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Learn more about Intents to Purchase Real Estate
An intent to purchase real estate letter is used to minimize misunderstanding and document progress towards a sale. It's also a great way for a buyer to help secure financing. This intent letter is not a binding contract, which means the property owner can still sell the property to someone else. If both parties are ready to pursue a legally binding agreement, a Real Estate Purchase Agreement (REPA) must be signed. Because it is a legally binding document, the property owner can no longer sell said property to someone else once a Real Estate Purchase Agreement is in effect. The Intent to Purchase Real Estate document is also sometimes called a letter of intent to purchase real estate or an intent to purchase real property letter.
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