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TXR 1803 — Commercial Letter of Intent to Purchase

This is a non-binding letter of intent used to summarize the general terms of a proposed commercial real estate purchase between a buyer and seller. It outlines key deal points such as price, financing, earnest money, feasibility period, closing date, title policy, survey, deed type, broker fees, pr

Source: TXR
Form Number: 1803
Category: Other
Revised: July 8, 2022

Used For

Commercial Sales

Form Outline

The TXR 1803 form is organized into the following sections:

  1. Parties
    Identifies the seller and buyer with full contact information.
  2. Property
    Identifies the property under consideration.
  3. Sales Price and Financing
    Outlines the proposed sales price and how it will be funded through cash, third-party financing, loan assumption, and/or seller financing.
  4. Earnest Money
    Specifies the proposed earnest money deposit.
  5. Title Company
    Identifies the proposed title company.
  6. Feasibility Period
    Specifies the proposed feasibility period duration.
  7. Financing Contingency
    Specifies the proposed financing contingency duration.
  8. Closing Date
    Outlines the proposed closing date using the same three-option structure as the definitive contracts.
  9. Title Policy
    Designates which party pays for the title policy and for modifying the standard printed survey exception.
  10. Survey
    Specifies who obtains and pays for the survey with optional reimbursement caps.
  11. Deed Type
    Designates the type of warranty deed to be delivered at closing.
  12. Brokers and Fees
    Identifies both brokers and outlines proposed fee arrangements, either by separate agreement or specified percentages/amounts.
  13. Property Condition
    States buyer accepts the property as-is except for any seller repairs specified.
  14. Assignment
    Specifies whether the buyer has the right to assign the future contract.
  15. Special Provisions
    Provides space for additional proposed terms to be included in the definitive contract.
  16. Non-Binding Disclaimer
    Expressly states the LOI is non-binding and neither party has any obligations until a definitive contract is signed by both parties.
  17. Contract Preparation
    Designates which party will prepare the definitive contract using TXR 1801, 1802, or another agreed form.
  18. Expiration
    Sets a deadline for the receiving party to sign and return the LOI by 5:00 p.m. on the specified date.
  19. Signatures
    Provides signature blocks for both parties with provisions for entity signatories.

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