Contrary to the sellers' and their super sales_conscious agents' familiar claim that "There is nothing to lose in signing those documents," quite the complete opposite is true _ namely, a great deal, in fact, could potentially be lost particularly by the buyer by signing an LOI to a supposed seller. Why? In a word, this is because the LOI is actually fraught with many incalculable legal flaws, traps and pitfalls, much of which could often be prohibitively costly for the buyer, according to legal authorities and contract law experts. (See below for more on this)
Of course you may add or subtract items as needed or change the time limits for your particular transaction. This little contract clause may save you from making a huge mistake down the road, so be sure to save this one for future reference!