Letter of Intent to Purchase Property

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Letter of Intent to Purchase Property Powered By Docstoc
					This Letter of Intent is used to inform a seller of property of a potential purchaser's intent
to purchase the property . The non-binding letter sets forth the proposed terms and
conditions of the agreement including the purchase price, a description of the property,
and the earnest money deposit. This document provides a template for drafting a letter
of intent and may be customized to fit the specific needs of the parties. This should be
used by potential purchasers when negotiating to purchase property.
                             LETTER OF INTENT
                            Purchase of Real Property
TO:           _____________________
              _____________________
              _____________________        [Instruction: insert Name & Address of
                                           Receiving Party]

FROM:         _____________________
              _____________________
              _____________________        [Instruction: insert Name & Address of
                                           Offering Party]

DATE:         _____________________        [Instruction: insert Date Letter Sent]

SUBJECT:      _____________________
              _____________________
              _____________________        [Instruction: insert the subject real
                                           property’s description/address]



Dear _____________: [Instruction: insert Name of Receiving Party]:

_________________________ [Instruction: insert Offering Party’s Name] offers this Letter
of Intent (the “Letter”), to convey a sincere interest in purchasing your property commonly
known as: ________________________________________________________ [Instruction:
Insert address of Property] (hereinafter the “Property”). This Letter sets forth the proposed
terms and conditions that _________________________ [Instruction: insert Offering Party’s
Name] seeks to use as material terms for the proposed purchase of the Property. This Letter is
non-binding and is not meant to be construed as an offer or impose any obligation on either
party.

The proposed Terms and Conditions are as follows:

   1. Legal Description of Property: The Property is commonly known by the description
      given above. The full legal description of the property shall be provided to
      _________________________ [Instruction: insert Offering Party’s Name] prior to the
      parties entering into a written contractual agreement regarding the sale of the Property.

   2. Price: ________________________ [Instruction: insert Offering Party’s Name]
      expresses an interest in paying ___________________ dollars ($__) [Instruction: insert
      proposed price] for the Property.



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   3. Additional Terms of Transaction: [Instruction: Include all additional relevant terms of
      transaction, tailored to your specific agreement, i.e., additional consideration, future
      negotiations, financing options, etc.]

   4. Earnest money. In the event that ____________________ [Instruction: insert Name of
      Receiving Party] finds the terms and conditions of this Letter acceptable, and executes a
      signed acceptance of this Letter, _________________________ [Instruction: insert
      Offering Party’s Name] agrees to deposit ____________ dollars ($__) [Instruction:
      insert amount of earnest money deposit] as earnest money with a mutually agreed upon
      escrow agent within __ (__) [Instruction: insert number of days after receipt of the
      signed acceptance that the earnest money deposit will be placed with the escrow
      agent]. Any changes to the material Terms and Conditions by ____________________
      [Instruction: insert Name of Receiving Party] will require the reconsideration of
      _____________________________ [Instruction: insert Offering Party’s Name].

Very Sincerely,


By__________________
____________________ [Instruction: insert Offering Party’s Name]




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TO:     _____________________________
        _____________________________
        _____________________________ [Instruction: insert Offering Party’s Name
                                           and Address]


The Terms and Conditions set forth in the above-signed Letter are acceptable to
____________________ [Instruction: insert Name of Receiving Party].


By: __________________________
      ____________________      [Instruction:   insert    Name   of   Receiving       Party]




© Copyright 2013 Docstoc Inc.                                                     4

				
DOCUMENT INFO
Description: This Letter of Intent is used to inform a seller of property of a potential purchaser's intent to purchase the property . The non-binding letter sets forth the proposed terms and conditions of the agreement including the purchase price, a description of the property, and the earnest money deposit. This document provides a template for drafting a letter of intent and may be customized to fit the specific needs of the parties. This should be used by potential purchasers when negotiating to purchase property.
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This document is also part of a package Land Contract Starter Kit 9 Documents Included