Real Estate Letter of Intent

Type of Letter of Intent:

Real Estate Lease Real Estate Purchase

Type of Real Estate:

Commercial Property Residential Property

Lease Term

Rental Term will be:

a Fixed-Term (start and end date) Month-to-Month Tenancy Other

When can the Lease be terminated? Days

Most commonly is a 30-day period.

Do you know when the Month-to-Month Tenancy will start?

Yes No

Start of Month-to-Month Tenancy

Do you know the Start and End Dates of the Rental Period?

Yes No

Do you know the Term of the Rental Period?

Yes No

Such as a 1-year lease.

Start Date

The 1st day of the lease period.

End Date

The last day of the rental period.

Enter the Term of the Rental Period

Excluding renewal options.

Enter the Term of the Rental Period:

This should exclude renewal options.

The Deal

Purchase Amount $

The sales price for the property.

The Rent is described as:

Fixed Rent Fixed Rent + Percentage (%) Rent Other

Enter Amount: $

Enter the Rent details:

Rent is due on the of the Month

Rent is due on the of Each Month

Rent Payment Instructions

Do you want to include SPECIFIC INSTRUCTIONS for paying rent?

Yes No

Enter the Rent Payment Instructions:

Do you want to include SPECIFIC INSTRUCTIONS for paying rent?

Yes No

Enter the Rent Payment Instructions:

Expenses

Will the Landlord pay for ANY EXPENSES during the Lease Term?

Yes No

List the Expenses the Landlord will be responsible for:

Renewal Periods

Will the Tenant have any Options to Renew this lease?

Yes No

List the Renewal Periods:

Late Rent

Do you want to include any details regarding LATE RENT in this Letter of Intent?

Yes No

Enter the Penalty ($) for Late Rent:

Security Deposit

Will there be a Security Deposit?

Yes No

Security Deposit Amount $

Commonly equal to one (1) month's rent.

When will the Security Deposit be paid?

When this Letter of Intent is signed (immediately) When a Lease Agreement is signed (at a later date)

Subletting

Will the Tenant be allowed to Sublet the Property?

Subletting is NOT Allowed (recommended) Subletting is Allowed

Residential Property

How many Bedrooms?

How many Bathrooms?

A half (0.5) bathroom is one with only a toilet or a shower/bath. If a bathroom has both, it's considered a full (1.0) bathroom.

The Property (Address)

Street Address

Address Line 2

City

State

ZIP Code

Street Address

Address Line 2

City

State

ZIP Code

Add an ADDITIONAL DESCRIPTION of the Property?

Yes No

Enter any Additional Descriptions:

Parking

Do you want to include Parking details as part of this Letter of Intent?

Yes No, will negotiate this later

Enter the Parking details:

Furnished

Will the Property be furnished?

Yes No

Specifically, will the Property have furniture in it other than appliances (ex. microwave, refrigerator, stove, etc.).

Enter the Furnishings in the Property:

Pets

Do you want to include any rules regarding Pets?

Yes The Parties will negotiate this later

The rules regarding pets are as follows:

Landlord / Seller

The Landlord is

a Business Entity Individual(s)

How many Individuals?

The Seller is

a Business Entity Individual(s)

How many Individuals?

Business Entity (Landlord)

Business Entity's Name

Landlord

Business Entity (Seller)

Business Entity's Name

Seller

Individual(s) (Landlord)

Landlord's Name

2nd Landlord's Name

3rd Landlord's Name

4th Landlord's Name

5th Landlord's Name

Individual(s) (Seller)

Seller's Name

2nd Seller's Name

3rd Seller's Name

4th Seller's Name

5th Seller's Name

Mailing Address

Do you know the Landlord's Mailing Address?

Yes No

Landlord's Mailing Address

Street Address

Address Line 2

City

State

ZIP Code

Do you know the Seller's Address?

Yes No

Seller's Mailing Address

Street Address

Address Line 2

City

State

ZIP Code

The Tenant is

a Business Entity Individual(s)

How many Individuals?

The Buyer is

a Business Entity Individual(s)

How many Individuals?

Business Entity (Tenant)

Business Entity's Name

Business Entity (Buyer)

Business Entity's Name

Buyer

Individual(s) (Tenant)

Tenant's Name

2nd Tenant's Name

3rd Tenant's Name

4th Tenant's Name

5th Tenant's Name

Individual(s) (Buyer)

Buyer's Name

2nd Buyer's Name

3rd Buyer's Name

4th Buyer's Name

5th Buyer's Name

Mailing Address

Do you know the Tenant's Mailing Address?

Yes No

Tenant's Mailing Address

Street Address

Address Line 2

City

State

ZIP Code

Do you know the Buyer's Mailing Address?

Yes No

Buyer's Mailing Address

Street Address

Address Line 2

City

State

ZIP Code

Commercial Property

Total Square Feet (being leased) SF

Does the Property include Land?

Yes No

For example, if it's a condominium it would NOT include real estate.

Typical residential and commercial properties will include land with the purchase.

What is the Total Land Area?

Acres (AC) Square Feet (SF)

Is there a Building on the Property?

Yes No

What is the Total Square Feet?

This is the Total Square Feet (SF) of space.

Square Feet (SF)

Contingencies

Is the Buyer making this offer contingent on FINANCING?

Yes No

In other words, does the Buyer need a loan or a mortgage from a bank to buy the property.

Will the Buyer have a CONTINGENCY PERIOD to review disclosures and conduct their own due diligence on the Property?

Yes (recommended) No

How long is the Contingency Period?

The most common time period is 30 days but can be any time period agreed upon by the Buyer and Seller.

The Closing

Who will be responsible for the Closing Costs?

Both Parties (equally) Buyer Seller

Do the Buyer and Seller agree on a Date when the Closing must occur?

Yes No

A Closing is when the buyer pays for the property and takes ownership. This Date when the closing must occur is the last day the Buyer has before the agreement becomes void.

Date when the Closing must occur:

This is the last day the Buyer has to buy the property.

Formal Agreement

Will this Letter of Intent be converted to a Formal Agreement at a later time?

Yes (recommended) No

If not, then this Letter of Intent could be considered non-binding and legally enforceable.

This Letter of Intent is considered:

Non-Binding (recommended) Binding

If this Letter of Intent is considered binding, then both parties will be required to uphold their end of the agreement included in this letter.

Parties Must Agree (by Date)

Both Parties must SIGN this Letter of Intent by:

If both Parties don't agree by this date, this Letter of Intent will become void.

Additional Terms

Are there any Additional Terms or Conditions?

Yes No

Select "Yes" if there are any other additional terms or conditions that should be added to this Letter of Intent.

Enter any Additional Terms or Conditions:

Effective Date

Date of this Letter of Intent

Usually today's date.