A letter of intent (LOI) to rent is the document that outlines the agreement to rent residential premises. A letter might be considered binding if parties decide that it outlines all of the important details of their agreement, or non-binding if they create a LOI as a basis for the further contract. However, most of the time, parties choose to make a letter of intent to purchase real estate not legally binding.
The primary goal of the letter is to make sure both tenant and landlord agree on basic terms of the lease before they enter into a formal agreement that would give both certain rights and obligations.
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Even when a letter of intent to rent is not meant to be a legally binding contract, it should include the type of property that will be leased and the price the tenant will pay at a certain frequency.
The letters also includes the following information:
Step 1 – Information about the tenant and landlord and the effective date
The letter should start with the name and address of the tenant, and beneath it, include the same information about the landlord. It should also include the effective date of the letter.
Step 2 – Address of the premises
The next information that should be included in the LOI is the address of the leased premises.
Step 3 – Rent payment
The letter is a chance for the parties to agree on the base rent – the amount of money the tenant will be paying to the landlord on a week-to-week, month-to-month, or year-to-year basis. The date when the rent is due should be mentioned in the letter as well.
Step 4 – Late rent
The letter should also specify what happens to the tenant who fails to pay rent after it is due (the amount of late fee).
Step 5 – Security deposit
The next thing to specify is the amount of deposit the landlord expects from the tenant.
Step 6 – Pet deposit
If pets are allowed in the rental premises, the landlord should specify what animals can live in the rental unit and what the pet deposit is, if any.
Step 6 – Subletting
The letter should also outline whether or not the tenant is allowed to sublet the rental premises. The letter might also specify that in case the tenant wants to sublet the residential premises, they first need to obtain a written consent from the landlord.
Step 7 – Parking
Another thing the landlord might mention in the LOI to rent is whether or not the price for the parking spot is included in the rent price.
Step 8 – Furnishing and appliances
This section is meat to include any furnishing the landlord provides the tenant with. The appliances that the landlord is ready to provide for their use should be mentioned here as well.
Step 9 – Termination of rent
The landlord should tell in the letter how many days in advance they should get a notice of termination of the lease if the tenant decides to terminate the agreement before the end date. This term cannot be less than the state-specified term.
Step 10 – Governing law
The important information to include in the letter is the law that will be governing for both parties. Usually, it is the state where the rental property is located.
Step 11 – Acceptance
The letter should explicitly tell what is considered an acceptance of the terms outlined in it.
Step 12 – Signature
The signatures of both parties should be put at the end of the LOI. Commonly, the landlord sends a signed letter to the tenant, and the latter returns the signed duplicate copy to the landlord.
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From: Laura Hopkins
23 Lakeview Lane
Austin, TX 78745
Phone number: +1556778995
April 4, 2021
To: Greg Tolkien
236 South Buckingham Drive
Waco, TX 76706
Dear Greg Tolkien,
My name is Laura Hopkins, and I have a strong interest in renting the apartment you have available at 236 South Buckingham Drive Waco, TX 76706.
I currently live at 23 Lakeview Lane Austin, TX 78745, and have lived there for a year. I am looking for a new place to live after getting a nursing job at a clinic in your neighborhood. The commute from my current residence takes me more than two hours one way, so I would want to reduce this time by finding a home close to my work. I also find your community very peaceful and nice with the abundance of greenery there. About the studio you offer, I find it really appealing with its minimalistic interior design, smart kitchen, and cozy balcony.
I believe I’d be a wonderful addition to your rental community. I have been working in the nursing field for three years, two of which I spent at my previous workplace. My new job offers better financial opportunities, so I believe I can be a diligent tenant who always pays rent on time. In my spare time, I enjoy cycling, hiking, and any other outdoor activities. I also have a dog named Friend, who is currently living with my parents. Considering your apartment is pet-friendly, being able to unite with my friend is another important reason I would cherish living in your rental property.
I am quiet, friendly, clean and I hope you will consider me a suitable tenant for your rental premises. Along with this letter, I have attached my renter’s resume and two recommendation letters from my neighbor and co-worker. If you have any questions, please don’t hesitate to call or email me at the contacts provided at the top-left corner of this letter.
Thank you very much for considering my rental application. I look forward to hearing from you.