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.
This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList.