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.
Lawyers at the Coollawyer.com, explain the legal "paradox" inherent in the LOI, wherein the signing of an LOI, is often prone, not to bringing about less litigation, but more litigation, and put it this way: "Letters of Intent, legally, are the worst of all worlds. Writing a letter of intent is not to be taken lightly. In law, you either have a contract or you don't.