LETTER OF INTENT VS PURCHASE AND SALE AGREEMENT

General Real Estate Investing
1

I hope this is the right forum for this question. Well I have 2.

  1. what is the difference between a letter of intent or filling out a purchase and sale agreement when making offers on homes?

  2. Has anyone used pre paid legal for the real estate legal needs, if so how useful is if compared to going out and getting a lawyer on your own?

2

Use the purchase and sale agreement or whatever is commonly used in your area. People want to deal with standard agreements and a standard process. Only work outside of that when the normal way doesn’t apply or won’t work.

Prepaid legal doesn’t deal with business transactions and is only good for routine, general questions.

3

Good afternoon blueprint,
Generally a letter of intent is not designed to be binding. Another invester can and will beat you to a deal if he shows up with a purchase/sale agreement which is binding. Letter of intent is just that…stating intent.
Darin

4

thanks god wnz and bll for your informative answer. I appreciate it.