Letter of Intent (to buy commercial property)
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One of the first steps in purchasing commercial property is for the buyer to submit a letter of intent proposing the terms of the purchase. This sample letter of intent outlines the major terms of the purchase.
Available in MS Word. Total 3 pages.
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This sample letter of intent to purchase commercial property includes key items such as sales price, deposit, due diligence period, due diligence materials, closing costs, and closing date. To use, simply fill in the blanks and remove the yellow highlighted instructions in the brackets.
Contents
Purchaser
Property
Purchase Price
Earnest Money Deposit
Due Diligence Period
Due Diligence Materials
Escrow Agent
Closing Costs
Closing Date
Seller’s Broker
Buyer’s Broker
Offer Period
FAQs
How is this letter of intent used?
This letter of intent is used when a buyer wishes to purchase commercial property. The letter of intent sets forth the essential terms of the proposed purchase.
Who should the letter of intent be sent to?
The letter should be sent to the seller’s broker. If the seller does not have a broker, the letter should be addressed to the seller.
Is the letter of intent binding on the parties?
No. The letter of intent sets forth the preliminary terms for the proposed purchase and is not binding on the parties.
What happens if the letter of intent is accepted by the seller?
If the letter of intent is accepted by the seller, the parties then negotiate a Purchase and Sale Agreement. The Purchase and Sale Agreement is a formal contract that is binding on the parties.
