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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."
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
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
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
Real Estate
Commercial Property
Residential Property
Industrial Property
Retail
Hospitality
Healthcare
Education
Manufacturing
Logistics
Agriculture
Office Space
Legal
Real Estate
Finance
Operations
Investment
Business Development
Risk Management
Facilities
Corporate Development
Acquisitions
Asset Management
Real Estate Director
Property Manager
Chief Financial Officer
Real Estate Agent
Commercial Property Lawyer
Real Estate Broker
Asset Manager
Facilities Manager
Real Estate Investment Manager
Property Developer
Acquisition Manager
Chief Executive Officer
Legal Counsel
Commercial Director
Investment Analyst
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