Commercial practitioners can use the Commercial Letter of Intent to Purchase (TXR 1803) to state their clients’ proposed terms for a future commercial real estate transaction. The letter lists the parties’ contact information, a property description, a proposed sales price, closing date, and other details related to the sale. The letter makes clear that it is not a legally binding agreement and does not obligate the parties to the terms it describes. If the other parties approve of the letter’s terms and want to move forward with the sale, they must sign and return the letter before the stated expiration date. Commercial Letter of Intent to Purchase can be used for commercial transactions and is one of more than 40 commercial forms exclusively available to members of Texas REALTORS®.
