Can I refrain from purchase after signing a Letter Of Intent?

Of course, you can refrain from purchasing. An LOI (Letter of Intent) is not a binding agreement and solely expresses your intention to purchase for a specific price and authorizes the seller to obtain confirmation from your bank or financial institution that you have the finance in place to purchase should you wish to proceed. Only a fully executed PA (Purchase Agreement) will bind you to the agreed terms & conditions.  

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