Letter of Intent

Hi,

Selling our first property in Australia and the agent has a buyer who wants us to sign a letter of intent (LOI) until we get the Section 32 to the buyer.

Has anyone had any experience (goodbad) with these?

My understadning is that it's a precursor document to the signing of the 'real' contract. In the LOI I believe there's all the normal conditions (PriceTermsConditions etc) and it's essentially redundant the minute the buyer receives the Section 32.

I understand the LOI stops me accepting any other offers (ONLY until the Section 32 is received)

Is my understand correct? Anyall help is appreciated.

James.