What is an LOI & POS

[Ian Funnell]

Hey Everyone, on a conversation with a seller he asked that I provide a LOI and a POS in order to continue. As someone new to the real estate game, I'm not quite sure what he means. I figured out that LOI is a letter of intent. Does this need to be drafted by a real estate attorney or can I use a free version found on the internet? As to what a POS means, I'm not sure. Can anyone help clarify what he is referring to?