Letter of Intent to Buy Real Estate #1 Date: “SELLER’S NAME/SELLER’S BUSINESS NAME” “SELLER’S BUSINESS ADDRESS” “SELLER’S CITY, STATE, ZIP “SELLER’S TELEPHONE” Re: “PROPERTY ADDRESS” To “SELLER’S NAME”: This Letter of Intent (LOI) expresses “BUYER(S)’S NAME” interest in buying the property located at the following address: “PROPERTY ADDRESS” With Legal Description: “ASSESSOR’S PARCEL NUMBER (APN) Purchase Price: $_________________________ Inspection Period: Thirty days (30) days from the date of receipt of requested due diligence documents, including Seller's NNN Lease Agreement, Surveys, Environmental Reports, Title Reports, Expense Reports, and Financials (if available). Financing Period: Offer shall be subject to acceptable financing by Buyer within fifteen (15) additional days from date of expiration of Inspection Period. Closing Date: At a mutually agreed upon date between Buyer and Seller, but no later than fifteen (15) days from the Expiration of the Financing Period. Closing Costs: Seller shall pay the City and County Transfer Tax; all other closing costs shall be paid by Buyer and Seller in accordance with the County where the property is located. Buyer and Seller shall each bear its own attorney’s expenses. Seller shall pay the agreed upon commissions to brokers as per listing agreement. Property’s Condition: Buyer accepts the Property “AS‐IS”, “WHERE‐IS”, with no representations by Seller. Other Conditions: Property must appraise at purchase price or higher.
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Acceptance: This LOI shall be open for acceptance until 3PM on the ____ of ____________, 20____. It is understood that the LOI will automatically terminate if Buyer has not received an acknowledgment from the Seller by such date and time. Contract: Buyer and Seller to execute a binding purchase agreement within three (3) business days from acceptance of LOI. Earnest Money: Deposit in the amount of $__________________ shall be due within three (3) business days of the Effective Date of the Purchase Agreement, which means the date by which the latter of the parties executes the Purchase Agreement. All earnest money shall be applied to the Purchase Price at closing. NO BINDING AGREEMENT OR RIGHTS OR OBLIGATIONS SHALL ARISE AS A RESULT OF EXECUTING THIS LETTER OF INTENT OR WITH RESPECT TO THE PROPOSED TRANSACTIONS, UNITL AND UNLESS BUYER AND SELLER EXECUTE THE BINDING PURCHASE AND SALE AGREEMENT INCORPORATING THE ABOVE PROVISIONS AND OTHER APPROPRIATE TERMS. Sincerely, _____________________________________ ____________________________________ Seller’s Signature Date Buyer’s Signature Date _____________________________________ ____________________________________ Print Name of Seller Print Name of Buyer _____________________________________ ____________________________________ Seller’s Signature Date Buyer’s Signature Date _____________________________________ ____________________________________ Print Name of Seller Print Name of Buyer
Sample contract from www.reicircle.com. REI Circle does not warrant or assume any liability or responsibility, legal or otherwise, for the accuracy, completeness, or usefulness of any content herein. It is provided with the understanding that this contract is not to be used for purposes of rendering legal, accounting, or other professional services. Please consult your attorney or other professional advisor to discuss your specific situation and obtain the appropriate legal or other expert advice.