Secret: Time is NEVER on your side when you are buying. Never forget that. Keep in mind that if you are looking to explore the viability of a purchase, a good starting point is the LOI. Once you get beyond the "overview" of what you and the seller are looking for, detail everything out in the purchase contract, and keep all of the above in mind when doing so.
How to Write a Letter of Intent. Letter of intent is used when an individual enters into a certain transaction or business relationship. People usually go for letters of intent instead of going for a legally binding agreement.