v. Buyer will provide written verification of down payment funds in the amount of no less than $XXX,XXX upon signing of LOI. vi. Buyer and seller agree that seller is responsible for the payment of brokerage fees to XYZ Brokerage, Inc. in the amount of $XXX,XXX.
How Letter of Intents Are Used in Business Acquisitions. A letter of intent (LOI) is a written document that outlines the key terms and conditions of an agreement which will form the basis of a contract, prior to it being finalized. LOI's are typically drafted by a buyer and express their serious interest to enter into a business transaction and continue the discovery further.