Letters of Intent vary in length and amount of detail; however, the goal is to provide enough detail so the major concerns are defined but not so much detail that the document borders on a purchase sale agreement. The following information is found in a well_structured LOI: A. Date of the LOI. B. Names and Titles_This area should include the complete names of the buying, selling and brokerage companies and the individual signatories for each of these companies along with their corporate titles... President, Secretary, Partner, Managing Member... etc. C. Contact information for each of the companies and their representatives.
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.