Letter of Intent to Purchase Real Estate
LETTER OF INTENT TO PURCHASE REAL ESTATE
The purpose of this letter is to set for the some of the basic terms and conditions of the
proposed purchase by the undersigned (the “Buyer”) of certain real estate owned by you (the
“Seller”). The terms set forth in this Letter will not become binding until a more detailed
“Purchase Agreement” is negotiated and signed by the parties, as contemplated below by the
section of this Letter entitled “Non-Binding.”
1. PROPERTY ADDRESS: The property proposed to be sold is located at:
____________________________________________________
2. PRICE: The proposed purchase price is $_____________, of
which $ _____________ would be deposited in Escrow, upon acceptance of a
binding Purchase Agreement. Buyer would pay the balance to Seller at
closing.
3. POSSESSION: Possession would be given on ________________, or sooner by
mutual agreement. Settlement would be made at the closing, immediately prior to
possession.
4. INSPECTION: After the final acceptance of a binding Purchase Agreement, Buyer
may have the Real Estate inspected by a person of Buyer’s choice to determine if
there are any structural, mechanical, plumbing or electrical deficiencies, structural
pest damage or infestation, any unsafe conditions or other damage, including the
presence of radon gas, any lead-based paint hazards, and inspections for other
conditions that are customary to the locality and/or that are required by law.
5. FINANCING:
6. CLOSING COSTS: Traditional distribution of closing costs.
7. STANDARD PROVISIONS: The Purchase Agreement will include the standard
provisions that are customary to the locality and/or that are required by law.
8. ADDITIONAL PROVISIONS: ____________________________________
_______________________________________________________________
9. STAND STILL: Seller shall not initiate or carry on negotiations for the sale of the
Real Estate with any party other than Buyer unless either (1) Buyer and Seller f ail to
enter into a binding Purchase Agreement by 72 HOURS from the time of acceptance
of this agreement, or (2) Buyer and Seller agree in writing to abandon this Letter of
Intent.
10. NON-BINDING. This letter of Intent does not and is not intended to contractually
bind the parties, and is only an expression of the basic conditions to be incorporated
into a binding Purchasing Agreement. This Letter does not require either party to
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