A business letter of intent can be used in a number of situations including a commitment to purchase something, usually a business. It is also referred to as s Memorandum of Agreement (MOA) or Memorandum of Understanding (MOU).
In my experience, a casual, personal letter to the seller is often the best received way to present your intentions to purchase a property. Some people insist on drafting a formal, multi_page, non_binding contract filled with legal jargon that can often intimidate the seller. A seller wants to easily see how the buyer wants to purchase the property, and determine if he or she can accept the presented terms. Read on to learn how to construct a letter of intent and what to include. Let's investigate the contents of a letter of intent so you, too, can construct one before putting a property under contract.