Writing a letter with the intent to sell land is a way to ensure that both parties have a hard copy of the written agreement that settles the details within the contract. This letter is sometime referred to as a purchase agreement and is usually a nonbinding agreement, meaning that either party can pull out before an official contract is signed. The letter needs to contain a few important details but otherwise should be kept clear and concise.
• A letter of intent to sell land needs to be headed with your name, address and any other contact details that you feel are necessary. Make sure that the letter is dated so that, should anything be questioned later on, it is possible to prove when exactly the letter was sent.
• The introduction of the letter should contain the date, the name of each party involved and the name of the land in question. Write full names and a brief description of the land that is being sold, including details of any properties that may be contained within it.
• The second paragraph should include the purchasing price of the land as well as any information about scheduled payments. These details should state how much each payment will be and when these payments are expected to be paid. If possible, also include any information about how the payments are going to be made, e.g. By check, cash or direct debit. Include any information about property inspections and the transaction closing date as well.
• The next paragraph should contain information about who is paying the closing costs and the fee that is owed to the broker. Finally the letter should end with a brief sentence about how the letter is a nonbinding agreement and that either party can pull out without facing additional charges.
• Make sure that there are two copies printed of the letter for each party and that they are signed by all participants.
A letter of agreement is a nonbinding way to secure a deal to sell and buy land. It enables both parties to settle the details of the agreement.
• A letter of intent to sell land needs to be headed with your name, address and any other contact details that you feel are necessary. Make sure that the letter is dated so that, should anything be questioned later on, it is possible to prove when exactly the letter was sent.
• The introduction of the letter should contain the date, the name of each party involved and the name of the land in question. Write full names and a brief description of the land that is being sold, including details of any properties that may be contained within it.
• The second paragraph should include the purchasing price of the land as well as any information about scheduled payments. These details should state how much each payment will be and when these payments are expected to be paid. If possible, also include any information about how the payments are going to be made, e.g. By check, cash or direct debit. Include any information about property inspections and the transaction closing date as well.
• The next paragraph should contain information about who is paying the closing costs and the fee that is owed to the broker. Finally the letter should end with a brief sentence about how the letter is a nonbinding agreement and that either party can pull out without facing additional charges.
• Make sure that there are two copies printed of the letter for each party and that they are signed by all participants.
A letter of agreement is a nonbinding way to secure a deal to sell and buy land. It enables both parties to settle the details of the agreement.