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Letter Of Intent For Property Sale

Letter Of Intent For Property Sale Template for Canada

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Key Requirements PROMPT example:

Letter Of Intent For Property Sale

"I need a Letter of Intent for Property Sale for a commercial warehouse purchase in Toronto, with a proposed closing date of March 15, 2025, including environmental due diligence provisions and an exclusivity period of 60 days."

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Document background
A Letter Of Intent For Property Sale is commonly used in Canadian real estate transactions as a preliminary step before entering into a formal purchase agreement. It is particularly valuable in complex property transactions where parties need to establish basic terms before committing resources to detailed due diligence and final contract negotiations. The document typically includes key commercial terms, conditions precedent, exclusivity periods, and due diligence requirements, while maintaining a non-binding nature except for specific provisions. Subject to both federal and provincial legislation, it must comply with Canadian real estate laws, contract principles, and privacy regulations. This document is especially useful in commercial real estate transactions, multi-party deals, or situations where significant pre-closing conditions need to be met.
Suggested Sections

1. Date and Parties: Opening of letter identifying sender and recipient with full legal names and addresses

2. Property Details: Complete legal description and municipal address of the property being considered for purchase

3. Purchase Price: Proposed purchase price and any price adjustment mechanisms

4. Payment Terms: Structure of payment including deposits, financing conditions, and payment schedule

5. Due Diligence Period: Timeframe and scope for buyer's investigation of the property

6. Closing Timeline: Proposed timeline for executing definitive agreement and closing the transaction

7. Key Conditions: Major conditions that must be satisfied before proceeding with the transaction

8. Exclusivity Period: Period during which seller agrees not to negotiate with other potential buyers

9. Confidentiality: Statement regarding confidentiality of negotiations and information exchange

10. Non-Binding Nature: Clear statement that the LOI is non-binding except for specified provisions

11. Signature Block: Space for signatures of both parties to acknowledge the LOI

Optional Sections

1. Break Fee: Terms of any fee payable if either party terminates discussions - include when dealing with high-value properties or complex transactions

2. Broker Commission: Details of any real estate broker commissions - include when brokers are involved

3. Property Access: Terms for accessing the property during due diligence - include for commercial properties or when extensive inspections are needed

4. Existing Tenancies: Overview of current tenant situations - include for income-producing properties

5. Environmental Matters: Specific environmental concerns or requirements - include for industrial properties or known environmental issues

6. Development Conditions: Proposed development or renovation plans - include when buyer intends to develop or significantly modify the property

Suggested Schedules

1. Property Description Schedule: Detailed legal description of the property, including lot numbers, boundaries, and any easements or encumbrances

2. Due Diligence Requirements: Detailed list of documents and information to be provided by seller during due diligence

3. Preliminary Terms Sheet: Summary of key commercial terms for the proposed transaction

4. Property Inventory: List of any chattels, fixtures, or equipment included in the sale

5. Required Approvals: List of necessary governmental or third-party approvals required for the transaction

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Real Estate

Commercial Property

Residential Property

Industrial Property

Retail

Hospitality

Healthcare

Education

Manufacturing

Logistics

Agriculture

Mixed-Use Development

Relevant Teams

Legal

Real Estate

Corporate Development

Finance

Operations

Investment

Risk Management

Facilities Management

Property Management

Asset Management

Business Development

Acquisitions

Relevant Roles

Real Estate Lawyer

Property Developer

Real Estate Broker

Commercial Real Estate Agent

Property Acquisition Manager

Real Estate Investment Manager

Chief Financial Officer

Legal Counsel

Property Manager

Asset Manager

Development Director

Investment Analyst

Real Estate Portfolio Manager

Facilities Manager

Corporate Real Estate Manager

Industries
Real Estate and Business Brokers Act (REBBA): Provincial legislation that regulates real estate transactions and professionals, ensuring proper conduct and protection of parties involved in property transactions
Land Titles Act: Federal legislation governing the registration and transfer of land titles, essential for property ownership verification and transfer procedures
Contract Law - Common Law Principles: Fundamental principles governing contract formation, including offer, acceptance, consideration, and intention to create legal relations
Statute of Frauds: Requires certain contracts, including those involving real estate, to be in writing and signed to be legally enforceable
Personal Information Protection and Electronic Documents Act (PIPEDA): Federal privacy law relevant for handling personal information in real estate transactions
Proceeds of Crime (Money Laundering) and Terrorist Financing Act: Federal legislation requiring verification of parties' identities and source of funds in real estate transactions
Provincial Property Law Acts: Specific provincial legislation governing property rights, transfers, and real estate transactions within each province
Consumer Protection Act: Provincial legislation protecting consumers' rights in transactions, including real estate matters
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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