LETTER OF INTENT TO PURCHASE

 

Date:    ___________________         

 

To:       ________________________

 

From:  _______________________

 

 

Re: Residential property located at:                                                                                         

 

 

The following terms are not comprehensive and it is expected that additional terms will be incorporated into a formal purchase and sale agreement (the “Agreement”) to be negotiated.

The following sets out the basic terms upon which we would be prepared to purchase the above-referenced real property. The basic terms are as follows:

 

1. Purchasing Party:___________or its nominee)  

 

1. Property will be free and clear of all liens, charges and encumbrances at Closing, except for those recorded on title to the Property as of the date hereof.

 

1. Offer: $        __$260,000________

 

$3,200                      Initial deposit

$256,800                  Balance due at closing

Closing date to be on or before December 2nd 2024. 

 

1. Upon execution of the Agreement, the Purchaser will deposit the amount of__$3,200___ which will be fully refundable if the Conditions Precedent are not satisfied or waived in writing by the Purchaser. Otherwise, the Deposit will be applied to the Purchase Price at Closing.

 

1. Precedent: The obligation of the Purchaser to purchase the Property will be subject to satisfaction or written waiver by the Purchaser of the following conditions within 30 days after execution and delivery of the Agreement:

• and approval of the documentation concerning the property;

• of satisfactory physical and environmental inspections of the Property;

• of satisfactory due diligence inspections;

• review of the title of the Property;

• Buyer and seller agree to execute a lease with the option to purchase for monthly payments of $1,600 per month for a 36 month term.

• Buyer Agrees to take care of all maintenance and repairs on the property for the term of the agreement.

• Seller agrees to carry insurance on the property for fire and structural damage.

• Seller is aware that buyer may sublet the property.

 

1. Items: This letter of intent hereby states the major terms of the agreement that the Purchaser would be prepared to move forward with. This letter of intent is in no way a legally binding agreement between the Purchaser and the Seller.

 

Please feel free to contact me at (___)______-____________ with any questions.

 

Sincerely,

 

___________________________

 

 

 

 

 

Should you wish to accept this offer, please complete the following:

 

The above terms are accepted this                          day of                                , 20__

 

Signed:                                                                                     Name:                       Title:               Company:                             

 

 

Phone: (      )                                  Email: