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Letter of Intent to Purchase Property
A letter of intent to purchase property is correspondence that is sent from a person or entity that is interested in purchasing a particular piece of real estate to the owner of the real estate expressing that interest. The letter of intent provides key details as to what the prospective purchaser of the property is willing to offer to the owner to buy the property. It is not a binding agreement unless the terms as expressed therein are accepted by the owner of the property and it is signed by both parties.