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Reviewed by Rocket Lawyer On Call Attorney William Petzel, Esq
Buying real estate is a big decision, so it's important to get every step in writing. An Intent to Purchase Real Estate letter gives you an outline of the prospective sale. Use an Intent to Purchase Real Estate letter when you want to decide on the terms of the deal before committing to the purchase.
An Intent to Purchase Real Estate letter is used to minimize misunderstanding and to document progress on the terms to a sale. It's also a great way for a buyer to help secure financing. The letter provides a lender with evidence on how the purchase will be structured. Our Intent letter is a non-binding document from buyer to seller. The property owner is not prohibited from selling or negotiating for sale the property to another prospective buyer. A non-binding letter allows the parties to document the terms they have agreed on, without a commitment to go through with the sale.
Other names for this document: Letter of Intent to Purchase Real Estate, Intent to Purchase Real Property Letter
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