When home builders are asked which information they deem most critical to the improvement of their businesses, info about new products is always near the top of the list. And for good reason.
Required Writing: Letter of Intent
A letter of intent clarifies discussions between parties in a land transaction.
A letter of intent clarifies discussions between parties in a land transaction. By providing a nonbinding road map to a successful transaction, a letter of intent is a wise pre-contract tool for any builder/developer.
"In any discussion with a landowner, you want to have a framework for the issues that you will discuss later in the contract," says Leonard Forkas, president of Milestone Communities in Reston, Va. "That's what a letter of intent provides."
A good letter of intent spells out the hurdles to be overcome before a contract is tendered and often provides a time frame for doing the work. Forkas says any number of items can and should be included, but the following are usually present: