A real estate letter of intent is a letter issued by the prospective buyer of a property to the seller. This letter outlines the terms and conditions of the deal before the buyer makes any formal commitment. It is typically issued when commercial real estate is being purchased and outlines all the terms that will later be expanded in the purchase agreement. Want to know more about these templates? Read on.
The buyer who outlines the letter of intent and the one who actually pays the money to the seller may not be the same person. The buyer may wish to keep things flexible by assigning a representative to make the purchase. The seller, on the other hand, may want to restrict purchase assignability so as to ensure the creditworthiness of the individual who is paying.
Specify what exactly comes under the heading of the ‘property’ that is being bought and sold. For instance, if the real estate in question is an office building and the seller has already installed lights, flooring and other fixtures that the buyer wants to keep, it is important that the buyer specifies in the letter of intent that his purchase includes those fixtures.
Not all points are necessary for the letter of intent – many points can be elaborated in the purchase agreement later. You can seek legal advice on which terms need to be summarized in the letter of intent and which ones can be saved for the purchase agreement.
This is a safeguard against the possibility of the seller accepting any competing offer during the negotiation period without the knowledge of the buyer issuing the letter. It also specifies whether the buyer has a right to revise his/her original offer to match the competing offer.
Specify a mutually agreeable deposit amount that the buyer must pay to the seller when the purchase agreement has been executed to mutual satisfaction. Include any conditions under which the deposit is refundable, including any undisclosed flaws in the property or any unsolicited extra charges.
This is a sleek, minimalist 2-page letter of intent template with distinctive blue stripes at the top and bottom of the pages. It includes all standard fonts as well as helpful headers and content to make drafting the letter an easier job. It can be downloaded for free in all file formats.
This real estate letter of intent template lays out all the necessary terms and conditions on a white background with a green stripe at the bottom of the page. It can be downloaded for free and easily edited before printing. It supports both Google Docs and MS Word.
This simple letter of intent 3-page template with a violet stripe at the top of each page allows for a more detailed letter of intent and includes useful content that can be edited as needed. It is available for free download as a Google Doc or a Microsoft Word Document.
This is a simple one-page purchase letter of intent template with a yellow stripe at the top of the page. It is designed specifically for commercial real estate transactions and includes space to incorporate the logo of the buyer company. You can download and edit this template for free in multiple print-ready formats.
This simple letter of intent allows the buyer to put forth the terms and conditions of real estate purchase and invite the seller to discuss the terms to reach a mutual purchase decision. It is a 2-page template with helpful content already incorporated. You can download and print it for free as a PDF.
This comprehensive intent letter template lays out the terms and conditions under which the buyer is purchasing the real estate property. It includes space for exhibits such as maps or blueprints of the property. You can download this template for free as a PDF and edit it after copying the text onto a Word document.
This clean 5-page layout makes for a letter of intent template that stipulates all the necessary terms and conditions in a concise manner. It includes provisions for a refundable deposit as well as a list of the terms included in the purchase agreement. You can download it as a free PDF and fill it in by hand or edit it after copying the content onto a document.
This simple letter of intent template comes in the form of an editable document that can be downloaded for free and easily edited before printing. It features all terms and conditions in the form of a list and thus reduces the bulk of the content.
This sleek purchase letter of intent template lays out the terms and conditions for acquiring a piece of land. It stipulates the deposit terms as well as details of the land survey to be conducted by the buyer. You can download it for free and copy the text onto a Word document for editing.