This form is a Letter of Intent for an Asset Purchase Agreement. The letter confirms that a potential buyer is interested in acquiring the assets of a certain franchise. If the terms are acceptable, the seller is required to sign and return a duplicate copy of the letter to the buyer.
North Carolina Asset Purchase - Letter of Intent
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Multi-State
Control #:
US-8-01-1-STP
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Word;
Rich Text
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How to fill out Asset Purchase - Letter Of Intent?
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This free template Letter of Intent for an Asset Purchase Agreement is a non-binding document outlining the general terms and price by which a buyer proposes to purchase the assets of a particular business. If signed by the seller, it indicates that both parties intend to move forward in completing the transaction.
At its most basic, a purchase agreement should include the following: Name and contact information for buyer and seller. The address of the property being sold. The price to be paid for the property. The date of transfer. Disclosures. Contingencies. Signatures.
A letter of intent is often a concise document no more than three pages in length, but the content may differ depending on who is writing it. Generally, the broker for the selling doctor will write the LOI, but in some cases, the buyer may draft the document for the parties to review and sign.
What to include in letters of intent to purchase. Name and contact information of the buyer. Name and contact information of the seller. Detailed description of the items or property being sold. Any relevant disclaimers or liabilities. The total purchase price. Method of payment and other payment terms, including dates.
Definitions of the words and terms to be used in the legal instrument. Terms and conditions of the sale and purchase of the assets, including purchase price and terms of the purchase (full payment at close, down payment, subsequent payments, etc.) Terms and conditions of the closing of the agreement, if any.
Buyers generally prepare the letter of intent. Generally, however, the party that prepares the letter of intent has the upper hand. He or she can decide: What matters will be addressed in the letter of intent.
In most business sales, the deal begins with a discussion between a buyer and a business owner (or the owner's M&A broker) and moves from the ?talking? stage to the ?serious? stage when the buyer presents the seller with a ?letter of intent? to purchase the seller's company.
In the context of business deals, LOIs are typically drafted by a company's legal team, which outlines the details of the intended action. For example, in the merger and acquisitions (M&A) process, LOIs detail whether a firm plans to take over another company with cash or through a stock deal.
In an asset purchase, the buyer agrees to purchase specific assets and liabilities. This means that they only take on the risks of those specific assets. This could include equipment, fixtures, furniture, licenses, trade secrets, trade names, accounts payable and receivable, and more.
No matter the format, an option to purchase must: 1) state the option fee, 2) set the duration of the option period, 3) outline the price for which the tenant will purchase the property in the future, and 4) comply with local and state laws.