What should I include in a "Due Diligence" Clause when purchasing a property? Quick Legal Disclaimer: I am not an attorney. This is not legal advice, nor should be construed as such. This is for informational purposes only. Laws vary from state to state and you should seek professional legal advice when necessary. OK, I think we have made our lawyers happy now.
A letter of intent (LOI) must have five basic elements in its content: 1.The buyer's name 2.The property address and description 3.Your offer which includes: a.Purchase price b.Down payment c.Terms d.Conditions e.Due diligence time f.Closing time g.Any other clauses or provisions h.When a formal contract will be written up if the LOI is approved 4.A clause that makes the LOI non_binding 5.Your signature and a place for the seller's signature