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Letter Of Intent For Selling Property Template for Canada

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Key Requirements PROMPT example:

Letter Of Intent For Selling Property

"I need a Letter of Intent for Selling Property for a commercial warehouse in Toronto, with a 45-day exclusive negotiation period and detailed environmental due diligence provisions, targeting a closing date of March 15, 2025."

Document background
A Letter Of Intent For Selling Property is a crucial preliminary step in Canadian property transactions, typically used before proceeding to a formal Purchase and Sale Agreement. This document is essential when parties want to document their serious intention to enter into a property transaction while still maintaining flexibility for negotiation and due diligence. It outlines key commercial terms such as purchase price, payment structure, timelines, and conditions precedent, while typically remaining non-binding except for specific provisions. Used across all Canadian provinces and territories, with specific considerations for provincial property laws, this document helps parties align their expectations and provides a framework for moving forward with the transaction. It's particularly valuable in complex commercial property transactions or when significant due diligence is required before finalizing the sale.
Suggested Sections

1. Date and Address Block: Standard letter heading with current date and recipient's address

2. Subject Line: Clear identification that this is a Letter of Intent for the specific property

3. Opening Paragraph: Introduction of the parties and statement of intent to purchase/sell the specified property

4. Property Description: Detailed description of the property including address, legal description, and any included fixtures or chattels

5. Purchase Price: Proposed purchase price and any price adjustment mechanisms

6. Payment Terms: Structure of payment including deposits, financing conditions, and payment schedule

7. Key Dates: Proposed closing date, due diligence period, and other critical timelines

8. Due Diligence: Overview of the inspection and investigation rights of the buyer

9. Conditions Precedent: Essential conditions that must be met before proceeding to a formal agreement

10. Non-Binding Nature: Clear statement that the LOI is non-binding except for specified provisions

11. Exclusivity Period: Period during which the seller agrees not to negotiate with other parties

12. Closing Paragraph: Request for confirmation and deadline for response

13. Signature Blocks: Space for both parties to sign and date the letter

Optional Sections

1. Confidentiality: Terms regarding the confidential treatment of information exchanged - include when sensitive information will be shared

2. Break Fee: Compensation if either party withdraws - include in high-value transactions or competitive situations

3. Property Management: Interim management arrangements - include when there are ongoing operations or tenancies

4. Environmental Matters: Special provisions for environmental investigations - include for industrial or potentially contaminated properties

5. Assignment Rights: Rights to assign the LOI - include when buyer may want to assign to a related entity

6. Broker Representation: Declaration of any real estate brokers involved - include when brokers are part of the transaction

Suggested Schedules

1. Property Description Schedule: Detailed legal description and property boundaries

2. Included Assets Schedule: List of fixtures, equipment, or other assets included in the sale

3. Due Diligence Checklist: List of documents and information to be provided during due diligence

4. Preliminary Site Plan: Basic site plan or property layout if relevant to the transaction

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Relevant Industries

Real Estate

Commercial Property

Residential Property

Industrial Property

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Legal

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Facilities

Corporate Development

Acquisitions

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Relevant Roles

Real Estate Director

Property Manager

Chief Financial Officer

Real Estate Agent

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Real Estate Broker

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Industries








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