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hi Im GC your friendly cap at bahai and Welcome to our YouTube channel [Music] for todays video we are going to talk about the letter of intent or Loi is it important to have a letter of intent to purchase before buying a property a letter of intent to purchase is a written document detailing a buyers intent to purchase a sellers product assets or services its used to establish and indicate an understanding between two or more parties which provides the basis for a future or proposed agreement negotiations dont need to be completed for you to draft a letter of intent to purchase its an agreement to agree between a prospective buyer and a seller a letter of intent to purchase precedes the more formal and detailed purchase agreement a letter of intent to purchase is also known as an Loi some terms used to refer to a letter of intent include terms sheet framework letter of Interest intent to purchase letter an assurance letter benefits of using a letter of intent to purchase a lett