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A Letter of Intent for real estate, also often referred to as a Pre-Negotiation Agreement, is a written statement that details the preliminary understanding of people who plan to enter into a real estate contract.
What Is A Letter Of Intent For Real Estate
Letters of Intent for real estate can be the first step toward defining a formal, final agreement. Buyers and sellers sometimes prefer to start with a letter of intent, because they’re quicker, less complicated, and less expensive than a full-on Purchase And Sales Agreement.
It’s important to note, however, that Letters of Intent – or certain provisions within them – might or might not be legally binding, depending on the specific wording in the document.
Provisions In A Letter Of Intent For Real Estate
Letters of Intent for real estate often include:
- property description
- purchase price
- payment terms and deposits
- deadlines for due diligence, inspections, and obtaining financing
- assurances that there’s a mutual understanding between the buyer and seller
- a good faith clause
- a confidentiality clause
- an exclusivity clause
Types Of Real Estate
A Letter of Intent can be used for the purchase or sale of any type of real estate, including:
- single-family homes
- condos, townhomes, and duplexes
- vacant land
- commercial real estate
- commercial leases
We’d be happy to review or draft a Letter of Intent for you and review or draft your contract.
At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.
We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.
And we have local real estate attorneys who have experience throughout Washington, including: Spokane, Spokane Valley, Liberty Lake, Medical Lake, and Cheney.