The Letter of Intent (Real Estate) is a crucial preliminary document used in Danish property transactions to establish the initial understanding between parties before entering into a binding purchase agreement. This document type is particularly relevant when parties have reached a preliminary agreement on key terms but need to conduct due diligence or negotiate detailed terms before finalizing the transaction. While governed by Danish law, particularly the Danish Formation of Contracts Act (Aftaleloven), the LOI typically maintains a non-binding nature except for specific provisions like confidentiality and exclusivity. It serves as a roadmap for the transaction, documenting the parties' intentions and key commercial terms while providing a framework for further negotiations. The document is especially valuable in complex real estate transactions where significant due diligence is required or where multiple stakeholders are involved.
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Key Requirements PROMPT example:
Letter Of Intent (Real Estate)
I need a Letter of Intent (Real Estate) under Danish law for purchasing a multi-tenant office building in Copenhagen, with a 60-day exclusivity period and specific provisions for tenant due diligence, targeting completion by March 2025.
1. Parties: Identification of the potential buyer and seller, including full legal names, registration numbers (if companies), and addresses
2. Background: Brief context of the proposed transaction and purpose of the LOI
3. Subject Property: Detailed description of the property, including address, land registry details, and current usage
4. Purchase Price: Proposed purchase price or price range, including any preliminary agreement on payment terms
5. Timeline: Proposed timeline for due diligence, negotiation of final agreement, and closing
6. Key Commercial Terms: Essential business terms that parties expect to include in the final agreement
7. Exclusivity: Period during which the seller agrees not to negotiate with other potential buyers
8. Confidentiality: Obligations regarding the confidential treatment of information exchanged
9. Non-Binding Nature: Clear statement about which provisions are binding and non-binding
10. Governing Law: Specification of Danish law as the governing law
11. Signatures: Execution block for all parties
1. Deposit: Terms of any initial deposit or earnest money, used when parties want to demonstrate serious intent
2. Due Diligence Access: Detailed terms for property inspection and document review, included for complex properties
3. Break Fee: Compensation if either party withdraws, included when parties want additional commitment
4. Conditions Precedent: Key conditions that must be met before proceeding to final agreement, included for complex transactions
5. Costs: Agreement on who bears various transaction costs, included when significant costs are anticipated
6. Broker/Agent: Details of any intermediaries involved, included when relevant
7. Environmental Matters: Specific provisions regarding environmental investigations, included for industrial or potentially contaminated properties
1. Property Description Schedule: Detailed technical description of the property including boundaries, fixtures, and fittings
2. Price Calculation Appendix: Detailed breakdown of the purchase price components if complex pricing structure
3. Timeline Schedule: Detailed timeline with specific milestones and deadlines
4. Due Diligence Requirements: List of required documents and investigations
5. Existing Leases Summary: Overview of current tenants and lease terms if property is leased
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Commercial Property
Residential Property
Industrial Property
Retail Property
Hospitality
Healthcare
Education
Logistics
Office Space
Mixed-Use Development
Agriculture
Infrastructure
Relevant Teams
Legal
Real Estate
Investment
Finance
Business Development
Facilities Management
Asset Management
Risk Management
Corporate Development
Property Operations
Acquisitions
Due Diligence
Relevant Roles
Real Estate Director
Property Development Manager
Chief Investment Officer
Legal Counsel
Corporate Lawyer
Real Estate Agent
Property Manager
Investment Manager
Asset Manager
Facilities Manager
Chief Financial Officer
Business Development Director
Transaction Manager
Portfolio Manager
Due Diligence Manager
Real Estate Analyst
Property Valuation Specialist
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