The Real Estate Purchase Letter of Intent is a crucial preliminary document used in Dutch property transactions to establish the framework for negotiations and eventual purchase. It is typically used when parties have reached initial agreement on key terms but need to formalize their intentions before proceeding with detailed due diligence and final contract negotiations. The document includes essential elements such as property description, proposed purchase price, exclusivity periods, and due diligence requirements. While largely non-binding under Dutch law, certain provisions like confidentiality and exclusivity can be made explicitly binding. The LOI must consider specific Dutch legal requirements, including the Municipality Preferential Rights Act, environmental regulations, and property registration requirements. It serves as a roadmap for the transaction and helps prevent misunderstandings during the negotiation process.
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1. Introduction and Date: Opening paragraph identifying the letter's purpose and date
2. Parties: Full legal names and addresses of both the potential buyer and seller
3. Property Description: Detailed description of the property including address, cadastral details, and size
4. Purchase Price: Proposed purchase price and any price adjustment mechanisms
5. Due Diligence: Timeline and scope of the due diligence investigation
6. Exclusivity Period: Duration during which the seller agrees not to negotiate with other parties
7. Transaction Timeline: Proposed timeline for completing due diligence and executing final agreement
8. Confidentiality: Obligations regarding confidential treatment of information exchanged
9. Non-Binding Nature: Clear statement about which provisions are binding and non-binding
10. Closing Conditions: Key conditions that must be met before proceeding to final purchase agreement
11. Costs: Division of transaction costs between parties
12. Governing Law: Confirmation that Dutch law governs the letter of intent
1. Break Fee: Applicable when parties want to include a fee for breaking exclusivity or negotiations
2. Financing Condition: Include when buyer requires external financing to complete the purchase
3. Environmental Investigation: Required when there are potential environmental concerns or for industrial properties
4. Asset List: Needed when the purchase includes specific furniture, equipment or other assets
5. Tenant Information: Required when the property is let to tenants
6. Development Plans: Include when the purchase involves future development or renovation plans
7. Municipal Rights: Required when property might be subject to municipal first right of refusal
1. Property Plans: Cadastral maps and floor plans of the property
2. Preliminary Due Diligence Checklist: List of documents and information required for due diligence
3. Timeline Overview: Detailed schedule of key dates and deadlines
4. Current Lease Overview: Summary of existing lease agreements if applicable
5. Known Encumbrances: List of known rights of third parties affecting the property
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