Letter of Intent to Purchase
Delivery Timeline: 48 hours
Buying a real estate is a big decision, so it is important to get every step in writing right from selecting which house to buy to its confirmation letter of being sold. A Letter of Intent to Purchase gives you a brief outline of the prospective sale. It is used to decide on the terms of the deal before committing to the purchase. This letter is non-binding, meaning that the parties are not legally required to follow through the terms of the agreement.
Acting as a foundation for a definitive agreement, both parties should intend to continue negotiations in good faith. When the two parties agree to good faith obligations, it means they are both sincere in their intent to act and carry out their promise.
A Letter of Intent is also known as:
Memorandum of Understanding (MOU)
Lawyak’s team of expert lawyers explain the terms and agreement in detail to avoid any discrepancies in terms between you and your seller. We understand the very need for a precise document. Therefore, keeping the interests of our clients in mind our lawyers specifically explain the smallest information of the agreement to ensure that our clients do not run into any uncertainty during the term of their contract.
What Can I Use a Letter of Intent For?
The Letter of Intent can be used to indicate an interested party’s intention to:
Purchase real estate
Purchase or rent commercial property
Purchase a business
Understanding what a Letter of Intent is and when to use them can be a bit confusing. But basically, this letter just means you are serious about continuing towards a purchase and that you want the other party to refrain from entertaining other offers. Our Letter of Intent is drafted aptly for all of our clients.
What is Included in a Letter of Intent to Purchase?
In a Letter of Intent to Purchase, the letter contains terms for the purchase that includes:
Buyer and seller information
Description of the transaction (land, location, type, etc.)
Other common clauses might contain:
Confidentiality or exclusivity clauses
Any contingencies for the deal such as passing the due diligence process
Our team of expert lawyers work diligently with the clients to provide an error-free letter that contains all the necessary purchase information.
Our three-step process is simple and easily accessible.
All you have to do is select the service
we receive the request to work on it immediately
We prepare the legal document which is available to download from our portal
At Lawyak, we believe in working assiduously for the benefit of our clients. Our proficient lawyers are trained to handle every task with utmost authority and clarity. It is our duty to provide services at a judicious price to give you the result you have been anticipating.
Our team of lawyers strive at offering the best client service within the fixed time. We consider solving problems with quick solutions to avoid your time from getting wasted.