Now we have provided the definitions of the necessary items in this letter, it will be time to execute it by signing. This letter has no legal basis if it is not signed. Therefore, the seller must find the “Seller” signature part at the end of that letter, then sign his name in the “Seller`s Signature” line and indicate the “date” of the signature on the empty line on the right. Once the seller has signed and dated this letter, he must print his name in the “Print Name” line below. A letter of intent is a written document that describes a preliminary agreement between two parties on the terms of a possible purchase or other transaction. Consider this to be a roadmap for negotiation and agreement. The two parties can agree on certain terms, while agreeing to continue to negotiate the other terms and details of the transaction before actually signing a sales contract. Now the recipient must also be named in the header. The following three lines should be used for this presentation. These lines require the recipient`s name in the first line and then his or her postal address in the following three lines. Since we have identified the buyer in our example as the buyer who made it in our example, the seller is listed here.
Often the seller wants some assurance that the buyer is serious. Especially if, on the other hand, a substantial amount is expected in dollars. This is how we will address this issue in the “V. Deposit” section. One of the two check box instructions presented here must be selected to correctly define this status. If a “required deposit” is required, you must mark the first box to check to view it. In addition to marking the first box, the dollar deposit amount must be indicated in the line preceding the word “dollars.” Enter the dollar amount of the deposit digitally on the empty line in the brackets. After the solidification that a down payment is required, it will be important to define whether it is a “refundable” or “non-refundable” down payment. There is only one choice to make. Therefore, if the down payment is “refundable,” indicate it by checking the “refundable” check box and recording the terms of the down payment. To document that the seller is not obligated to return the money, even if the transaction that caused the letter is cancelled, activate the “Non-refundable” box.