Letter Of Intent To Purchase printable pdf download

Letter Of Intent To Purchase

Courtesy of:

LETTER OF INTENT TO PURCHASE

Date: __________________________

To: ___________________________

From: __________________________

Company:_______________________

Re: Residential property located at: __________________________________________

The following sets out the basic terms upon which we would be prepared to purchase the

Property. The terms are not comprehensive and we expect that additional terms

[including reasonable warranties and representation,] will be incorporated into a formal

agreement (the “Agreement”) to be negotiated. The basic terms are as follows:

1. Purchaser: __________________________ or it’s nominee

2. Vendor: Current owner of the Property represented by realtor: ___________________

3. Property: _________________________________________________________, free

and clear of all liens, charges and encumbrances at Closing, except: [e.g. those recorded

on title to the Property as at the date hereof, with the exception of the Vendor’s mortgage

(s)].

4. Purchase Offer: $_________________

$______________ New first mortgage (or possible option of assumption and or with

increase of existing first to 75%)

$_______________ Second mortgage (carried by vendor for 5 years interest only at 8%)

$_______________ Initial Deposit

$_______________ Additional Deposit following condition removal

$_______________ Balance

5. Deposit: Upon execution of the Agreement, the Purchaser will deposit the amount of

$________________ which will be fully refundable if the Conditions Precedent are not

satisfied or waived in writing by the Purchaser. Otherwise, the Deposit will be applied to

the Purchase Price at Closing. If the Purchaser defaults at closing, the Deposit will be

retained by the Vendor as its sole remedy.

Letter Of Intent To Purchase