A Letter Of Intent To Purchase Commercial (Real Estate) is a crucial preliminary document in Indian commercial property transactions, typically used before entering into a formal purchase agreement. It is employed when a prospective buyer wishes to formally express their serious interest in purchasing commercial property while reserving the right to conduct due diligence and negotiate final terms. The document, while generally non-binding, sets out key commercial terms including property details, proposed purchase price, payment structure, due diligence period, and timeline for completion. It must be drafted in compliance with Indian property laws, including the Transfer of Property Act, 1882, Registration Act, 1908, and relevant state-specific regulations. This document is particularly important in complex commercial real estate transactions where detailed due diligence and negotiations are necessary before finalizing the purchase.
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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 for purchase of specific commercial property
3. Introduction: Identifies the parties (prospective buyer and seller) and their basic details
4. Property Details: Specific description and location of the commercial property intended to be purchased
5. Purchase Price: Proposed purchase price and basic payment terms
6. Due Diligence Period: Proposed timeframe and terms for conducting due diligence
7. Timeline: Expected timeline for negotiation, documentation, and closing
8. Basic Terms and Conditions: Key commercial terms including deposit amount, basic contingencies
9. Non-Binding Nature: Clear statement about the non-binding nature of the LOI except for specified clauses
10. Confidentiality: Binding confidentiality provisions regarding the proposed transaction
11. Exclusivity: Period of exclusivity for negotiations if applicable
12. Closing: Letter closing, signature blocks for both parties
1. Broker Representation: Include when real estate brokers are involved in the transaction
2. Financing Contingency: Include when purchase is contingent on buyer obtaining specific financing
3. Environmental Conditions: Include for properties with potential environmental concerns or when specific environmental studies are required
4. Existing Tenancies: Include when property has existing tenants and lease arrangements
5. Development Rights: Include when purchase includes specific development or renovation rights
6. Government Approvals: Include when transaction requires specific government or regulatory approvals
7. Cost Allocation: Include when there's specific agreement on how transaction costs will be split
8. Service Contracts: Include when dealing with existing service contracts or maintenance agreements
1. Property Description Schedule: Detailed description of the property including boundaries, dimensions, and included fixtures
2. Payment Schedule: Detailed breakdown of proposed payment structure and timelines
3. Due Diligence Checklist: List of required documents and investigations for due diligence
4. Existing Encumbrances: List of known encumbrances, liens, or other restrictions on the property
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Commercial Property Development
Retail
Hospitality
Healthcare
Information Technology
Manufacturing
Banking and Financial Services
Education
Logistics and Warehousing
Professional Services
Entertainment and Recreation
Relevant Teams
Legal
Real Estate
Finance
Operations
Business Development
Compliance
Risk Management
Facilities Management
Corporate Development
Investment
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Real Estate Director
Property Development Manager
Facilities Manager
Corporate Counsel
Legal Director
Investment Manager
Business Development Director
Operations Director
Finance Manager
Compliance Officer
Property Acquisition Manager
Real Estate Investment Analyst
Corporate Real Estate Manager
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