording fees, title insurance (if desired), lender fees, and attorneys’ fees.
- Seller: Real estate commissions (if applicable), transfer taxes (if applicable), and attorneys’ fees.
The allocation of specific closing costs may be further defined in the Agreement.
7. Representations and Warranties
The Agreement will include customary representations and warranties from Seller regarding the Property, including but not limited to:
- Seller’s ownership of the Property
- The absence of any undisclosed liens, encumbrances, or other claims against the Property
- Compliance with all applicable laws and regulations
- The accuracy of any information provided to Buyer regarding the Property
8. “As-Is” Condition
[Choose ONE of the following options and DELETE the other:]
[Option 1 – Property Sold “As-Is”] The Property will be sold “as-is,” “where-is,” and with all faults. Buyer acknowledges that Seller makes no representations or warranties, express or implied, regarding the condition of the Property, except as expressly stated in the Agreement.
[Option 2 – Property Not Sold “As-Is”] The Property will not be sold “as-is.” Seller will be responsible for making certain repairs or improvements to the Property as agreed upon in the Agreement.
9. Brokerage
Buyer represents that it is [is/is not] working with a real estate broker in connection with this transaction. If Buyer is working with a broker, the broker’s name is [Broker’s Name] and their contact information is [Broker’s Contact Information]. Seller represents that it is [is/is not] working with a real estate broker in connection with this transaction. If Seller is working with a broker, the broker’s name is [Broker’s Name] and their contact information is [Broker’s Contact Information]. The party responsible for paying the brokerage commission will be determined in the Agreement.
10. Confidentiality
Buyer and Seller agree to keep the terms of this LOI and any information exchanged during the negotiation of the Agreement confidential.
11. Expiration
This LOI is non-binding, except for the provisions regarding confidentiality, and will expire if not accepted by Seller on or before [Date]. To accept this LOI, Seller must sign and return a copy of this letter to Buyer by the expiration date.
12. Governing Law
The Agreement shall be governed by and construed in accordance with the laws of the State of [State].
13. Entire Agreement
This LOI is intended only as an expression of intent and is not intended to create any legally binding obligations on either party, except for the provisions regarding confidentiality. The parties acknowledge that a legally binding agreement will only be created upon the execution and delivery of the Agreement.
We are excited about the prospect of acquiring this Property and believe that this LOI represents a fair and reasonable offer. We look forward to your prompt response.
Sincerely,
[Your Name/Company Name]
_____________________________
Signature
_____________________________
Printed Name
SELLER ACCEPTANCE
The undersigned Seller hereby accepts the terms and conditions of this Letter of Intent.
_____________________________
Seller’s Signature
_____________________________
Printed Name
Date: _________________________
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