Real Estate Letter of Intent
Real Estate Letter of Intent
November 22, 2050
Mr. Alex Taylor
President
Taylor Properties Inc.
789 Prosperity Boulevard
Metro City, State, 98765
Dear Mr. Taylor,
This Letter of Intent ("LOI") is submitted by [Your Company Name] ("Buyer") to outline the preliminary terms and conditions under which Buyer proposes to purchase the property located at 456 Green Avenue, Metro City ("Property") owned by Taylor Properties Inc. ("Seller"). This LOI is intended solely as a basis for further discussions and is non-binding, except as expressly stated in Section 6 below.
1. Property Description
The Property consists of a 10-acre parcel with a 20,000-square-foot mixed-use building. The site is zoned for commercial development and features direct access to Green Avenue, a major transportation corridor.
2. Proposed Terms
a. Purchase Price: $5,000,000 (Five Million Dollars).
b. Payment Terms: A 10% deposit ($500,000) to be held in escrow within five business days of executing a definitive Purchase and Sale Agreement. The remaining balance will be paid at closing.
c. Due Diligence Period: Buyer will have 60 days from the execution of the definitive agreement to conduct inspections, secure financing, and review zoning compliance.
d. Closing Date: Anticipated on or before March 1, 2051.
e. Additional Conditions: The agreement is contingent upon Buyer obtaining satisfactory results from environmental and structural inspections.
3. Contingencies
This transaction is contingent upon the following:
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Buyer securing financing for the purchase.
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No material changes to the zoning or title status of the Property during the due diligence period.
4. Confidentiality
Both parties agree to maintain confidentiality regarding the terms of this LOI and any subsequent discussions or agreements.
5. Exclusivity Period
Seller agrees not to negotiate with other prospective buyers for a period of 30 days from the date of this LOI (November 22, 2050 to December 22, 2050).
6. Binding Provisions
This LOI is non-binding and is not intended to impose any legal obligations on either party, except for Sections 4 (Confidentiality) and 5 (Exclusivity Period), which shall be binding. A definitive agreement will be required to finalize this transaction.
7. Governing Law
This LOI shall be governed by the laws of the State of State.
8. Next Steps
Please confirm your acceptance of this LOI by signing below. Upon mutual agreement, we will proceed promptly to draft and execute a formal Purchase and Sale Agreement.
We appreciate your consideration and look forward to working with you on this transaction.
Sincerely,
[Your Name]
Vice President
[Your Company Name]
[Your Email]
