A letter of intent is a common way to express your intentions to purchase a property without having to write a formal, legal binding contract. The letter of intent is presented to a seller in the very preliminary stages of a project. The intentions of a buyer are spelled out clearly and simply so the seller knows exactly how the buyer wants to purchase the property, and under what terms.
In my experience, a casual, personal letter to the seller is often the best received way to present your intentions to purchase a property. Some people insist on drafting a formal, multi-page, non-binding contract filled with legal jargon that can often intimidate the seller. A seller wants to easily see how the buyer wants to purchase the property, and determine if he or she can accept the presented terms.
Read on to learn how to construct a letter of intent and what to include.
Lets investigate the contents of a letter of intent so you, too, can construct one before putting a property under contract.
A letter of intent (LOI) must have five basic elements in its content:
1. The buyers name
2. The property address and description
3. Your offer...
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