Commercial Real Estate Letter of Intent
The Commercial Real Estate Letter of Intent (LOI) is a form that is used to express interest in purchasing commercial property or real estate, without spelling out all of the specific terms and conditions, but setting a framework between the parties that can lead to a purchase agreement, culminating with a real estate transaction.
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The Letter of Intent sets a purchase price, identifies the parties, both the buyer and seller, as well as their agents. The Letter of Intent should also identify the usable square footage of the property, specific terms to be addressed in a sale agreement, and a term sheet This is a non-binding Letter of Intent, but it is meant to lead to a the execution of a formal agreement between the parties for a piece of commercial property. A Letter of Intent often represents the first step in good faith negotiations in purchasing commercial property.
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