These are but a few of the possible issues that you need to keep in mind when drafting up a business letter of intent. And, although it can be an expensive exercise, you really should consult your lawyer before you commence.
Apartment Investing _ Letter of Intent Or Offer to Purchase? Which is better, a Letter of Intent or Purchase Offer? This is a frequent question for apartment investors looking to make a purchase. Before we get too far, here is my quick definition of the two documents: 1. Purchase Offer, or Purchase Agreement _ A legal document that describes the price, terms, contingencies, and other details of how a buyer would be willing to purchase a piece of real estate. 2. Letter of Intent (LOI) _ A preliminary document outlining the price, terms, and other transaction details that a buyer would be be interested in purchasing a piece of real estate.