Again, this is the standard agreement generally used in most real estate transactions. It is a formal proposal, usually drafted by your real estate agent or broker along with you. If the Seller agrees to all of the terms and conditions in the contract, they will simply sign the document. It then becomes a legally_binding contract between Buyer and Seller.
Learn How to Construct a Letter of Intent. A letter of intent is a common way to express your intentions to purchase a property without having to write a formal, legal binding contract. The letter of intent is presented to a seller in the very preliminary stages of a project. The intentions of a buyer are spelled out clearly and simply so the seller knows exactly how the buyer wants to purchase the property, and under what terms.