X. Property Inspection: After a binding Purchase Agreement has been made, the Buyer shall
hold the right to have the condition of the Property inspected by a person of their choosing. The
inspection shall occur no later than ____ days after a Purchase Agreement has been made.
After the Property has been inspected, the Buyer shall have an additional ____ days to report
any new disclosures to the Seller in writing. If the Buyer and Seller cannot reach a mutual
agreement within ____ days after delivery of the written disclosures, the Purchase Agreement
shall be terminated with any earnest money being returned to the Buyer.
XI. Binding Effect: This Letter of Intent shall be considered: (Initial and Check)
____ - ☐ Binding – Therefore, the Parties acknowledge that remedies at law will be inadequate
for any breach of this Letter of Intent and consequently agree that this Letter of Intent shall be
enforceable by specific performance. The remedy of specific performance shall be cumulative of
all of the rights at law or in equity of the Parties under this Letter of Intent.
____ - ☐ Non-Binding – Therefore, the Parties acknowledge that this Letter of Intent is not
enforceable by any Party. The terms outlined herein are solely for the purposes of reaching an
agreement in the future, of which the Buyer and Seller are not bound.
XII. Standstill Agreement: Following the execution of this Letter of Intent, and until the Closing,
the Seller shall not engage in negotiations for the sale of the Property with any other party
unless either the Buyer and Seller agree in writing to terminate this Letter of Intent, or the Buyer
and Seller fail to sign a Purchase Agreement by ______________________, 20____.
XIII. Additional Provisions: _____________________________________________________
____________________________________________________________________________
____________________________________________________________________________.
XIV. Currency: All mentions of currency or the usage of the “$” icon shall be known as referring
to the US Dollar.
XV. Governing Law: This Letter of Intent shall be governed under the laws of the State of
______________________.
XVI. Acceptance: If you are agreeable to the aforementioned terms, please sign and return a
duplicate copy of this Letter of Intent by no later than ______________________, 20____.
BUYER
Buyer’s Signature ______________________ Date ______________________
Print Name ______________________
SELLER
Seller’s Signature ______________________ Date ______________________
Print Name ______________________