Posted by DougO_NM on August 24, 2003 at 12:54:39:
As far as I can see, the letter of intent is a great way of seeing if you can get in to the ballpark before commiting a lot of time, energy and of course dinero. The basic letter addressed to the owner or their agent (owner is best though) says HI, we’d like to purchase the property located at this location. If a transaction something along the lines of the following meets with your approval, or is close to it, please sign this letter where indicated and mail or fax it back. Remember that this letter of intent is not a purchase agreement in and of itself, only an agreement to get together and negotitate in good faith towards an agreement along the lines being proposed herein.
Then outline your proposed deal, and give them a deadline to respond. Thank them for their time and consideration.
And no, you don’t need a lawyer to write someone a letter asking if theywill sel you their property.