A LOI is typically used as a "starting place" for negotiations on a property. Generally a LOI will be followed up by a formal Purchase Agreement after the terms are settled on. This may or may not be the case in your area, but is a good use of the two documents.
Facts About the LOI _ Letter of Intent _ What's Intent Anyway?You have heard the term "letter of intent" if you have explored International business. However you might find yourself unsure and confused about how it is used.Many newcomers to the world of international business are given confusing advice on the proper documents to use in their business.