What are the contents of the letter of intent? The letter of intent shall specify whether the purchaser will be buying up all or a substantial amount of the assets of the business and will, in addition, only acquire those liabilities that are part of the operations of the business subsequent to the closing date.
Earnest money deposits are not legally essential to an offer to purchase, however, the buyer's earnest money deposit tends to dramatically increase the likelihood of closing. The seller is more receptive to the Offer to Purchase and the buyer is showing their commitment to the sale. Earnest money deposits of ŭꯠ to บꯠ on smaller transactions are typical. As a rule of thumb, the earnest money should be 10%┫% of the down payment.