Business Purchase Letter of Intent

Enter the Business's Name

This is the Business that is being purchased.

State of Incorporation

Real Estate

Will this purchase include any Real Estate?

Will this purchase include any Real Estate? YesNo

Enter the Property Address

Street Address

Address Line 2

City

State

ZIP Code

Enter the Legal Description of the Property (optional)

This would include Tax Map & Lot Numbers and/or Deed Book & Page Numbers.

Buyer's Name

Buyer's Mailing Address

Street Address

Address Line 2

City

State

ZIP Code

Seller's Name

This is the person that will be signing the contract. Not the name of the business (unless the business is owned by a conglomerate)

Seller's Mailing Address

Street Address

Address Line 2

City

State

ZIP Code

Percent (%) of Business

What percent of the Business is being sold?

Enter 100% if the entire business is being sold.

Purchase Price ($)

Purchase Price (Business)

Real Estate Purchase Price

Payment

How will payment be made?

How will payment be made? One (1) PaymentOne (1) Payment (Conditional on Financing)Owner Financing

Down Payment Amount

Commonly ranges anywhere from 10% to 20% of the purchase price.

Term

Months

How many months?

Interest Rate

Payment shall be due on the

of every month

This Letter of Intent is conditional on the Buyer obtaining financing under the following terms:

Binding Arrangement

Is this Letter of Intent considered Binding?

Is this Letter of Intent considered Binding? YesNo

This means that legally if the parties are to agree, both will be liable and bound for upholding their terms under this written agreement.

Formal Agreement

Will a Formal Agreement be made after this Letter of Intent is signed?

Will a Formal Agreement be made after this Letter of Intent is signed? YesNo

This is common as the main purpose for the Letter of Intent is to outline a deal, in principle, among the Buyer and Seller. Unless the Buyer and Seller have agreed this Letter of Intent will be binding, then the next step would be a closing.

Operating Capital ($)

Will the Seller leave any money in their Bank Accounts to operate the Business?

Will the Seller leave any money in their Bank Accounts to operate the Business? YesNo

This is common as most Sellers will leave enough money in the account to cover bills, expenses, etc.

How much will be left?

This is collectively across all accounts.

Closing Costs

The closing costs include the expenses in connection with the necessary intermediaries needed in order to process the transaction. This could be an escrow company, lawyers, etc.

Who will be responsible for the Closing Costs?

Who will be responsible for the Closing Costs? BuyerSellerBoth Parties (equally)

Termination

Termination shall occur if a Formal Agreement or Closing hasn't occurred in

Days

Additional Terms & Conditions

Are there any Additional Terms or Conditions?

Are there any Additional Terms or Conditions? YesNo

Write anything that hasn't been mentioned that should be included in this Letter of Intent.

Write

Write anything that hasn't been mentioned that should be included in this Letter of Intent.

Effective Date

Date of this Letter of Intent

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