A Letter of Intent to Purchase Commercial Property is the first step document formed when thinking about purchasing commercial property. It is required during the negotiating phase with a real estate agent and gives a potential buyer the ability to express interest in a commercial property. This document will also outline the main conditions to be included in the legally binding agreement. Such information includes a detailed and informative description of the property, financial details, a detailed outline of the requirements to close the deal, a requirement of an expert inspection (this is not compulsory), as well as any other potentially relevant information that can be of significance.
This letter is generally not considered to be a legally binding document. It acts as a trigger to commence first stage negotiations with the real estate agent. If everything goes to plan and an agreement has been formed, this will need to be documented using a legally binding document such as the Commercial Purchase Agreement.
A sample Letter of Intent to Purchase Commercial Property can be downloaded by clicking the link below.
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