Letter of Intent for Purchase

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Letter of Intent for Purchase

Dear Mr. Stephen,

Good day!

I am writing to inform you that I intend to purchase the Car as advertised in the Newspaper. Below is a summary of our discussions regarding the sales, to date. This serves as a confirmation for both parties’ intentions regarding the proposed transaction.

Mr. Smith intends to purchase from Mr. Stephen a Car for the price of $200000
In order to secure the timely delivery of the item, Mr. Smith shall pay the sum of $120000 as a deposit, which shall be refunded by Mr. Stephen promptly in the event that negotiations are terminated.

This document serves as a Letter of Intent only, and is not intended to be, and shall not constitute in any way, a legal agreement, nor does it impose any legal obligation or duty on either party. However, if the sale should resume as agreed, please have the enclosed copy of this letter signed and returned to Mr. Stephen

Regards,
Mr. Smith