A Commercial Lease Letter of Intent is a crucial preliminary document used in Malaysian commercial property transactions to establish the foundation for lease negotiations. It serves as a formal expression of interest from a prospective tenant to a landlord, or vice versa, outlining the principal terms and conditions under which they intend to enter into a lease agreement. While generally non-binding, it demonstrates serious intent and typically precedes the more detailed lease negotiation process. The document helps parties align their expectations early in the negotiation process and typically includes key commercial terms, timelines, and any specific requirements or conditions that need to be met before proceeding with the formal lease agreement. In the Malaysian context, it must consider local property laws and commercial practices, particularly the National Land Code 1965 and standard commercial leasing practices in the Malaysian market.
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1. Parties: Full legal names and addresses of the prospective landlord and tenant
2. Property Details: Specific identification and description of the premises to be leased
3. Commercial Terms: Key financial terms including proposed rental rate, payment schedule, and security deposit
4. Proposed Lease Term: Duration of the lease, including proposed commencement date and any option periods
5. Basic Terms and Conditions: Outline of fundamental lease conditions including permitted use, maintenance responsibilities, and utilities
6. Timeline: Expected timeline for lease negotiation, documentation, and execution
7. Non-Binding Statement: Clear statement that the LOI is non-binding except for specific terms (like confidentiality)
8. Expiration of Offer: Deadline for acceptance of the LOI terms
1. Due Diligence Period: Include when tenant requires time to conduct investigations of the property before committing to the lease
2. Exclusivity Period: Include when tenant wants exclusive rights to negotiate the lease for a specified period
3. Conditions Precedent: Include when either party needs to satisfy certain conditions before proceeding with the lease
4. Broker Recognition: Include when real estate brokers are involved in the transaction
5. Preliminary Design Requirements: Include when tenant improvements or fit-out works are contemplated
6. Green Building Requirements: Include when the building has or requires specific environmental certifications
1. Floor Plan: Preliminary drawing or plan showing the proposed leased area
2. Rental Schedule: Detailed breakdown of rent payments, especially if there are step-ups or different components
3. Proposed Timeline: Detailed schedule of key dates and milestones from LOI to lease execution
4. Preliminary Term Sheet: Summary of key commercial terms for quick reference
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Real Estate Manager
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Risk Manager
Compliance Officer
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