The Property Purchase Letter of Intent is a crucial preliminary step in U.S. real estate transactions, particularly for commercial or significant residential purchases. It functions as a roadmap for the transaction, documenting key terms such as purchase price, timeline, and conditions while maintaining flexibility for negotiation. While primarily non-binding, it demonstrates serious intent and typically precedes the formal purchase agreement. The document is particularly valuable when complex due diligence is required or when dealing with commercial properties, as it helps align parties' expectations and can facilitate financing discussions.
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1. Property Identification: Detailed description of the property including address and legal description
2. Purchase Price: Proposed purchase price and payment terms
3. Party Information: Identity and contact information of buyer and seller
4. Transaction Timeline: Proposed closing date and key milestone dates
5. Non-Binding Statement: Clear statement that the LOI is non-binding except for specific provisions
1. Exclusivity Period: Period during which seller agrees not to negotiate with other parties - used when buyer needs time protection for due diligence
2. Due Diligence Period: Timeframe and terms for property investigation - recommended for complex commercial transactions
3. Broker Information: Details of any brokers involved and commission arrangements - include when real estate brokers are involved
1. Property Description Exhibit: Detailed legal description of the property
2. Site Plan: Visual representation of the property and improvements - typically included for commercial properties or complex residential properties
3. Preliminary Due Diligence Checklist: List of documents and information to be reviewed during the due diligence period
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