The purpose of this letter is to set forth some of the basic terms and conditions that you can expect of the proposed purchase by (the "Buyer") of certain real estate owned by you (the "Seller"). This is a letter of interest and is non-binding. Please note that the buyer is a licensed real estate broker in the state of Michigan. The terms set forth in this letter will not become binding until a more detailed "Purchase Agreement" is negotiated and signed by the parties, as contemplated below by the section of this letter entitled "Non-Binding." .
DESCRIPTION OF PROPERTY. The property proposed to be sold is listed above and the legal description will follow in a "Purchase Agreement". The real estate is subject to public highways, covenants, restrictions and zoning, if any.
PRICE. The proposed purchase price is listed in the 'Order' section of this form, of which a 1% earnest money would be deposited with Buyers Real Estate Company's choice of title company or the Real Estate Agency itself. The Ernest money deposit would be submitted within 5 days upon acceptance of a binding purchase agreement and satisfactory inspection. Buyer would pay the balance to Seller at closing.
POSSESSION. Possession would be given within 30 days of closing, or sooner by mutual agreement. Settlement would be made at the closing, immediately prior to possession.
INSPECTION. After the final acceptance of a binding Purchase Agreement. Buyer may have the Real Estate inspected by a person of Buyer's choice to determine if there are any structural, mechanical, plumbing, or electrical, deficiencies, structural pest damage or infestation, any unsafe conditions or other damage, including the presence of radon gas, any lead-based paint hazards, and inspections for other conditions that are customary to the locality and/or that are required by law.
Michael T. Ayoub
586-405-4111 • email@example.com