Thursday, September 17, 2009
Due Diligence and Purchase Agreements
This week, The Real O.C. has been working towards drafting a letter of intent and a purchase agreement. Due diligence must be done in order to make informed decisions. Many times the letter of intent is drafted in order to show an interest in purchasing the property, as well as to announce your intentions of performing due diligence by conduct inspections and other research needed to be done. The purchase agreement is a legal agreement that details the sale of the property, and sets forth the price and terms. Different jurisdictions have varying requirements as to what exactly must be in a purchase agreement. Our group is working this week to ensure that our letter of intent and purchase agreement meets these requirements, as well as represents the true interest of our client.