CRE Definition Series: Letter of Intent

CRE Definition Series: Letter of Intent

Letter of Intent:A letter of intent spells out the terms of an agreement to lease or buy commercial real estate. I usually use one when making an offer to purchase a property. It defines the location, price, and specific terms of an agreement subject to a contract being prepared and accepted by both parties. Letters of intent must be signed by the seller and tenant or buyer and seller and are legally binding for both parties.

 

 


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