Conclusion: The LOI is legal document containing the initial agreement of both parties to complete a contemplated transaction that is non_binding in its nature. The author is not an attorney and does not purport to offer legal counsel, but only provide a general overview of the letter of intent as part of the overall M&A process. Therefore, it is strongly recommended that legal counsel be engaged and represent both the buyer and seller during the entirety of the M&A process to ensure all legal rights are protected.
For example, I usually buy houses directly from sellers, but last week I started to make some creative owner financing offers for some houses through real estate agents. Once I was able to talk to the agents representing me, they immediately saw the benefits of my offer to some sellers. Unfortunately, the agents I talked to would be presenting my offer to another agent that represented the seller.