Generic LOI template vs. Attorney-prepared LOI

by a searcher from University of Maryland at College Park

1 year ago

Do most buyers use a generic LOI template to save costs, or is it prudent to hire an attorney to draft something?

For the former, does anyone have a fairly standard LOI that I can use to fill in the blanks regarding purchase price, deal structure, etc.?

Also, is it customary for the due diligence period to start the day the LOI is executed or once all of the due diligence items have been delivered to the buyer?

1 like
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8 comments

searcher from Instituto Tecnológico y de Estudios Superiores de Monterrey (ITESM)

Also keep in mind that customization provides a lot more clarity for the seller and buyer, so you can reduce risks involved and possibly some headaches with closing the deal in the near future.

3 months ago | like reply | 0 likes

searcher from Instituto Tecnológico y de Estudios Superiores de Monterrey (ITESM)

Apart from cost, I there's probably not much benefit in using a generic LOI, the best is to sit down a couple of times with an attorney that can draft up and review a good LOI for you, best to have it tailored to your specific needs!

3 months ago | like reply | 0 likes

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