We've created a free sample letter you can use (no email optin required) to notify your tenants on your intent to sell the property. The ezLandlordForms Sale of Property notice allows landlords to notify the current residing tenants that the property has been put up for sale.It is much more difficult to sell a property with existing tenants. Step 2: Purchase Price. A real estate letter of intent (LOI) is a non-binding agreement that outlines the terms of a sale or lease contract. Dear Friend: This booklet is designed to inform tenants and landlords about their rights and responsibilities in rental relationships. This form provides Tenants with notice of the end of Tenancy due to property sale. Letter of intent (LOI) to purchase real estate is used to outline preliminary terms of the further property purchase agreement. But still have tenants in it? We buy Michigan rental properties AS IS and we cover closing costs.