9. Describe what you would like to review during the due diligence period _ financial information, leases, rent roll, etcሂ. Include the earnest money you would be prepared to put down during due diligenceሃ. Identify a Closing Date target _ it may be within 30 or 45 days of conclusion of the Due Diligence Period. This will vary based on the projectሄ. End the letter stating if these terms are acceptable, to let you know and you will follow up with a formal Purchase Agreement to move forward on the purchaseህ. Sign the letter.
The difference is a Letter of Intent is basically a letter stating the kind of offer you are contemplating in making. Usually it contains what I call the GENERAL items of price, terms and closing date. Most of the other legal STUFF is left out.