To get the best out of the proposed deal, it is wiser to obtain a well_prepared, complete and authentic Letter of Intent rather than use untutored and inexperienced methods to draw up the letter of intent. This will ensure the smooth transition of the assets of the business from the seller to the purchaser. Its importance as a preliminary document in a proposed sale is too great to treat it with inadequate attention.
Here is an example of a good "Due Diligence Clause" you can use: "Seller to provide the following for buyers examination and approval in the next 30 days: 1) All leases, 2) All property management agreements, 3) All vendor contracts, 4) Current Rent Roll, 5) Property Income and Expense History for the last two years, 6) Year to date property income and expense history, 7) Last two years tax returns as they pertain to the property, 8) All units, buildings, grounds and mechanical systems. Buyer may void this contract at any time during this 30 day period if the information found does not meet buyers approval"