Letter of Intent to Buy Real Estate Sample #2
Letter of Intent to Buy Real Estate Sample #2
“BUYER(S) NAME:__________________________________”
“SELLER(S) NAME: _________________________________”
Buyer(s) agrees to buy and the Seller(s) agrees to sell the following real estate property located at ___________________________________________________________ with legal
description ___________________________________________________________ at the purchase price of $___________________ with a down payment of $___________________ and an initial deposit of $___________________.
Financing Terms:
Buyer(s) to secure a new first mortgage of $_______________________________, giving the Seller $______________________________ at closing. The Seller(s) to carry back a second mortgage for the balance of the equity of $_____________________________ with interest‐only payments of $________________________________ per month due starting 30 days after closing. The entire principle balance of the Seller(s)'s second shall be due in full within 60 months of closing.
This Offer to Purchase is subject to the following terms and conditions:
1. Approval of books and records, physical inspection reports, loan documents, rental
agreements and service contacts, or any other information requested by Buyer(s) within _______ working days from the receipt of this information by Buyer(s) from the Seller(s).
2. Buyer(s) to have final approval of any rental agreements, service contracts or leases
negotiated during escrow period.
3. Seller(s) warrants that at the close of escrow all heating, coding, electrical, appliances, andmechanical apparatus are to be in working order, and the roof to be in good repair and free of any leaks.
4. Buyer(s) rights hereunder may be assigned to the partnership, corporation, or other party,
and any such transfer shall have all the benefits and rights that the Buyer(s) has under this
agreement.
5. Seller(s) to deliver marketable title and warranty deed at closing, that to the best of Seller(s) knowledge, no part of the property is in violation of any existing code, health or safety regulations, and is not involved In any governmental or judicial proceedings.
6. Buyer(s) has the right to extend the date of closing of escrow by releasing to the Seller(s) an amount equal to one‐quarter of one percent of the purchase price for each 30‐day extension requested, to be applicable to the purchase price, with Buyer(s) to maintain at all times the current deposit, account for this Offer to Purchase, in escrow.
7. Seller(s) is not aware of any structural defect or adverse geological or environmental
conditions affecting the property and its value.
9. Any unresolved disputes arising out of this Offer to Purchase will be submitted to binding arbitration through either the American Arbitration Association or the Judicial Arbitration and Mediation Service.
10. Escrow shall open without any contingencies. Escrow shall be opened within ______ days or sooner by mutual consent.
ACCEPTANCE PERIOD: This Offer to Purchase is valid for seven (7) working days after date of this offer. Unless acceptance is signed by Seller(s) and delivered to Buyer(s), either in person or by first class mail to address below, within this period, this offer shall be deemed revoked. Buyer(s) acknowledges receipt of a copy hereof.
_____________________________________ ______________________________________
Seller Date Buyer Date
CITY/MUNICIPALITY OF ______) SS.
x-----------------------------------------x
ACKNOWLEDGMENT
BEFORE ME, a Notary Public for and in the (Province/City/Municipality) of _____________, personally appeared _____________ with Community Tax Certificate No. _____________ issued on _____________ at _____________, and _____________ with Community Tax Certificate No. _____________ issued on _____________ at _____________, both personally known to me (or whom I have identified through competent evidence of identity) and who represented to me that their respective signatures on the foregoing instrument were voluntarily affixed by them for the purposes stated in the instrument and who declared that they have executed the foregoing instrument as their free and voluntary act and deed.
This Instrument consists of only ______ (____) page/s, including this page in which this acknowledgment is written, duly signed by the parties and their instrumental witnesses on each and every page hereof.
WITNESS MY HAND AND SEAL this _____________ at _____________, Philippines.
NOTARY PUBLIC
Doc. No. ______;
Page No. ______;
Book No.______;
Series of 20____.
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