Buying real estate property is a very long and complicated process in which the parties can spend days or even weeks before mutually agreeing to the terms and conditions of the purchase or sale. In order to make sure that when a buyer gives an offer to the seller about buying his property, no party will back out of the deal after they start the negotiation, the buyer is asked to send an intention letter to the seller in which he includes his intention of buying the property. This letter is known as the letter of intent to purchase property.
Brief Description of Letter of Intent to Purchase Property:
In the purchase or sale of real estate property, it is very important that you take every step very carefully and always keep record of all the deals and negotiation between you and the other party. When a seller accepts the offer from the buyer and starts the negotiation for the sale of the property, it is really important for the buyer to document all the communication with the other party. This way if either party backs out of the deal, the other party has the legal right to take legal action against him. The letter of intent to purchase property is used in the process of selling or buying real estate property from an individual or a company. Once the buyer sends this letter to the seller and the seller accepts it, they start the negotiation and with the presence of this letter, the seller has the legal responsibility of not talking to any other party until the buyer claims the negotiation as failed.
Sample Letter of Intent to Purchase Property
549 Broadway 1st street
New York, NY 534144
758 5th avenue
New York, NY 421898
Subject: Letter of Intent to Purchase Property
Dear Mr. Ferguson,
I am writing this letter of intent in order to inform you about my intentions about buying your house located at the above address in which you are currently living with your family. I have visited the property a couple of times and I and my wife have liked it a lot.
Buying real estate property is not a play and both parties have to take their time and consider all the options and possibilities. This means that after I give an offer to you, if you decide to negotiate with me on the terms and conditions of selling the property, it will take some time and I don’t want to waste your time or mine. This is why I am sending you this letter of intent to buy your property so that once you agree to negotiate the terms with me; no party will back out of the deal after a fair amount of time spent on the negotiation.
In the attached document with this letter, I have included all the details of the property. You should take your time and review the details so that you can decide if you want to start the negotiation with me or not. Kindly inform me about your decision as soon you receive this letter.