Letter of Intent to Purchase
LETTER OF INTENT TO PURCHASE
Date: __________________________
To: ___________________________
From: __________________________
Company:_______________________
Re: Residential property located at: __________________________________________
The following sets out the basic terms upon which we would be prepared to purchase the
Property. The terms are not comprehensive and we expect that additional terms
[including reasonable warranties and representation,] will be incorporated into a formal
agreement (the “Agreement”) to be negotiated. The basic terms are as follows:
1. Purchaser: __________________________ or it’s nominee
2. Vendor: Current owner of the Property represented by realtor: ___________________
3. Property: _________________________________________________________, free
and clear of all liens, charges and encumbrances at Closing, except: [e.g. those recorded
on title to the Property as at the date hereof, with the exception of the Vendor’s mortgage
(s)].
4. Purchase Offer: $_________________
$______________ New first mortgage (or possible option of assumption and or with
increase of existing first to 75%)
$_______________ Second mortgage (carried by vendor for 5 years interest only at 8%)
$_______________ Initial Deposit
$_______________ Additional Deposit following condition removal
$_______________ Balance
5. Deposit: Upon execution of the Agreement, the Purchaser will deposit the amount of
$________________ which will be fully refundable if the Conditions Precedent are not
satisfied or waived in writing by the Purchaser. Otherwise, the Deposit will be applied to
the Purchase Price at Closing. If the Purchaser defaults at closing, the Deposit will be
retained by the Vendor as its sole remedy.
Courtesy of:
www.BiggerPockets.com
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