Purchasing a property or real estate involves a lot of documentation. One of the many documents of this process is a letter of intent to purchase the property. Whenever you want to buy some real estate, it is important that you express this intention of yours in a proper official way.
Writing a letter of intent to purchase property is one of the best ways to express your intention to the owner of the property that you are interested in purchasing that property. This article includes some free letter of intent to purchase property templates in Microsoft Word and PDF formats.
What is a Letter of Intent to Purchase Property?
A letter of intent to purchase property is a simple document that is drafted by the buyer to express their intention of purchasing a piece of land, property, or real estate from its owner. Of course, such an intention can be expressed via phone call or meeting in person, but expressing it through a letter of intent makes it more official and formal.
Such a letter usually includes some basic information like the interested person’s or buyer’s name, the address of the property under the subject, the proposed amount, and any terms and conditions that the buyer is including with their offer. A letter of intent to purchase property is like the start of communication between the buyer and seller.
Moreover, this type of letter is not legally binding at all. Its basic purpose is to initiate the conversation between the buyer and the seller and to show the buyer’s seriousness to purchase the property under the subject. In this article, some free letter of intent to purchase property samples are given. You can use these samples to write a professional letter of intent.
Formal Letter of Intent to Purchase Property
TEXT VERSION
[Date]
[Seller’s Name]
[Property Address]
Dear [Seller’s Name],
This letter is to formally express my interest in purchasing the above-mentioned property. I understand that the property is currently for sale for the amount of [Sale Price].
I would like to propose the following terms for the purchase of the property:
– Purchase Price: [Proposed Price]
– Closing Date: [Date]
– Possession Date: [Date]
– Payment Terms: [Cash, Mortgage, Lease, etc.]
– Other Contingencies: [Home Inspection, Financing, etc.]
If you accept these terms, please notify me as soon as possible. Also, let me know if you require any additional information from me.
Sincerely,
[Your Name]
TEMPLATE
Letter of Intent to Buy Property Sample
TEXT VERSION
Dear Mr. Shaw,
I am writing this letter to express my interest in purchasing the property located at 4893 Geneva Street, Kent, New York. It came to my knowledge that the property is currently available for sale. Hence, I would like to formally submit my offer to purchase.
I have had the opportunity to view the property and I am very impressed with its condition and location. I believe that the property would be a great investment for me and I am excited about the prospect of owning it.
My offer to purchase the property is 5 Million USD. I am willing to work with you to come to a mutually acceptable agreement on the terms of the sale. I am also willing to work with a real estate agent of your choice to facilitate the transaction. However, before our final agreement, I would like to have a detailed inspection of the property from an expert.
I will be looking forward to the opportunity to discuss this offer with you further. Feel free to reach out to me if you have any questions or if there is any additional information that you need from me.
Thank you for your time and consideration.
Sincerely,
John Newman
917-515-7643
TEMPLATE
Formal Letter of Intent to Purchase Property
TEXT VERSION
Dear [Seller’s Name],
I am writing to express my interest in purchasing the property located at [Property Address]. I understand that the property is currently for sale and I would like to formally submit my offer to purchase it.
I have had the opportunity to visit the property and I must admit that its condition and location are impressive. My offer to purchase the property is [Offer Amount]. I am willing to work with you so that both of us can reach to a mutually acceptable agreement on the terms of the sale. I am also willing to work with a real estate agent of your choice to facilitate the transaction. My method of financing is [Cash/Financed], if financed, I will be obtaining a [Type of Mortgage] from [Bank/Lender].
The purchase will be contingent upon the property passing a home inspection, which we can schedule at your earliest convenience. I am hoping to close the deal on [Closing Date] and have a time frame of [X days/weeks] to complete the transaction.
If you have queries or require any additional information from me, feel free to contact me during business hours.
Thank you for your time and consideration!
Sincerely,
[Your Name]
TEMPLATE
How to Write a Letter of Intent to Purchase Property?
Writing a letter of intent to purchase property is not that difficult. You can always make use of the free letter of intent to purchase real estate templates provided here on this page. However, if you want to write such a letter yourself, make sure to include the given below information in it:
- Your full name. If you are writing such a letter on behalf of an organization, then make sure to write the complete legal name of the organization.
- Your contact details like a phone number or email address etc.
- Address of the property that you are interested in buying.
- The proposed amount. This can be an exact amount or a range.
- State the way you will be purchasing the property under the subject i..e, mortgage, lease, cash, etc.
- Mention the contingencies or conditions related to the purchase of the property. For example, one possible condition or contingency could be the inspection of the property before finally purchasing it.
- Mention a desired closing date or the time period within which you expect a reply from the seller.
- Add your signatures. If you are writing such a letter of intent on behalf of an organization, make sure to affix the official seal or stamp of the organization on the letter.
Tips for Writing a Letter of Intent to Purchase Property
Following are some useful tips for writing a letter of intent to purchase the property:
- While writing such a letter, be professional and use formal language. However, make it easily readable and understandable for the seller.
- Be specific about everything like the address or location of the property under the subject, pricing, mode of purchase, contingencies, end dates, etc.
- Your writing should express your genuine interest in buying the property.
- It is also quite important to do your research well before writing a letter of intent to purchase the property. You should analyze the property itself as well as the current real estate market to easily estimate the fair purchase price of the property.
- Be open to any kind of negotiations with the seller. You should be ready to answer the queries of the seller and address their concerns.
- Once you delivered the letter of intent to the seller, you should follow up so as to make sure that the seller actually received the letter.
- You can also consult some real estate agents to help you correct the language and content of your letter of intent to purchase the property.