A Letter of Intent for House Purchase is commonly used in the United States as an initial step in residential property transactions. It serves as a preliminary document that communicates the potential buyer's serious interest and proposed terms before entering into a formal purchase agreement. The LOI typically includes the proposed purchase price, basic terms of the transaction, timeline for closing, and any major contingencies. While generally non-binding, it helps establish the framework for negotiations and demonstrates good faith between parties. This document is particularly useful in complex transactions or when dealing with multiple potential buyers.
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1. Buyer and Seller Information: Complete legal names and contact information of all parties involved in the transaction
2. Property Description: Detailed legal description and physical address of the property being considered for purchase
3. Purchase Price: Proposed purchase amount, payment terms, and any price-related conditions
4. Timeline: Proposed closing date and key milestone dates for the transaction
5. Non-Binding Nature: Clear statement indicating the non-binding nature of the Letter of Intent
1. Due Diligence Period: Proposed timeframe and terms for property inspection and document review period
2. Earnest Money: Details of proposed good faith deposit amount, terms, and handling conditions
3. Financing Contingency: Conditions and terms related to obtaining mortgage financing for the purchase
4. Inspection Contingency: Terms and conditions related to property inspection requirements
5. Confidentiality: Terms regarding the confidential treatment of information exchanged during negotiations
1. Property Information Sheet: Detailed specifications and information about the property including square footage, features, and condition
2. Proof of Funds: Documentation demonstrating buyer's financial capability to complete the purchase
3. Preliminary Title Report: Initial title search results showing current ownership and any encumbrances on the property
4. Property Survey: Recent survey of the property boundaries and improvements, if available
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