The Closing Letter of Intent is a critical document used in the final stages of significant business transactions in Canada, serving as a bridge between preliminary agreements and final closing documentation. This document type is particularly important in complex transactions where multiple conditions must be met before closing can occur. The Closing Letter of Intent typically outlines specific closing conditions, timelines, and processes, while acknowledging any outstanding requirements under Canadian regulatory frameworks. It's commonly used in real estate transactions, corporate acquisitions, and major commercial deals, providing a structured approach to managing the closing process. While not typically fully binding, certain provisions may create legal obligations under Canadian law. The document helps ensure all parties are aligned on closing expectations and requirements, reducing the risk of misunderstandings or delays in the final stages of the transaction.
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1. Letterhead and Date: Sender's company letterhead and current date
2. Recipient Address Block: Full name and address of the recipient
3. Subject Line: Clear reference to the transaction and indication that this is a closing LOI
4. Opening Paragraph: Reference to previous agreements or LOIs and confirmation of intent to proceed with closing
5. Transaction Overview: Brief restatement of key transaction terms being confirmed
6. Closing Timeline: Specific dates or timeline for the closing process
7. Closing Conditions: List of any remaining conditions that must be satisfied before closing
8. Closing Process: Overview of the mechanics of closing, including location and key activities
9. Signature Blocks: Space for both parties to sign and date the letter
1. Purchase Price Adjustments: Include when there are any last-minute adjustments to the purchase price that need to be documented
2. Due Diligence Updates: Include when there are outstanding due diligence items that need to be addressed
3. Regulatory Approval Status: Include when regulatory approvals are pending or recently obtained
4. Third Party Consents: Include when there are outstanding third-party consents needed for closing
5. Post-Closing Obligations: Include when there are specific actions required after closing
6. Financing Confirmation: Include when financing arrangements need to be confirmed
7. Break Fee: Include when there are penalties for not proceeding with closing
1. Schedule A - Closing Checklist: Detailed list of all documents and actions required for closing
2. Schedule B - Closing Timeline: Detailed day-by-day timeline of closing activities and responsibilities
3. Schedule C - Funds Flow Memorandum: Detailed breakdown of all financial transactions to occur at closing
4. Schedule D - Required Deliverables: List of all certificates, documents, and other items each party must deliver
5. Appendix 1 - Contact List: Key contact information for all parties involved in the closing process
6. Appendix 2 - Wire Instructions: Banking and wire transfer details for any financial transactions
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