Letter of Intent Template | Canada

$12.49

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A letter of intent clarifies the points of discussion between the parties prior to preparing a formal agreement, and indicates to lenders, customers, contractors and suppliers that the parties intend to complete the transaction.
The LOI is not legally binding for the most part, except for certain provisions such as confidentiality.
Both parties agree not to discuss with, or consider offers from, any other party the matters being negotiated between them so long as the letter of intent is in effect.
Each party agrees to pay a break-up fee as a penalty if the negotiations are terminated for any cause other than a breach of the LOI.
The template can be used anywhere in Canada.
Available in MS Word format and fully customizable.

Download Type:

Microsoft Word

Last Updated: 20-April-2022

SKU: 6312

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In a lengthy real estate deal, a letter of intent represents to mortgage lenders, contractors and material suppliers that you are ready and able to complete the transaction.
The buyer will have an initial inspection period to examine the building and conduct evaluations and due diligence. During this period, the buyer can terminate the transaction at its discretion.
The seller is responsible for obtaining title insurance, a new survey, and an environmental report.
The seller will pay the real estate commissions. The buyer will pay all of the costs associated with obtaining financing. Each party will be responsible for paying its own legal fees and costs associated with the transaction.
Security deposits, prepaid rents and common area maintenance funds held by the seller will be transferred to the buyer at closing.
The transaction is conditioned upon the buyer being able to obtain adequate financing.