The Real Estate Simple Letter Of Intent To Sell Property is a crucial preliminary document in Canadian real estate transactions, used when a property owner wishes to formally express their intention to sell a property to a specific buyer before entering into a binding agreement. This document typically precedes the more detailed purchase and sale agreement, outlining key terms such as price, timeline, and conditions while maintaining a generally non-binding nature. It's particularly useful in both commercial and residential real estate transactions across Canadian provinces, where it helps parties establish clear communication and basic understanding before investing significant time and resources in due diligence and formal contract preparation. The document must comply with provincial real estate regulations and property laws, while providing sufficient detail to guide the transaction's progression toward a binding agreement.
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1. Date and Parties: Opening of the letter identifying the date and full legal names and addresses of both the potential seller and potential buyer
2. Property Details: Complete legal description and address of the property being considered for sale
3. Purchase Price: Proposed purchase price and any preliminary terms regarding payment structure
4. Timeline: Proposed timeline for due diligence, negotiation of definitive agreement, and closing
5. Due Diligence: Outline of the proposed due diligence process and access requirements
6. Confidentiality: Statement regarding the confidential nature of the negotiations and any shared information
7. Non-Binding Nature: Clear statement that the letter is non-binding except for specified provisions (such as confidentiality)
8. Exclusivity Period: If applicable, the period during which the seller agrees not to negotiate with other parties
9. Closing Conditions: Key conditions that would need to be satisfied to proceed with the transaction
1. Deposit Terms: Include when a good faith deposit is being proposed as part of the LOI
2. Financing Contingency: Include when the buyer's interest is contingent on obtaining specific financing
3. Property Access: Include when specific terms for property inspection or access during due diligence need to be outlined
4. Existing Tenancies: Include when the property has existing tenants and their rights need to be addressed
5. Environmental Conditions: Include when there are known environmental concerns or requirements for environmental assessment
6. Broker Commission: Include when real estate brokers are involved and commission terms need to be addressed
1. Property Description Schedule: Detailed legal description of the property and included fixtures/chattels
2. Financial Terms Schedule: Detailed breakdown of the proposed purchase price, payment terms, and any other financial considerations
3. Due Diligence Checklist: List of documents and information to be provided during the due diligence period
4. Property Condition Report: Summary of known property conditions, defects, or required repairs
Relevant legal definitions
Clauses
Property Identification
Purchase Price
Payment Terms
Due Diligence
Confidentiality
Exclusivity
Access Rights
Timeline
Non-Binding Nature
Binding Provisions
Conditions Precedent
Good Faith
Costs and Expenses
Governing Law
Term and Termination
Property Inspection
Environmental Matters
Assignment
Notices
Broker Commission
Purchase Price
Payment Terms
Due Diligence
Confidentiality
Exclusivity
Access Rights
Timeline
Non-Binding Nature
Binding Provisions
Conditions Precedent
Good Faith
Costs and Expenses
Governing Law
Term and Termination
Property Inspection
Environmental Matters
Assignment
Notices
Broker Commission
Relevant Industries
Real Estate
Commercial Property
Residential Property
Property Development
Property Investment
Legal Services
Construction
Property Management
Real Estate Investment Trusts (REITs)
Banking and Finance
Relevant Teams
Real Estate
Legal
Property Management
Asset Management
Investment
Corporate Development
Acquisitions
Due Diligence
Property Operations
Transaction Advisory
Relevant Roles
Real Estate Agent
Property Developer
Real Estate Lawyer
Property Manager
Real Estate Broker
Investment Manager
Asset Manager
Property Acquisition Manager
Real Estate Investment Analyst
Corporate Real Estate Manager
Legal Counsel
Estate Planning Attorney
Property Assessor
Real Estate Portfolio Manager
Transaction Coordinator
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