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.
Major terms that should be included in a letter of intent, however, include the total price to be paid, including the down payment and the installment payments; a description of assets or stock to be sold; tax allocation of the price among fixed assets, goodwill, non_compete covenants, and consulting fees; and target dates for contract signing and closing. Of all of these components, price and payment terms are easily the most important elements of the letter.