Posted by Brent_IL on September 07, 2003 at 19:09:56:
Letters of intent are pretty much worthless when used in connection with MLS properties. They go back and forth in commercial transactions as an aid to negotiation because the final contract is hammered-out by attorneys for both sides. The offers for most residential properties under four units are made on pre-printed MLS board or other industry group’s contracts. Experienced real estate agents will ignore your letter-of-intent.
Letter of Intent or Purchase Contract - Posted by Ken
Posted by Ken on September 07, 2003 at 17:57:39:
When offering to purchase SFR listed on MLS is it better to give Purchase Contract or Letter of Intent givng details of offer. I know this is common in commercial and not sure about residential.
Re: Letter of Intent - Posted by Brent_IL
Posted by Brent_IL on September 08, 2003 at 14:23:22:
I found a copy of a letter-of-intent. It’s not mine, and as usual I have no idea where I got it. I automatically change any contract references to Form 2343 in case I need to use a document in a hurry. Change it to whatever you are using.
LETTER OF INTENT FOR POSSIBLE CONTRACT
FOR SALE OF REAL PROPERTY
Possible Sellers: _______________________________________.
Possible Buyer: _______________________________________.
Real Property;
Commonly
Known As: ___________________________________________.
Dated: ____________, 20. Page _____ of _______ .
This is a non-binding letter of intent that contains provisions that are being discussed for a possible sale of the Real Property named above from the possible Seller(s) named above to the possible Buyer named above. This is not a contract. This is not a legally binding contract. This is merely an outline of possible contract terms for discussion purposes only. This is being signed in order to enable the potential Buyer to possibly apply for financing of the purchase price. This LETTER OF INTENT is confidential and shall not be disclosed to anyone other than the parties and their agents, attorneys, accountants, and the possible lenders of the Buyer. The terms of the transaction being discussed are attached hereto, but the terms (and the possible sale itself) are not binding unless and until they are set forth in a written agreement in the form known as Form 2343 ? STANDARD CONTRACT FOR SALE OF REAL ESTATE; Midwest; approved for use in Illinois, and signed by the Seller(s) and Purchaser to indicate mutual acceptance. The words ?shall,? or ?will,? or ?must? is used in the attached terms only as an example of how a contract might read, and it does not mean that the attached terms are or ever will be legally binding.
Seller(s):
Purchaser:
Current Provisions Under Discussion As Possibilities.
Page ______ of ________ . Initials: _________________________
1 ? Address of property.
2 ? Existing liens.
3 ? Seller?s equity to be purchased for:
Other Provisions Under Discussion As Possibilities.
Page ______ of ________ .
Initials: _________________________