Buyer accepts offer and signs it, where offer acceptance is binding depends of the legal jurisdiction. For example English and common law differs slightly from American uniform commercial law on matters of offer acceptance and when performance becomes binding on an offer.
Alright. Let's look at how to write a Letter of Intent step by stepǍ. At the top of the letter, write today's dateǎ. Include the Seller or Broker information at the top of the letterǏ. Explain that you are presenting this as a Letter of Intent to purchase the propertyǐ. Explain who you are _ whether you are buying through an LLC, investment group, etcǑ. Describe the property you are purchasing _ the property name and addressǒ. Include the price you would agree to purchase the propertyǓ. Define the due diligence period _ it may be anywhere from 30 to 90 days, possibly even longer in a complex projectǔ. Identify how you would like to finance the project _ Seller financing, loan assumption, bank financing, etc.