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REALTOR
Association of NorthWest Chicagoland
LETTER OF INTENT
OPTION TO PURCHASE RESIDENTIAL PROPERTY
THIS IS NOT A LEGALLY BINDING DOCUMENT. THE PARTIES ARE ADVISED TO
CONSULT WITH THEIR RESPECTIVE ATTORNEYS TO DRAFT A LEGALLY BINDING
AGREEMENT IN ACCORDANCE WITH THE TERMS OF THIS LETTER OF INTENT.
______________________________________________________________
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Optionor/Seller:
____________________________________________________________
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Optionee/Purchaser:
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Optionor/Seller and Optionee/Purchaser hereby acknowledge their mutual intent to enter into an agreement
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granting Optionee/Purchaser an exclusive option to purchase the residential property commonly known as
___________________________________________________________________________
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Address
___________________________________________________________________
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(Premises).
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City
State
Zip
Unit # (if applicable)
__________________
_________
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1. OPTION TERM. The Option Term will be from
,
through
__________________
_________
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,
.
__________________
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2. OPTION FEE. An Option Fee of $
will be paid upon execution of the Option to
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Purchase Agreement and shall not be refunded if the option to purchase is not exercised. If the option to
__________________
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purchase is exercised, $
of the Option Fee shall be a credit against the Purchase
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Price at closing.
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3. PURCHASE TERMS. The terms of sale under the Option to Purchase Agreement shall include the
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following:
__________________
__________________
_________
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(a) Purchase Price: $
; (b) Closing Date:
,
;
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(c) Possession at time of closing; (d) Mortgage Contingency [check one]
Yes
No; (e) Such standard
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provisions as are normally contained in Multi-Board Residential Real Estate Contract 5.0; (f) Optionor/Seller
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agrees to pay all commissions and fees that may be due upon leasing and upon exercise of the option to
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purchase pursuant to the terms of an Exclusive Authorization & Right To Sell/Lease Agreement with
___________________ ____________________
__________________
_________
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dated
,
,
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and to hold Optionee/Purchaser harmless as to any such commission or fee.
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4. PURCHASE CREDIT: If the Option to Purchase Agreement is part of a lease between Optionor/Seller
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and Optionee/Buyer, and if Optionee/Buyer is not in default of the Lease agreement and closes the
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conveyance of the Premises, the Optionor/Seller shall credit towards the purchase price at closing the sum of
_____________
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$
from each monthly lease payment that the Optionee/Buyer made.
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(Continued on Page Two)
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Optionor/Seller Initials:
Optionee/Purchaser Initials:
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