Letter of Intent to Purchase Rental Building
Issue a Letter of Intent outlining the negotiated terms of purchase of a multi-tenant rental building with this downloadable template.
- 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.
Get the wheels in motion on purchasing a rental building with this Letter of Intent. You can download the form immediately after you purchase it.