A Letter Of Intent To Sell (Real Estate) is a crucial preliminary step in Canadian property transactions, typically used when a potential buyer wishes to formally express interest in purchasing a property while maintaining flexibility before entering into a binding agreement. This document serves multiple purposes: it demonstrates serious intent to the seller, outlines preliminary terms and conditions, and provides a framework for subsequent negotiations. While primarily non-binding, it may contain certain binding provisions such as confidentiality or exclusivity clauses. The document is particularly useful in complex real estate transactions where detailed due diligence is required before proceeding to a formal purchase agreement. It must comply with relevant provincial real estate regulations and typically precedes the more detailed Agreement of Purchase and Sale.
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1. Sender and Recipient Details: Full legal names and addresses of both the potential buyer (sender) and property owner (recipient)
2. Property Identification: Complete legal description and street address of the subject property
3. Purchase Price: Proposed purchase price and any price-related terms or conditions
4. Payment Terms: Outline of how and when payment would be made, including any deposits
5. Due Diligence Period: Proposed timeframe for conducting property inspections and review of documentation
6. Closing Timeline: Proposed closing date and any key timeline milestones
7. Key Conditions: Essential conditions that would need to be met before proceeding with a formal purchase agreement
8. Non-Binding Nature: Clear statement that this is a non-binding expression of intent, except for any specific binding provisions
9. Expiration Date: Date by which the LOI must be accepted or will expire
10. Signature Block: Space for signatures, dates, and contact information
1. Exclusivity Period: Used when requesting exclusive negotiation rights for a specified period
2. Confidentiality Clause: Include when sensitive information will be shared during due diligence
3. Property Access Terms: Added when specific arrangements for property inspection and access need to be outlined
4. Broker Information: Include when real estate brokers are involved in the transaction
5. Existing Tenancies: Used when the property has existing tenants and their rights need to be addressed
6. Furniture and Fixtures: Include when specific items of furniture or fixtures are intended to be included in the sale
7. Environmental Conditions: Added when there are known environmental concerns or requirements for environmental assessment
1. Property Description Schedule: Detailed legal description and any included/excluded items
2. Preliminary Due Diligence Checklist: List of documents and information requested for review
3. Site Plan: Property layout and boundaries, if available
4. Proposed Timeline: Detailed breakdown of proposed dates and deadlines
5. Property Photographs: Recent photographs of the property, if available
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Commercial Property
Residential Property
Property Development
Construction
Property Investment
Banking and Finance
Legal Services
Property Management
Urban Planning
Relevant Teams
Real Estate
Legal
Investment
Property Management
Acquisitions
Due Diligence
Asset Management
Development
Finance
Risk Management
Relevant Roles
Real Estate Agent
Property Developer
Real Estate Lawyer
Property Manager
Investment Manager
Real Estate Investment Director
Commercial Real Estate Broker
Asset Manager
Acquisitions Manager
Chief Investment Officer
Real Estate Portfolio Manager
Development Director
Legal Counsel
Transaction Manager
Due Diligence Specialist
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