A Letter of Intent to Buy Property is commonly used in Canadian real estate transactions as an initial step before entering into a formal purchase agreement. This document is particularly valuable when dealing with complex property transactions or commercial real estate, where detailed negotiations and due diligence are required. It provides a structured framework for expressing serious interest in purchasing property while outlining key terms and conditions. The document typically includes property details, proposed purchase price, timeline for due diligence, and any special conditions, all while adhering to relevant provincial property laws and regulations. While generally non-binding, it demonstrates commitment and can include binding provisions for certain aspects like confidentiality or exclusivity periods. This type of document helps prevent misunderstandings and provides a clear roadmap for proceeding with the transaction.
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1. Date and Address Block: Current date and recipient's complete address details
2. Subject Line: Clear indication that this is a Letter of Intent to Purchase specific property
3. Opening Paragraph: Introduction of the potential buyer and clear statement of intent to purchase
4. Property Details: Complete legal description and address of the property being considered for purchase
5. Purchase Price: Proposed purchase price and any general terms regarding payment
6. Basic Terms: Fundamental terms including proposed closing date, deposit amount, and basic conditions
7. Due Diligence: Timeline and requirements for property inspection and document review
8. Exclusivity Period: Proposed period during which the seller agrees not to entertain other offers
9. Non-Binding Statement: Clear statement that this is a non-binding letter of intent except for specific terms (like confidentiality)
10. Next Steps: Timeline and process for moving forward with formal purchase agreement
11. Closing: Signature block and contact information for further communication
1. Financing Contingency: Include when purchase is dependent on securing specific financing arrangements
2. Property Use: Include when buyer has specific intended use that needs to be validated
3. Environmental Conditions: Include for commercial properties or when environmental concerns exist
4. Existing Leases: Include when property has current tenants and lease agreements
5. Seller's Obligations: Include when requiring specific actions or confirmations from seller during due diligence
6. Confidentiality Terms: Include when transaction requires specific confidentiality provisions
7. Break Fee: Include when parties want to specify compensation if either party backs out after certain stage
1. Property Description Schedule: Detailed legal description of property and included fixtures/chattels
2. Initial Due Diligence Checklist: List of documents and information requested for review
3. Proposed Timeline: Detailed timeline of key dates and deadlines for the transaction
4. Current Lease Summary: Summary of existing leases if property is tenant-occupied
5. Property Condition Photos: Current dated photos of property condition if relevant to purchase terms
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