loi purchase agreement
in order to formalize the intent here, it is appropriate for both parties to review and sign the document, so everyone is on the same page as to how the purchase contract is going to be drafted and the terms of the deal. the buyer should provide a solid timeline of how long it will take to review due diligence materials, obtain financing approval and closing date. the closing date is typically determined as a number of days after the due diligence period (typically 15-30 days) and the buyer may also be wise to include any extensions for any uncertain delays.