A Letter of Intent For Purchase Of Commercial Property is commonly used in the initial stages of commercial real estate transactions in the United States. It serves as a stepping stone between informal discussions and a binding purchase agreement. This document is crucial when buyers need to demonstrate serious interest while maintaining flexibility during due diligence. It typically precedes the formal purchase agreement and helps parties align on key terms before incurring significant legal expenses. While generally non-binding (except for specific provisions like confidentiality), it sets the framework for subsequent negotiations and helps prevent misunderstandings between parties.
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1. Identification of Parties: Full legal names and addresses of buyer and seller
2. Property Description: Detailed description of the commercial property, including address and legal description
3. Purchase Price: Proposed purchase price and payment terms
4. Due Diligence Period: Timeframe and terms for buyer's investigation of the property
5. Closing Timeline: Proposed closing date and key milestones
1. Financing Contingency: Terms and conditions related to securing financing for the purchase
2. Exclusivity Period: Terms of exclusive negotiating rights between parties
3. Existing Leases: Details regarding the treatment of current tenant leases and obligations
1. Property Site Plan: Visual representation of the property layout and boundaries
2. Preliminary Title Report: Initial title search results showing ownership and encumbrances
3. Environmental Reports: Any existing environmental assessments or reports
4. Current Rent Roll: List of existing tenants and lease terms, if applicable
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