Letter of Intent: The letter of intent should spell out the proposed price, the terms of the purchase and the conditions for the sale of the business. Identify the parties involved in the transaction. 2.1.1. Sale of Property. This article discusses seven (7) types of seller liabilities that should concern a buyer when negotiating the purchase of a California business. I'm gonna break down all the terms and conditions so you can understand what it means and we're gonna fill that out so you can have a real-life example of it. Important facts to know when completing your business license: • License Due Date: Renew annually on.