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Simple Letter Of Intent To Purchase for the United States

Simple Letter Of Intent To Purchase Template for United States

A Letter of Intent to Purchase is a preliminary document used in the United States that outlines a buyer's serious interest in purchasing an asset, business, or property. While primarily non-binding, it serves as a framework for negotiations and typically includes key terms such as purchase price, timeline, and due diligence requirements. Under U.S. law, while most provisions are non-binding, certain elements like confidentiality and exclusivity can be made legally binding if properly structured.

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Simple Letter Of Intent To Purchase

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What is a Simple Letter Of Intent To Purchase?

A Simple Letter of Intent to Purchase is commonly used in U.S. business transactions as an initial step before a formal purchase agreement. This document signals serious interest while allowing parties to outline key terms and conduct due diligence without full legal commitment. It typically includes proposed purchase price, timeline, due diligence requirements, and any exclusivity periods. While generally non-binding under U.S. law, it sets the framework for negotiations and can include binding provisions for confidentiality and exclusivity.

What sections should be included in a Simple Letter Of Intent To Purchase?

1. Subject Matter: Clear identification of what is being purchased with specific details

2. Parties Information: Full legal names and contact details of both the potential buyer and seller

3. Purchase Price: Proposed purchase price and any initial terms of payment

4. Timeline: Proposed timeline for due diligence and closing of the transaction

5. Non-Binding Nature: Statement clarifying that this is a non-binding expression of interest (except for specific provisions)

What sections are optional to include in a Simple Letter Of Intent To Purchase?

1. Exclusivity Period: Period during which the seller agrees not to negotiate with other potential buyers

2. Confidentiality Provisions: Terms regarding the confidential treatment of shared information and the existence of negotiations

3. Financing Contingency: Conditions related to the buyer's ability to secure necessary funding

4. Due Diligence Process: Outline of the investigation process and access to information

5. Governing Law: Specification of which state's laws will govern the letter of intent

What schedules should be included in a Simple Letter Of Intent To Purchase?

1. Initial Term Sheet: Summary of key commercial terms and conditions of the proposed transaction

2. Asset Schedule: Preliminary list of assets intended to be included in the purchase

3. Due Diligence Checklist: List of documents and information required for due diligence review

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

United States

Document Type

Purchase Agreement

Cost

Free to use
Clauses





















Industries

Contract Law Fundamentals: Base legal framework including state-specific contract laws, Uniform Commercial Code (UCC) Article 2 for sale of goods, and Statute of Frauds requirements

Securities Laws: Federal regulations including Securities Act of 1933, Securities Exchange Act of 1934, State Blue Sky laws, and SEC regulations for security-related transactions

Real Estate Laws: Property-related legislation including state-specific real estate laws, Real Estate Settlement Procedures Act (RESPA), and local zoning regulations

Business Laws: Corporate regulations including state corporation laws, Hart-Scott-Rodino Act for large transactions, and federal/state antitrust laws

Legal Principles: Key contractual concepts including binding vs. non-binding provisions, confidentiality requirements, due diligence provisions, and good faith negotiations

Additional Considerations: Supplementary requirements including state-specific disclosure requirements, industry-specific regulations, environmental regulations, and employment laws

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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