A Letter Of Intent Commercial (Real Estate) is a crucial preliminary document used in Pakistani commercial property transactions to establish the initial understanding between parties before entering into a formal agreement. It is typically employed when parties have reached a preliminary agreement on key commercial terms but need to conduct due diligence, secure financing, or resolve other conditions before proceeding to a binding contract. The document, while generally non-binding, includes certain enforceable provisions such as confidentiality and exclusivity clauses. Under Pakistani law, particularly considering the Contract Act 1872 and property legislation, this document serves as a roadmap for the transaction, outlining proposed terms, conditions, timelines, and requirements for moving forward. It's particularly valuable in complex commercial real estate transactions where detailed negotiations and due diligence are necessary before finalizing a binding agreement.
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1. Date and Parties: Identification of the date and all parties involved, including full legal names and addresses
2. Background/Recitals: Brief context of the proposed transaction and relationship between parties
3. Property Details: Specific description and location of the subject property
4. Commercial Terms: Key commercial terms including proposed purchase price/rental amount and payment structure
5. Timeline: Proposed timeline for due diligence, negotiations, and completion of the final transaction
6. Exclusivity Period: Duration during which the seller/lessor cannot negotiate with other parties
7. Due Diligence: Outline of the due diligence process and requirements
8. Conditions Precedent: Key conditions that must be satisfied before proceeding to final agreement
9. Confidentiality: Obligations regarding confidential information exchange
10. Non-Binding Nature: Clear statement of which provisions are non-binding vs. binding
11. Governing Law: Specification of Pakistani law as governing law
12. Signature Block: Space for signatures and witness details as required under Pakistani law
1. Deposit Terms: Include when an initial deposit or earnest money is required
2. Break Fee: Include when parties agree to compensation if either party withdraws
3. Broker/Agent Details: Include when real estate agents or brokers are involved
4. Property Use/Zoning: Include when specific use restrictions or zoning requirements are crucial
5. Environmental Matters: Include for properties with potential environmental concerns
6. Development Rights: Include when future development potential is part of the transaction
7. Existing Tenancies: Include when the property has existing tenants
8. Cost Allocation: Include when parties need to specify who bears various transaction costs
1. Property Description Schedule: Detailed description of the property including boundaries and measurements
2. Payment Schedule: Detailed breakdown of proposed payment structure and timelines
3. Due Diligence Checklist: List of required documents and investigations
4. Initial Terms Sheet: Summary of key commercial terms for the proposed transaction
5. Property Plans/Maps: Relevant architectural plans, maps, or surveys of the property
6. Existing Encumbrances: List of any existing mortgages, liens, or other encumbrances
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