But intentions are not binding contractual conditions. Nor need they lead up to binding contractual conditions. Moreover a letter expressing intent, in its form, does not adequately suggest what the appropriate response should be. Whereas a Request for Quotation / RFQ quite literally is a Request..
Why use a Letter of Intent?A Letter of Intent is a great tool to use in order to gauge the viability of purchasing a property given the price and terms you are looking for.A lot of times, I will use a LOI when I am trying to purchase an investment property for much less than the Seller is listing the property. I may also use a LOI if I am unfamiliar with the property and the area. I like to use a LOI in these cases to start the negotiating process while I do some due diligence work during the process.