Letters of intent are often used to present an offer for vacant land
The LOI; Letter of Intent. The Letter of Intent is a short succinct non-binding proposal, generally to a seller from a potential buyer or group of buyers. It is used to short cut the offer/counter offer process because it is really just a stepping stone to start talks, it is not a final agreement. If you are looking to buy or sell a home, vacant land or a potential investment, contact Kim Kelly at 760-285-3578.
In a typical Letter of Intent your letter should be short and contain the following elements:
- Identity: Clearly identify the property, including the APN #
- Purchase Price: The Exact amount you are offering for the property
- Earnest Money: EMD, and when it will be deposited
- Due Diligence Period: (Contingency period) This is your period to go over all information that you need to find out pertaining to the purchase.
- Contingencies: Clauses stating what the deal depends on. Whether it’s financing, loan underwriting, appraisal, lot split, zoning issues, permit issues
- Closing Date
- Non Binging Clause: A statement clarifying that this document is an intent to negotiate, not the final legally binding contract.
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