Letter of Intent

Before buying a home, one of the things that might be required in order to obtain financing is a letter of intent. This is a document that states the buyer’s intent to purchase a particular piece of property. It is used to justify a real estate contract and often accompanies the deposit of earnest money. A letter of intent can be handwritten or typed. It might also be a form letter with blanks that can be filled in with specific information. Some of the information a letter of intent normally includes is the name of the buyer(s), address and legal description of the property, amount of sale, and date. The letter is normally signed by the buyer(s), seller(s) and real estate agent; in some states, this document may need to be notarized as well.