Seller's obligations and legal position: The seller is obliged to continue operating the business in a manner that is consistent with past practice and that he shall facilitate the purchaser's endeavors in obtaining finance from third parties. However, neither the purchaser nor the seller is under any obligation to complete the acquisition of the business until and unless the purchase acquires all permits, certificates, permissions and approvals as required ensuring the correct operation of the business by the purchaser. In addition, the purchaser should also have completed a due diligence investigation and satisfied himself/herself in this regard.
How to Write a Letter of Intent (LOI) For a Bulk REO Purchase. If you are looking to purchase a bulk REO(Real Estate Owned) from a seller, you have to provide a Letter of Intent (LOI) to the seller as a first step. An LOI should be written by the buyer and makes the first impression on the seller.