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Date for settlement (may also include "drop dead" date at which both sides agree to discontinue negotiations) Business experts say, however, that most letters of intent are primarily concerned with delineating only the major terms of the transaction. Indeed, a small business owner who ends up negotiating numerous minor details in a letter of intent may as well skip the step entirely and proceed directly to a binding purchase and sale agreement.

So, if you are working with a real estate agent, talk to them about whether using a letter of intent would be better with the offers you are making or if they want to continue to write up full contracts for each offer.

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