For example, there may be soil contamination in which the buyer will not want to purchase the property and will safely option out of the non_binding contract. Or, perhaps the property is in a lot worse condition than originally thought, causing the buyer to negotiate a decreased purchase price.
In my experience, a casual, personal letter to the seller is often the best received way to present your intentions to purchase a property. Some people insist on drafting a formal, multi_page, non_binding contract filled with legal jargon that can often intimidate the seller. A seller wants to easily see how the buyer wants to purchase the property, and determine if he or she can accept the presented terms. Read on to learn how to construct a letter of intent and what to include. Let's investigate the contents of a letter of intent so you, too, can construct one before putting a property under contract.