Making the big decision to purchase a piece of real estate is one of the most exciting and nerve racking decisions a person can make. Even if you are buying real estate solely to invest and sell off, the sheer amount of money changing hands is enough to make even the most stoic person shake in their boots. Writing your own intent to purchase real estate form isn’t that difficult as long as you follow along with a few key phrases and clauses. Let’s get some pointers on how to do one ourselves.
Most intent to purchase real estate forms contain two separate sections, one for the buyer to fill out and one for the seller. The section for the buyer is much larger, so let’s start with that. You want to start off with clearly identifying yourself, the name of the seller and the address of the property you wish to buy. Make sure that you include a full description of the piece of property you wish to buy, including what type of property it is, what it looks like and what is included in the property you are buying (land, belongings, etc).
Next, include your purchase offer and how much of the total cost you will be able to pay up front via your deposit or your cash on hand. This section is essentially the heart and soul of your offer and it will often by the deciding factor if your offer is accepted or not.
The next part of your letter should state how and if you are getting a mortgage or other form of financing and how far along you are (pre approved, just now applying, etc.) This will also help the seller decide if they will accept your offer or not.
For the next part of your offer, include any information about the inspections that have happened on the property. This is the part of your letter where you state any sort of changes or alterations that need to be done on the property for your purchase to commence. Don’t be afraid to be extremely detailed here as this is an extremely important part of your offer sheet.
Finally, take the last part of the letter to state each and every additional item that is to be included in the offer. If you have previously rented the property and are now considering buying it, you would have to include things like furnishings that came with the apartment that you now want to include in the overall purchase price. It can seem a bit tedious listing every small item, but you don’t want any second guesses down the road when it comes time to close on the property.
As you can see, an intent to purchase real estate letter can be a bit complex, but it isn’t impossible to write one in the comfort of your own home. It is essential, however, that you understand the rules and laws in your area before you attempt to write a legal form of this kind.