Letter of Intent (Commercial Real Estate Purchase and Sale)
A letter of intent (LOI) serves as a preliminary agreement between a purchaser and seller in a commercial real estate transaction, outlining the basic terms and conditions for the sale of a single piece of real property. This Standard Document is drafted neutrally, ensuring relevance across various jurisdictions despite the state-specific governance of commercial real estate transactions. The LOI includes essential components such as the property description, purchase price, earnest money deposit, and due diligence investigation period. This Standard Document is a valuable tool for structuring initial negotiations and ensuring clarity in commercial real estate transactions.
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