Fillable Printable Sample LOI – Letter of Intent

Sample LOI – Letter of Intent

Date

Name

Company

Address

RE: Subject Property

Dear Name,

The purpose of this letter is to express our intent to purchase Subject Property.

We have outlined the below terms and conditions of the purchase:

Property Description - Subject property is located at <<property address>>

containing <<#>> apartment units, totaling

approximately <<#>> rentable S.F. herein described

as "the Property". (The exact legal description to be

supplied in escrow).

Buyer Information – [Company Name] is a real estate investment company

specializing in the development, construction,

purchase, and operation of apartment communities.

Based in [City, State], [Company] has over [number of

years] years experience in development and

acquisition, and management of apartment

communities in [locations]. [website].

Purchase Price- $

Earnest Money Deposit - $[amount] upon opening of escrow, and an additional

$[amount] upon expiration of the contingency period,

at which time the earnest money deposit shall be non-

refundable.

Terms of Purchase - Cash at Closing

Inspection Period - Buyer, at its sole and unfettered discretion, shall be

allowed a thirty (30) day period from opening of

escrow to review all documentation, obtain third party

reports, and otherwise approve the property. If buyer

determines that for any reason the Property is not

suitable for buyer's use, such purchase agreement

shall terminate, Buyers earnest money shall be

returned, and neither party shall have any liability or

obligation to one another hereunder.

Sample LOI – Letter of Intent

Financing Period: Upon waiver of contingencies, Buyer shall have

obtained a loan application detailing terms acceptable

to Buyer. Buyer, at its sole and unfettered discretion,

shall be allowed a forty-five (45) day period from

waiver of contingencies to complete the application,

provide lender with all documentation, and obtain a

loan commitment, at terms the same as the

application, or otherwise acceptable to Buyer. If buyer

determines that for any reason the loan terms are not

acceptable, such purchase agreement shall terminate,

Buyers earnest money shall be returned, and neither

party shall have any liability or obligation to one

another hereunder.

Closing Date - Fifteen (15) days after waiver of contingencies.

Opening of Escrow. Opening of escrow will be the date that signed escrow

instructions are received by [Title Company] along

with the earnest money.

Confidentiality - All aspects of this negotiated agreement shall be held

by Buyer and Seller in the strictest of confidence. The

confidentiality requirement shall not be in effect once

closing occurs.

Prorations - Taxes, rents, and other income and expenses

pertaining to the Property will be prorated as of the

close of escrow.

Broker - Principals of the Buyer are licensed real estate

brokers in [state], and are acting as principals only.

Seller shall be responsible for all brokerage

commissions.

The intent of this letter is to serve as a description of interest to purchase the

property and is not considered binding on either party, or to be used instead of

escrow instructions. The terms expressed in this Letter of Intent will become null

and void if not accepted within seven (7) days from the date of this letter. If you

accept our proposal, we will proceed to enter into a purchase contract within

fifteen (15) days of acceptance. During this period Seller agrees to discontinue

any third party sale negotiations.

Sincerely,