A Letter of Intent is a proposal that outlines the terms and conditions from the tenant to the landlord. This document may or may not be accompanied by a Good Faith Deposit (typically 1 month gross rent). This document is subject to contract.
A Letter of Offer is an official proposal from the landlord to the tenant upon agreeing to the terms and conditions specified in the Letter of Intent. The Letter of Offer usually comes with a Draft Lease or Tenancy Agreement. Upon reviewing both the Letter of Offer an Draft Lease or Tenancy Agreement (7 to 14 days), the tenant will return the signed Letter of Offer together with the required deposit(s).
A Lease Agreement or Tenancy Agreement is the final agreement to be entered between both tenant and landlord. This contract will specify all terms and conditions in detail. Signing a Lease Agreement or Tenancy Agreement is legally binding.
*A Letter of Offer may not be necessary in certain situations.*