From Signing to Closing

Here is a high-level overview of the process from signing the letter of intent (LOI) to the closing:

• Letter of Intent: You and the buyer sign the LOI, which is usually non-binding. The purchase agreement replaces the LOI once it’s signed. 
• Due Diligence: Due diligence begins when the LOI is accepted. Due diligence typically lasts 30 to 60 days. 
• Purchase Agreement: The buyer’s attorney normally drafts the purchase agreement. The parties go through several rounds of negotiations until the purchase agreement is finalized.
• Closing: The closing is normally conducted remotely or virtually. The purchase agreement is normally signed at the closing.