Form Letter Of Intent - Land Acquisition Page 2

ADVERTISEMENT

Mr.
<Date>
Page 2 of 5
Property Condition:
Seller shall transfer the property in its current “as-is” condition.
Initial Earnest Money
Deposit:
Within
days of contract execution, Purchaser shall deposit with
$
as the initial deposit (“Initial Earnest Money
Deposit”). Said deposit shall be placed in an interest bearing account with the title
company and all principal and interest shall be applicable to the purchase price upon
closing.
The Initial Earnest Money Deposit shall be refundable throughout the
Inspection Period.
<Alternate language>
•
At the completion of the Inspection Period, should Purchaser elect to proceed
to Closing, the Initial Earnest Money Deposit, $
, shall then become
non-refundable, except through default by Seller.
<Optional language>
Additional Earnest
Money Deposit:
At the completion of the Inspection Period, should Purchaser elect to proceed to
Closing, Purchaser shall deposit with
the
title
company
an
additional $
as the Additional Earnest Money Deposit. The Initial and
Additional Earnest Money Deposits, $
,
shall
become
non-
refundable, except through default by Seller or if Purchaser is unable to obtain the
approvals as set forth below.
Inspection Period:
Purchaser shall have
(
) days from the Effective Date of the Purchase
and Sale Agreement (Alternative: or from receipt of Seller’s Delivery Items and Survey)
to inspect all aspects of the Property. Purchaser, personally or through agents,
employees or contractors, may go upon the Property during normal business hours
following the Effective Date of the Purchase and Sale Agreement and until Closing to
inspect the Property and make such tests, investigations and analysis as Purchaser
deems advisable at Purchaser’s cost. Purchaser shall have the right to terminate the
Agreement any time and for any reason throughout the Inspection Period with no
penalty and full refund of the Initial Earnest Money Deposit plus interest.
Approvals Period:
Purchaser shall have
(
) days from the end of the Inspection
Period to obtain approvals for an
development through
County and the
planning & architectural control committee.
Closing:
The Closing shall occur
(
) days following the Effective Date of
the Purchase and Sale Agreement.

ADVERTISEMENT

00 votes

Related Articles

Top 20 Happy Easter Cards And Gift Tags To Download For Free
Top Ten Easter Arts And Crafts Activities For Your Kids
Free Easter Coloring Pages And Easter Printables For Your Kids

Related forms

Letter Of Intent Option To Purchase Residential Property Form - Realtor Association Of Northwest Chicagoland Letter Of Intent Option To Purchase Residential Property Form - Realtor Association Of Northwest Chicagoland Legal
Letter Of Intent To Perform As A Subcontractor - Department Of Transportation Letter Of Intent To Perform As A Subcontractor - Department Of Transportation Legal
Letter Of Intent For The Purchase And Sale Of Property Template Letter Of Intent For The Purchase And Sale Of Property Template Letters
Letter Of Intent For Purchase Of Real Property Letter Of Intent For Purchase Of Real Property Letters
Letter Of Intent Of Employment Letter Of Intent Of Employment Letters
Letter Of Intent - Schedule Of Participation Letter Of Intent - Schedule Of Participation Letters
Letter Of Intent For Purchase Of Assets Letter Of Intent For Purchase Of Assets Letters
Letter Of Intent To Enter Into Consortium - National Institutes Of Health Letter Of Intent To Enter Into Consortium - National Institutes Of Health Letters
Letter Of Intent For Purchase Of Real Property Letter Of Intent For Purchase Of Real Property Letters
Letter Of Intent Between The Hospital And Physician Letter Of Intent Between The Hospital And Physician Letters

Related Categories

Parent category: Letters
Download
Go
Page of 8