While there are no specific requirements of a letter of intent to sell property, such letters typically outline key elements of the transaction such as property descriptions, prices and contact information. Such letters are not legally binding but can help to reassure the buyer that his desired property is not going to be sold to a different client.Continue Reading
Begin the letter by addressing the buyer and stating that the intent of the letter is to express that you desire to sell your house to this particular buyer. Next, offer a brief description of the property, including its location. Afterwards, provide buyer information, including his name and address.
Give the specific purchasing price of the property followed by details about the earnest money deposit. This specifies the amount of money due when escrow is opened and any amount due after the expiration of the contingency period. Use this section to clarify that these deposits are non-refundable.
Provide details about the inspection period for the property. For example, this may offer the buyer a period of 30 days to inspect the property and related documentation and to receive his deposit back if he does not wish to go through with the purchase. Next, clarify that all parts of this agreement are confidential.
End the letter by clarifying that its contents are not binding and specifying how long the buyer has to accept the letter of intent to sell before it is void.Learn more about Real Estate