Letter of Intent Templates and Samples
What Is a Letter of Intent?
A Letter of Intent (LOI) is a legal document in the form of a letter that outlines an understanding between the parties of a deal and can in some cases constitute a binding agreement. It is not, strictly speaking, the contract itself, but a written memorialization of the contract negotiations that the parties have begun to discuss.
Alternate Name:
- Letter of Understanding.
This document is sometimes called a "Letter of Intent to Contract" because it is used by the party wishing to have a final contract. It is sent to a potential contract business and includes the terms of the agreement that normally have been previously agreed upon verbally. For this reason, this document is sometimes called a pre-contract. A final contract will incorporate the Contract Letter of Intent and will be a lot more extensive.
The goal of your letter is to demonstrate your commitment to the deal and outline the basic terms of the agreement. The templates provided down below will help simplify the process.
Letter of Intent Types
- Non-Binding Letter of Intent . These describe a potential future agreement about the terms of a transaction or purchase that occurs between two parties.
- Letter of Intent to Homeschool. This is a document completed by parents or guardians to notify the local Department of Education that a child will be homeschooled instead of attending a public or private institution.
- Letter of Intent for College. This letter is an integral part of a college application package.
- Graduate School Letter of Intent. When you are completing an application for a Master's or Doctoral degree program this letter will highlight who you are as a student and what you have achieved during your time as an undergraduate.
- Letter of Intent for Medical School. This is a letter submitted to a medical school or university that offers medical courses.
- Letter of Intent for a Job. These introduce a job applicant to their potential employer and identifies their previous work experience and skills that make them the best candidate for the offered position.
- Residency Letter of Intent. These letters are written by a candidate to convince a residency program to admit them. The most popular out of these are Pharmacy Residency Letters of Intent which are written by pharmacy students and pharmacy residents looking to acquire a pharmacy practice residency.
- Letter of Intent to Purchase Business. This is a written statement prepared and signed by the seller and purchaser of a business prior to them transferring ownership of the company.
- Letter of Intent to Purchase Real Estate. This letter is written by the purchaser of real estate to outline the main terms and conditions of the potential sale.
- Letter of Intent to Lease Residential Property and Letter of Intent to Lease Commercial Property. These are prepared by a landlord or property manager and inform the prospective tenant of the premises about rental conditions and their expiration date.
Are Letters of Intent Legally Binding?
Although not binding in court, Letters of Intent are treated as precedents to contracts in the United States and are subject to both federal and state laws. This document shows the goodwill of both parties to enter into a negotiation. Depending on the contract, some parts of it may be governed by federal law and some others will be covered by state laws.
How to Write a Letter of Intent?
Sometimes when you intend to purchase a company or part of a company you want to make sure the seller excludes negotiations with another buyer. The Letter of Intent or a memorandum of understanding shows you are serious about the purchase, which helps to block other buyers from making their offers.
If you have the basic information about the deal, creating this letter is not difficult. The following is a set of details a Letter of Intent usually contains:
- The contact information, title, and business name of all parties;
- The underlying transaction;
- Prospective purchase details;
- Liabilities or obligations;
- Negotiation rights and responsibilities;
- Confidentiality provisions;
- Duration of the letter’s validity.
Needless to say, the letter must be signed, ideally by all the parties involved. Our templates allow you to enter this information into a pre-filled document. The rest of the document is auto-filled when you submit the above information. Remember, that even though most LOIs are not legally binding, there are still consequences for breaking a deal. Your credit history, company value, or actual financial state may be affected, especially if the matter goes to court.
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Documents:
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This form is used for submitting a letter of intent cover page for research and development projects within the Department of Veterans Affairs.
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This document is used for enrolling in the Army Active Duty Health Professions Loan Repayment Program. It includes a letter of intent and a checklist.
This document is a Letter of Intent for applying for a Certificate of Need in the state of Nevada. It is used to express the intention to establish a new healthcare facility or make significant changes to an existing one.
This document is used to express an intention to create a disaster relief account in Nevada.
This Form is used for submitting a Letter of Intent for enrolling a student in a school in Washington state.
Businesses may use this letter when writing contracts or agreements for parties who wish to share information with one another.
This document is a Letter of Intent to Sponsor for Recovery Agent Intern in the state of Florida.
Use this letter to verify your plans to homeschool your child with the local authorities.
Use this letter to express your wish to homeschool your child. This letter should be submitted to the local school district.
This Form is used for submitting a Letter of Intent in the state of Iowa. It is a formal document that expresses a person's intention to enter into a particular agreement or transaction, typically outlining the key terms and conditions.
This form is used for submitting a letter of intent to sponsor a private investigator intern in the state of Florida.
The purpose of the Offer to Buy a Business offer is to provide information about the conditions in which a prospective business purchaser is willing to close the deal.
This is a statement sent along with an application to a medical organization by an applicant with the goal of starting a career in clinical pharmacy.
This is a letter sent by individuals looking to participate in a residency program.
This document is an essential part of applying to medical school and helps the educational institution select the most suitable candidate.
This letter informs the future tenant about the terms and conditions of the residential lease contract to be signed.
This letter summarizes the main points of the prospective purchase agreement in which the seller will agree to sell their property, and the buyer will agree to acquire it.
This document points out the reasons why an applicant must be chosen as a prospective student and describes what they have managed to achieve so far.
This letter informs prospective tenants of the commercial premises about the rental conditions and the expiration date of the potential lease.
Use this letter to introduce yourself to the company you wish to work for.
This letter introduces an applicant to their prospective employer and tells them more about their previous work experience.
This letter indicates the intention to enter into a binding contract to transfer the ownership of a company.
Interested in purchasing a business? Send a Letter of Intent to Purchase a Business to the owner to signify your intention to buy.
This document is used for communicating your intention to do business with the State of Idaho.
This document is for individuals or organizations who wish to apply for Maine's Economic Development Program. It is an official letter expressing the intent to submit an application for the program.
This document is for those who are interested in applying for the Public Service Grant Program in the state of Maine.
This document is a sample Letter of Intent (LoI) that can be used in the state of Nebraska. It outlines the intention of a party to engage in a particular activity or enter into a specific agreement.
This type of document is a Letter of Intent for Title I Schoolwide Planning Year in North Dakota. It outlines the intentions and plans for the school to improve educational outcomes and support underprivileged students.
Use this letter when planning to apply for a graduate school program: you can use this sample as a reference.
When you are completing an application for a Master's or Doctoral degree program, you will need to include a letter such as this to show your intent.
This is a formal statement that can be used as a reference when one business wishes to express their interest in financing a project, investing in joint property, purchasing the entire company or some of its assets, or working together towards a common goal with another business.
The purpose of this type of document is to contact an organization or individual that funds grants and to ask them to give you a grant for your project.
The prospective buyer of a business may use this letter as a reference to inform the current owner of the company about their wish to buy the valuable resources of the business.
This document for a Letter of Intent specifically related to the state of Georgia in the United States.
This document is a template for a letter of intent to seek renewal of charter for a charter school in Georgia, United States.
