LOI is an abbreviation for "Letter of Intent. " The LOI is a document in which the buyer expresses his/her intention to purchase the property to the seller.
In general, the LOI contains various terms and conditions of the buyer, such as the buyer's information, the desired purchase price, the deposit, the expected date of payment, the period of due diligence of the property, the availability of financing, and the expiration date of the LOI.