7.Buyer, and/or his agents, shall have the right to review all books and records used in the preparation of the financial statements and tax returns for the last three years (may use an outside consulting or audit firm to validate the books and records) 8.Owner shall stay on for a maximum of XX months at a compensation rate agreeable to both parties (if necessary and required). 9.Buyer shall pay all sales tax on fixtures and equipment, if any. 10.Seller shall execute a X year non_compete agreement.
There _ we got that out of the way! OK. Now let's look at when to use a Letter of Intent vs. a Purchase Offer. I am specifically going to address this when looking at buying an apartment building or commercial real estate. The standard contract used when purchasing real estate is called a Purchase Offer, or a Purchase and Sale Agreement. You probably used this to buy your own house or condo.