Free Letter of Intent to Purchase Assets of a Business
A Letter of Intent to Purchase Assets of a Business is used when a buyer is interested in purchasing assets of an existing business. This document gives a detailed description of the assets and their purchase price. A Letter of Intent details the provisions of an intent to purchase but is not considered a formal agreement.
Disclaimer:This was not drafted by an attorney & should not be used as a legal document.
Letter of Intent to Purchase Assets of Business
Dear Madam or Sir:
This letter confirms your and our mutual intentions with respect to the potential transaction described herein between ___________ (“Buyer”) and _______________ (“Seller”).
1. Business Assets to be Acquired; Liabilities to be Assumed. We would acquire substantially all of the assets, tangible and intangible, owned by Seller that are used in, or necessary for the conduct of, its business, and all related intellectual property
2. Consideration. The aggregate consideration for the assets and business to be purchased would be $____________
3. Purchase Agreement. All of the terms and conditions of the proposed transaction would be stated in the Purchase Agreement, to be negotiated, agreed and executed by you and us.
4. Timing. We and you would use all reasonable efforts to complete and sign the Purchase Agreement on or before __________________ and to close the transaction as promptly as practicable thereafter.
If the foregoing terms and conditions are acceptable to you, please so indicate by signing the enclosed copy of this letter and returning it to the attention of the undersigned.
ACCEPTED AND AGREED: