A Letter Of Intent Commercial (Real Estate) is a crucial preliminary document used in Canadian commercial property transactions to establish the foundation for negotiations and eventual final agreements. This document is typically employed when parties have reached a general understanding of key terms but before committing to a full purchase and sale agreement or lease. It outlines essential elements such as property identification, price or lease terms, due diligence periods, and closing conditions. Under Canadian jurisdiction, while mostly non-binding, certain provisions like confidentiality and exclusivity can be made explicitly binding. The document serves multiple purposes: it demonstrates serious intent, provides a framework for further negotiations, and outlines the timeline and process for moving toward a definitive agreement. It's particularly valuable in complex commercial real estate transactions where multiple stakeholders are involved and detailed due diligence is required.
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1. Date and Parties: Identification of the date and all parties involved, including legal names and addresses
2. Property Description: Detailed description of the subject property, including legal description and municipal address
3. Transaction Overview: Brief statement of the intended transaction (purchase, lease, etc.) and key commercial terms
4. Purchase Price/Lease Rate: Proposed financial terms including price or rate, payment structure, and any adjustments
5. Due Diligence Period: Timeframe and conditions for conducting property investigations and reviews
6. Closing Timeline: Proposed timeline for executing definitive agreements and closing the transaction
7. Deposit Terms: Amount, timing, and conditions of any required deposits
8. Exclusivity Period: Duration during which the seller/landlord agrees not to negotiate with other parties
9. Confidentiality: Terms regarding the confidential treatment of information exchanged
10. Binding/Non-binding Provisions: Clear statement of which provisions are legally binding and which are not
1. Financing Conditions: Include when buyer requires financing to complete the transaction
2. Environmental Conditions: Include when environmental investigations or remediation may be required
3. Development Conditions: Include when property requires rezoning or development approvals
4. Tenant Rights: Include when existing tenants have rights that may affect the transaction
5. Break Fee: Include when parties want to specify compensation if negotiations terminate
6. Property Management: Include for transactions involving ongoing property management arrangements
7. Construction/Improvement Terms: Include when property requires construction or improvements before occupancy
1. Property Details Schedule: Detailed property information including size, features, and current condition
2. Site Plan: Visual representation of the property layout and boundaries
3. Financial Terms Schedule: Detailed breakdown of all financial terms and payment structures
4. Due Diligence Requirements: List of required documents and investigations
5. Timeline Schedule: Detailed timeline of key dates and deadlines
6. Existing Tenants Schedule: List of current tenants and lease terms (if applicable)
7. Environmental Reports Summary: Summary of existing environmental reports or known issues
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Relevant Teams
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Relevant Roles
Real Estate Director
Property Manager
Commercial Broker
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Chief Financial Officer
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Investment Manager
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