A letter of intent (LOI) must have five basic elements in its content: 1.The buyer's name 2.The property address and description 3.Your offer which includes: a.Purchase price b.Down payment c.Terms d.Conditions e.Due diligence time f.Closing time g.Any other clauses or provisions h.When a formal contract will be written up if the LOI is approved 4.A clause that makes the LOI non_binding 5.Your signature and a place for the seller's signature
The Significance of a Letter of Intent Sample. A letter of intent shows the information that parties have agreed on so that the information is clear to them. The use of this type of letter is widespread and it is almost like a written contract but it is not binding. It states that a person or organization intends to take part in a certain action. If a person or organization wants to get a guide on how to make a good letter of intent, they can get a letter of intent sample, which is available at many online sites.