Real Estate Letter of Intent

Transaction Type

Does this Letter refer to a Purchase or Lease?

Does this Letter refer to a Purchase or Lease? PurchaseLease

The Buyer

Enter the Buyer's Name:

Buyer's Address

Enter the Buyer's Mailing Address:

Street Address

Address Line 2

City

State

ZIP Code

The Seller

Enter the Seller's Name:

Seller's Address

Enter the Seller's Mailing Address:

Street Address

Address Line 2

City

State

ZIP Code

The Tenant

Enter the Tenant's Name:

Tenant's Address

Enter the Tenant's Mailing Address:

Street Address

Address Line 2

City

State

ZIP Code

The Landlord

Enter the Landlord's Name:

Landlord's Address

Enter the Landlord's Mailing Address:

Street Address

Address Line 2

City

State

ZIP Code

The Property

What Type of Property is this?

What Type of Property is this? CommercialResidential

How many Square Feet is the Property?

sq. ft.

Enter the number of Bedrooms:

Enter the number of Bathrooms:

Property Address

Enter the Property's Address:

Street Address

Address Line 2

City

State

ZIP Code

Purchase Price

Enter the Purchase Price:

Contingencies

Does the Buyer need a Loan or Mortgage from a bank to buy the property?

Does the Buyer need a Loan or Mortgage from a bank to buy the property? YesNo

Contingency Period

Will there be a Contingency Period?

Will there be a Contingency Period? YesNo

This is some extra time during which the Buyer can review disclosures, obtain financing, and inspect or appraise the property.

How many days will the Contingency Period be?

Typically a contingency period lasts between 10 and 60 days.

The Closing

Enter a Date:

This is the date by which the Closing, or transfer of ownership, must occur.

Who pays for Closing Costs?

The Lease

Is the Lease for a Fixed Term or is it Month-to-Month?

Is the Lease for a Fixed Term or is it Month-to-Month? Fixed-TermMonth-to-Month

A fixed-term lease has a start and end date. A month-to-month agreement can be terminated by either party at any time.

When does the Lease Period begin?

When does the Lease Period end?

When does the Tenancy begin?

How many Days of Notice are required to terminate the Lease?

Rent

The agreed-upon Rent payment is:

Rent Collection

When is the first Rent payment due?

How often will Rent be collected?

How often will Rent be collected? WeeklyMonthlyQuarterlyAnnually

What day of the month will Rent be due?

What day of the week will Rent be due?

What month will Rent be due each year?

Late Penalty

How many days after Rent is due is it considered late?

What percentage of a Rent payment constitutes a Late Fee?

A typical late fee is 5% of one month's rent, but varies according to state law. If there is no penalty for late rent, enter 0.

Security Deposit

Will the Tenant be required to pay a Security Deposit?

Will the Tenant be required to pay a Security Deposit? YesNo

Enter the amount:

Generally a security deposit is equal to one month's rent.

Subletting

Can the Tenant sublet the Property?

Can the Tenant sublet the Property? YesNo

Parking

How many Parking Spaces does the Tenant get?

If none, enter "0".

Furnishings

Describe any Furnishings the Tenant will be able to use:

Do not include appliances that a Landlord is by law required to provide. The laws vary from state to state, so check your state's laws. In Florida, for example, landlords are required to provide furnaces.

Pets

Are Pets allowed on the Property?

Are Pets allowed on the Property? YesNo

How many Pets can the Tenant have?

Describe rules for Pets:

Expenses

Enter any additional expenses the Tenant is required to pay:

If none, enter "none."

Enter any expenses the Landlord is required to cover:

If none, enter "none."

Renewal

Can the Tenant renew the Lease?

Can the Tenant renew the Lease? YesNo

What is the Renewal Period for this lease?

Governing Law

What state is the Property located in?

Agreement

Is this Letter binding or non-binding?

Is this Letter binding or non-binding? BindingNon-binding

Often a Letter of Intent is non-binding and sets the stage for a more formal Purchase or Lease Agreement.

Additional Terms

Are there any additional Terms and Conditions?

Are there any additional Terms and Conditions? YesNo

Enter any additional Terms and Conditions:

Effective Date

Enter the Date this Letter becomes Effective:

Usually today's date.

Signatures

Enter the Buyer's Name:

Enter the Seller's Name:

Enter the Tenant's Name:

Enter the Landlord's Name:

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