When dealing with offers to purchase, which of the following is NOT considered a document that needs to be retained?

When handling offers to purchase, the documentation plays a critical role in maintaining proper records of transactions. Each category of document serves a purpose within the real estate process.

Successful purchase contracts should always be retained as they represent agreements that have been finalized and are typically enforceable. These documents outline the specifics of the transaction and are essential for legal and reference purposes.

Failed offers to purchase and collapsed purchase contracts also need to be kept for record-keeping and auditing purposes. They provide insight into the negotiation process and can be useful for future reference, especially if questions arise regarding the terms of negotiations or why particular offers were not accepted.

Letters of intent, however, are often preliminary documents that outline the intention to enter into a more formal agreement but do not constitute a binding contract. Their retention is generally not mandatory because they may not result in a final decision or agreement, and in many cases, they serve as a non-binding expression of interest rather than a definitive contract. Thus, they are typically not required to be retained in the same way as the other types of documents.