Real Estate Term Sheet
Real Estate Term Sheet
1. Introduction
This term sheet outlines the principal terms and conditions proposed for the acquisition of the real estate property located at [Property Address], herein referred to as “the Property.” This document serves as a preliminary agreement and is subject to further negotiation and the execution of a definitive agreement.
2. Parties Involved
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Buyer: [Your Name], a [Type of Legal Entity], headquartered at [Your Address].
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Seller: [Seller's Name], a [Type of Legal Entity], headquartered at [Seller's Address].
3. Transaction Overview
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Property Description: [Brief Description of the Property].
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Proposed Transaction: Purchase of the Property by the Buyer from the Seller.
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Purchase Price: $[Amount] USD.
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Earnest Money Deposit: $[Amount] USD to be held in escrow upon execution of definitive agreements.
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Due Diligence Period: [Number] days from the execution date of the term sheet.
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Closing Date: [Date], subject to extension as mutually agreed upon by both parties.
4. Terms and Conditions
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Financing: This transaction is [Conditional/Unconditional] upon the Buyer securing financing from [Institution Name/Unspecified].
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Contingencies: Include satisfactory completion of due diligence, including but not limited to title search, environmental assessment, and property inspection.
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Representations and Warranties: Both parties agree to provide standard representations and warranties typical to transactions of this nature.
5. Confidentiality and Non-Disclosure
All negotiations and documents related to this transaction are to be held in strict confidence by both parties and not disclosed to third parties without prior written consent, except as required by law or necessary for the execution of the transaction.
6. Governing Law and Dispute Resolution
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This term sheet and the transaction contemplated herein shall be governed by and construed in accordance with the laws of [State].
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Any disputes arising out of or related to this term sheet or subsequent agreements will be resolved through mediation, and if unsuccessful, through binding arbitration in [Location].
7. Termination
This term sheet will automatically terminate on [Date] unless extended by mutual written agreement of both parties or upon execution of definitive agreements.
8. Miscellaneous
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Amendments: Any amendments to this term sheet must be made in writing and signed by both parties.
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Binding Effect: This term sheet is non-binding except for the terms stated in sections 5 (Confidentiality and Non-Disclosure), 6 (Governing Law and Dispute Resolution), and any other sections designated as binding.
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Counterparts: This term sheet may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
Signature:
Name:[Your Name]
Date: [Date Signed]
Name: [Seller Name]
Date: [Date Signed]
Note: This term sheet is intended to serve as a preliminary outline of the terms of the transaction. Execution of a comprehensive sale and purchase agreement will be required to finalize the transaction.
