The Residential Real Estate Letter of Intent is a crucial preliminary document in Canadian real estate transactions, serving as the first formal step in the property acquisition process. This document is typically used when a potential buyer has identified a residential property of interest and wishes to formally communicate their intent to purchase before proceeding with a full purchase agreement. The LOI outlines key terms such as the proposed purchase price, payment structure, timeline, and any specific conditions or requirements. While not legally binding in most aspects, it demonstrates serious intent and forms the basis for subsequent negotiations. The document must comply with provincial real estate regulations and common law principles governing property transactions in Canada. It's particularly valuable in complex residential transactions where parties need to establish clear understanding before investing significant time and resources in due diligence and formal agreement preparation.
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1. Identification of Parties: Full legal names and contact information of both the potential buyer and seller
2. Property Details: Complete legal description and physical address of the property being considered for purchase
3. Purchase Price: Proposed purchase price and any initial price negotiations
4. Payment Terms: Basic structure of how the purchase would be financed, including any deposit requirements
5. Timeline: Proposed dates for key milestones including due diligence period, closing date, and possession date
6. Due Diligence: Overview of the buyer's intended property inspection and review requirements
7. Expression of Interest: Clear statement that this is a non-binding letter of intent to purchase the property
8. Confidentiality: Statement regarding the confidential nature of the negotiations and proposed transaction
1. Exclusivity Period: Request for an exclusive negotiation period, used when buyer wants to prevent seller from entertaining other offers during initial negotiations
2. Conditional Items: Specific conditions that would need to be met before proceeding with a formal agreement, such as financing or zoning requirements
3. Existing Tenancies: Details about current tenants and lease agreements, included when the property has existing tenants
4. Property Inclusions/Exclusions: Specific items to be included or excluded in the sale, used when there are particular fixtures or features that need to be addressed
5. Environmental Conditions: Specific environmental concerns or requirements, included when there are known environmental issues or requirements
6. Development Intentions: Buyer's intended use or development plans for the property, included when future use is a material factor in the transaction
1. Schedule A - Property Description: Detailed legal description of the property and any included lands or rights
2. Schedule B - Preliminary Terms: More detailed outline of proposed purchase terms and conditions
3. Schedule C - Property Photographs: Recent photographs of the property and key features
4. Schedule D - Existing Reports: List of any existing property reports, surveys, or relevant documentation that have been reviewed or are requested
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Residential Property
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Real Estate
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Property Management
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Risk Management
Compliance
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Real Estate Agent
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Transaction Coordinator
Real Estate Administrator
Property Inspector
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