The Real Estate Purchase Letter of Intent serves as an essential preliminary step in Canadian real estate transactions, particularly in commercial and significant residential purchases. This document is utilized when parties have reached initial agreement on key terms but before committing to a formal purchase agreement. It outlines fundamental aspects such as price, payment terms, due diligence periods, and conditions precedent, while typically maintaining a non-binding nature except for specific provisions like confidentiality and exclusivity. The Letter of Intent helps parties establish clear expectations and demonstrates serious interest while providing flexibility for detailed negotiations. In the Canadian context, it must align with provincial property laws and real estate regulations, often serving as a blueprint for lawyers to draft the final purchase agreement.
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1. Date and Parties: Identification of the date and the parties involved, including full legal names and addresses of both buyer and seller
2. Property Description: Detailed description of the subject property, including legal description, street address, and any included fixtures or improvements
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: Outline of the due diligence period, scope, and access requirements
6. Timeline: Key dates including due diligence period, closing date, and other significant milestones
7. Conditions Precedent: Key conditions that must be satisfied before proceeding to a formal purchase agreement
8. Non-Binding Nature: Clear statement that the LOI is non-binding except for specific provisions
9. Confidentiality: Terms regarding confidentiality of negotiations and information exchange
10. Exclusivity: Period during which seller agrees not to negotiate with other potential buyers
1. Broker Representation: Include when real estate brokers are involved, specifying their roles and commission arrangements
2. Environmental Matters: Include for properties with potential environmental concerns or when environmental studies are required
3. Existing Tenancies: Include when the property has existing tenants and treatment of leases needs to be addressed
4. Property Management: Include for commercial properties where interim management arrangements need to be specified
5. Development Conditions: Include when the purchase is contingent on specific development or zoning requirements
6. Vendor Take-Back Mortgage: Include when seller financing is part of the transaction
7. Cost Allocation: Include when there are specific arrangements for sharing transaction costs
8. Post-Closing Obligations: Include when there are specific requirements or obligations after closing
1. Property Description Schedule: Detailed legal description and property specifications
2. Due Diligence Requirements: List of required documents and investigations
3. Permitted Encumbrances: List of accepted liens, easements, or other encumbrances
4. Environmental Reports: Summary of existing environmental studies or requirements
5. Current Lease Schedule: Summary of existing leases and tenant information
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