Are you planning to purchase a multi-tenant rental building (such as an apartment building) in Canada? Get the ball rolling prior to drawing up the formal Purchase & Sale Contract by setting your intentions out in this
Letter of Intent to Purchase Rental Building.
- The Letter of Intent will allow you to get a head start on site inspections, documentation and financing before the closing date.
- 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 a Phase I 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 and common area maintenance funds held by the seller will be transferred to the buyer at closing.
- The transaction is contingent upon the buyer being able to obtain adequate financing.
This
Canada Letter of Intent to Purchase Rental Building template is available in MS Word format, and is fully editable to fit your specific circumstances.
