If you are dealing directly with sellers to buy properties, rarely will you need to use a letter of intent. Instead, you'll be meeting with them in person to sit down and discuss options for buying their property. However, if you are working through a real estate agent (or two real estate agents if you're not dealing with the listing agent directly), letters of intent can help you succinctly express your offer in the best light, especially when you don't know if the agent who will be presenting your creative offer will understand the full benefits of it.
This offer will remain open until Xᚨ p.m (typically 5ᚨpm eastern time). on a specified DAY, and DATE, and will automatically expire unless accepted before that time. It is the intention of Buyer to offer employment after the sale to all of Seller's employees (then an employment agreement with terms must be communicated). Typically, some of the obligations, but not limited to that the Buyer and Seller may wish to incorporate to consummate a transaction anticipated by the LOI are: 1.Execution of a definitive Contract for Sale (Asset Purchase Agreement or Stock Purchase Agreement) acceptable to both parties on or before the specified date, which clearly specifies the assets and liabilities to be acquired from Seller by Buyer and contains the customary warranties, representations and other provisions for a transaction.