Intent Letters

Intent Letter

Purpose of Intent Letter

The idea of the letter of intent is for the buyer to convey to the seller his exact intentions. The intentions of the buyer are clearly described and the seller know how the buyer intends to purchase the property and under what terms. This is a very good means to begin communication with the seller

Element of good Intent Letter

1. The name of the buyer.
2. The address and description of the property.
3. The offer for the property: a. the price the buyer is willing to pay. b. the down payment the buyer will be placing on the property. c. the terms and conditions that the buyer will be using to purchase the property, due diligence time, and the length of closing time.
4. A clause in which ensures the letter of intent is non binding.
5. Your signature and an area for the seller’s signature