Alright. Let's look at how to write a Letter of Intent step by stepǍ. At the top of the letter, write today's dateǎ. Include the Seller or Broker information at the top of the letterǏ. Explain that you are presenting this as a Letter of Intent to purchase the propertyǐ. Explain who you are _ whether you are buying through an LLC, investment group, etcǑ. Describe the property you are purchasing _ the property name and addressǒ. Include the price you would agree to purchase the propertyǓ. Define the due diligence period _ it may be anywhere from 30 to 90 days, possibly even longer in a complex projectǔ. Identify how you would like to finance the project _ Seller financing, loan assumption, bank financing, etc.
Thus, a document (the letter of intent) that the parties had started out viewing as non_binding and unenforceable, had changed from being that, to being a final agreement! Pennzoil, on the other hand, ended up with บǒ billion (later settled for ū billion) from Texaco for interfering in its deal with Getty Oil.