In the real estate world a letter of intention to buy is most often the first step a buyer takes when they have found the home that they wish to purchase. While it is a non_binding contract, once the letter has been received the seller will usually take the home off the market and stop considering other offers. For those who have never written one a letter of intent sample can be found at several websites on the Internet along with instructions covered how to fill it out effectively. You will find many different versions making it easy to find one that suits your specific needs.
G. Terms of the transaction_Examples: All Cash at Closing... or Ūꯠꯠ Cash and 趚ꯠ Promissory Note at Closing. H. Information pertaining to any lease to be entered into by the buyer. Example: Buyer and Seller agree to enter into a triple net lease with an original term of 10 years and three five_year options. Annual increases in the lease rate will be the lesser of CPI or 2Ǒ% of prior year's rent. Again, the LOI is not drafting the lease. It is only establishing the primary terms.