Letter of Intent

[Michael King]

Hi everybody,

Can anyone give me a brief overview of a Letter of Intent? How do you fill it out, and what exactly does it do?

Also, does anyone know where you can find a template LOI?

    Thanks,

                  Mike

[Ned Carey]

i am sure there is one or several in the FilePlace under the resources tab above.

Why do you want to use a letter of intent? They are totally unnecessary for most small transactions. If I got a letter of intent I would think "newbie", or someone who was not serious. Just send a contract.

The only real use for a letter of intent that I know is for a commercial deal where creating a custom contract for the deal may take thousands of dollars. You don't want to pay that just to make an offer so you use a letter of intent. If you come to basic terms then you pay an attorney to draw up the contract. If someone knows of another legitimate reason to use one please educate me. I really can't think of another reason.