Real Estate BLI Document

Real Estate BLI Document

This Binding Letter of Intent ("BLI") is made and entered into effective as of Day: Month: Year: , by and between the parties identified below. Certain provisions of this BLI are intended to be binding as expressly stated in Section 13 (Binding Provisions).

Parties

Property Identification

Material Financial Terms

Purchase Price: $   Earnest Money: $   Deposit Payable Within days of Effective Date.

Financing & Contingencies

Financing Contingency applies: Yes No

Financing contingency period: days after Effective Date.

Inspection and Due Diligence

Inspection / Due diligence period: days following Effective Date. Buyer shall have the right to conduct all inspections, tests and reviews of title, survey, environmental conditions and physical condition of the Property.

Closing, Possession and Conveyance

Target Closing Date: Day: Month: Year: .

Possession to be delivered to Buyer: unless otherwise agreed in the definitive Purchase Agreement.

Title, Survey and Assessments

Seller shall deliver a marketable title at closing free of liens and encumbrances except as expressly agreed. Buyer may obtain a title commitment and survey within days of Effective Date. Seller shall have the right to cure title objections within days of notice.

Disclosures

Lead-Based Paint (if applicable): Yes No

Known Mold or Water Intrusion: Yes No

Prior Material Structural Damage or Repairs: Yes No

Brokers and Commissions

Commission payable at closing:

Default, Remedies, and Indemnity

If Buyer defaults under a subsequently executed Purchase Agreement, Seller shall be entitled to retain the earnest money as liquidated damages, provided such retention is not prohibited by applicable law. If Seller defaults, Buyer may elect specific performance or recovery of earnest money and actual damages. The parties' remedies are cumulative except where a remedy is expressly stated to be exclusive.

Confidentiality and Exclusivity

Seller agrees not to solicit or accept alternative offers for the Property for a period of days from the Effective Date, except as expressly permitted in writing.

Binding Provisions; Non-Binding Intent

Except as expressly provided in this Section, the parties acknowledge that this BLI evidences their present mutual intent to negotiate and execute a definitive Purchase Agreement containing customary representations, warranties and covenants. Notwithstanding the foregoing, the parties agree that the following provisions are binding and enforceable obligations from the Effective Date: (a) Earnest Money deposit terms, (b) Confidentiality, (c) Exclusivity, (d) Broker commission obligations, and (e) Governing Law, Remedies and Indemnity sections.

Governing Law; Entire Agreement

This BLI shall be governed by and construed in accordance with the laws of the state governing the Property without regard to conflict of law principles. This BLI contains the entire understanding of the parties with respect to the subject matter hereof and supersedes all prior oral and written communications, except as otherwise provided herein for binding provisions.

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