PRODUCER: Hey Jeff, I've got a great project with Hugh Jackman attached. JEFF: Sounds good __ who can I call to confirm his attachment. PRODUCER: I've already taken care of that for you _ here's a letter of intent from his manager. JEFF: Hmm, how old is this? There's no date on it. PRODUCER: Not that long ago, and besides, the point is Jackman is VERY interested in my script. JEFF: You don't need a letter of intent for that. PRODUCER: Why not? I don't understand.
Which is Better: An Offer to Purchase or Letter of Intent? First, let's define the two, then I'll discuss when to use a Letter of Intent. 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.