Letter of Intent
When you finish checking up the property and still like it, submit a Letter of Intent right away.
Submitting a LOI shows a real estate company that you have “intention” to purchase the property. Without turning this in, the company thinks you are not interested in the property and might move on to other customers.
The LOI could keep the property for certain period of time. (reduce the chance others purchase before you)
Also once your LOI was received by the agent, they are more serious about listening to your requests.
Those requests include things like, “stop listing on the internet before others notice” or “Send me individual rental leasing contract for each room of the building”.
Real estate agents do not want to spend too much time on the customer who does not seem like submitting a LOI yet asks for too much details.
Keep in mind that a LOI does NOT have legal bonding or obligation to actually purchase a property since it is NOT an actual sales contract.
It is not promised 100% that you can purchase the building and it’s free to cancel anytime when you change your mind. But canceling may lose your credibility from the real estate agent so submit one ONLY for the property you really want to purchase.
Registering following services (newsletter, Like, & LINE) to get our useful Letter of Intent template.
- Sale by Private Contract & Sale by Auction
- Price Limit Order
- Settlement & Ownership Transfer
- Ways to Search for Properties
- Documents & Points to check
- Ways to find legit real estate agents, narrow them down, and become their favorite customer
- Gross Yield & Net Yield
- Letter of Intent
- Important Description & Sales Contract