Letter of Intent to Purchase Real Estate Template
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What Is a Letter of Intent to Purchase Real Estate?
A Letter of Intent to Purchase Real Estate is a document that can be used by a seller and a purchaser of real estate when they want to outline the main terms and conditions of the potential sale before the involved parties fully commit to the purchase. The purpose of the document is to summarize the most important points of the prospective purchase agreement in which the seller will agree to sell their property, and the buyer will agree to purchase it.
- Commercial Real Estate Prospecting Letter.
A Letter of Intent to Purchase Real Estate template can be downloaded through the link below.
The document can be used to define the purchase terms of different types of property. For example, a Letter of Intent to Purchase Commercial Real Estate can be used when a buyer wants to formally express interest in buying commercial property, while a Letter of Intent to Purchase Residential Real Estate is a type of document that is supposed to be used when a buyer is interested in buying a home or an apartment for personal use.
How to Write a Letter of Intent to Purchase Real Estate?
Usually, the buyer (their lawyer or a representative) completes the document and submits it to the seller. A simple letter of intent to purchase real estate can include parts, such as:
- Introduction. The letter can start with the buyer introducing themselves and making a statement, in which they will express their desire to purchase a real estate property that the potential seller owns.
- Information About the Parties. In this part of the document, the parties are supposed to designate their names and addresses. The address should include the building number, street name, city, state, and ZIP code.
- Property Description. Buyers can use this part to depict information about the property they want to buy. They can indicate its main features, such as the square footage, the number of rooms and floors, its type, and other traits that identify it, and designate its location stating the address and other directions on how to find it (if applicable).
- Purchase Price. Here buyers can state the potential price that will be paid for the property lot. They can also include other purchase terms, such as how the money will be transferred, when the transfer will take place, will there be a deposit, etc.
- Contact Information. The parties should provide their contact details for notification purposes, it can include their emails, telephone numbers, fax information (if applicable), and postal addresses (if they are different from the addresses stated in the first part of the document).
- Offer Expiration. The buyer should indicate how long the offer is good for. Generally, this provision is supposed to provide the date the letter will be automatically terminated.
- Governing Law. The document can indicate the law under which it should be governed.
- Signatures. To state their agreement with all terms and conditions stated in the letter, the parties are supposed to sign the document.
The buyer can include other parts in the letter as well, such as a non-disclosure clause, severability, jurisdiction, representatives, etc. After receiving it, the seller can review it and, if all of the conditions suit them, accept and sign the document.
Check out these related letter templates:
Download Letter of Intent to Purchase Real Estate Template